Sunday, May 16, 2021

Bitcoin Dives on Tweets From Elon Musk

Well, bitcoin, that great "store of value," is diving again because Tesla CEO Elon Musk just implied in a Twitter exchange that Tesla may have sold or may sell the rest of its bitcoin holdings.

A Twitter user who goes by @CryptoWhale said, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…”

Musk replied, “Indeed.”

Whether Musk sold, or not, is not the point. The point is that anything that can experince significant selling because of a tweet by a very strange character is not a store of value.



  1. Is Elon running a sophisticated pump-and-dump with bitcoin and dogecoin?

  2. I can't think of anything historically comparable to this. It's nuts.

    1. you must remember the "float" in bitcoin is TINY as 90%+ is held by very few people who do not sell