Multi-Billionaire Elon Musk has now been receiving a backlash from investors all over the world, after he sends Bitcoin tripping down once again after his tweets.
The third richest man in the world recently confirmed via twitter that due to cryptocurrencies not being environmental friendly, his company, Tesla, will not be accepting Bitcoin as a payment for their cars.
“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.” his post on twitter said. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment”
Also Read: Is DogeCoin The New Bitcoin?
Elon Musk’s tweet causes Bitcoin to drop
The price of bitcoin fell by 13.3% on Wednesday to close at $49,150. The cryptocurrency is volatile, and Wednesday’s fall was the sharpest single-day drop this year.
This caused many people to get enraged at Elon Musk, since it is them who always suffer huge loses just from a single tweet from him. Many claimed that Musk is basically playing with the value of cryptocurrencies, and is causing them to rise and fall for his own personal gains.
Of course, Elon Musk’s supporters came to his defence, and told people that if they are willing to take a risk to invest in cryptocurrency, they should have the same courage to face losses. Many others also argued that Bitcoin is much bigger than Musk, and will soon go up without the need of the latter’s tweets.
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Rise of Dogecoin
While Elon Musk’d tweets cause a drop in the value of Bitcoin, the same are the cause of Dogecoin flourishing. Musk’s interest in Dogecoin has sent it’s value skyrocketing, and there have been predictions that it is expected to go further up in the next few months, due to some improvements that Musk is working on.
Read more about it here