Elon Musk says Bitcoin is not ‘real economy’. Here’s what Tesla CEO thinks it is

Weekends have not been welcome for cryptocurrencies for some time, and to compound the growing problems, Tesla CEO Elon Musk has once again shaken the digital coins through his social media posts.

On Sunday, Musk tweeted that “goods and services are the real economy, any form of money is simply their settlement.”

Bitcoin’s average swing on Saturdays and Sundays is 5.35% this year. The world’s largest digital coin slipped to around $ 35,541 as of 5:30 a.m. in New Delhi, down 4.12% in the past 24 hours.

After a rush of brickbats from crypto investors, Musk tried to defend his position on Bitcoin in his own way: “Don’t kill what you hate, save what you love”.

The move extends its downtrend by a second day after a cryptic tweet from Elon Musk pointing to a possible split with the cryptocurrency.

Weibo, a Chinese social media service, appears to have banned some crypto influencer accounts on Saturday for violating unspecified laws and Weibo community rules.

While Weibo has cracked down on various cryptocurrency accounts in recent years, the news got beyond the recent tough Chinese regulatory rhetoric that has already caused the prices of many digital coins to drop.

However, with Bitcoin continuing to fluctuate within a narrow range, a retest of the $ 30,000 level could also be in play until more positive catalysts emerge.

With inputs from Bloomberg

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