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.
#BREAKING: #Bitcoin’s roller coaster ride continues. It’s currently trading at $45,677.81/#BTC, down over 23% from its 7-Day high of $59,356.78/BTC (source: @coinbase).
— Steve Hanke (@steve_hanke) May 16, 2021
Just remember— Bitcoin is no more than a highly speculative asset with a fundamental value of ZERO!
Is Elon running a sophisticated pump-and-dump with bitcoin and dogecoin?
ReplyDeleteI can't think of anything historically comparable to this. It's nuts.
ReplyDeleteyou must remember the "float" in bitcoin is TINY as 90%+ is held by very few people who do not sell
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