There’s never been a better time to be a Bitcoin investor—or a worse time, depending on your perspective. The cryptocurrency is up more than 1,000 percent from the start of the year, and its value is back above $7,000. But, as is often the case with any asset that has as volatile a price history as Bitcoin, there are still plenty of people who think the cryptocurrency will eventually go to zero. Billionaire entrepreneur Elon Musk is one of those people. The Tesla and SpaceX CEO has made no secret of his disdain for Bitcoin and other cryptocurrencies, which he has called a “pyramid scheme.” Musk has even gone as far as to call Bitcoin “brilliant,” but “insane” because of
Elon Musk is a man of many talents. While he’s most known for his work in the tech industry, Musk also serves as CEO and CTO of SpaceX, and he’s also the founder and CEO of The Boring Company (yes, that Boring Company). Recently Musk decided to follow through with some plans he had put in motion a year ago, effectively taking Tesla (an electric car company) off the stock market, and putting it privately owned. This is something that’s never been done before, and while it may seem strange at first, the move has many upsides.
Tech entrepreneur and investor Elon Musk may be planning a Tesla exit for Bitcoin. That is, according to a tweet from Musk on Sunday. In a tweet, Musk said he sees a lot of merit in Bitcoin and that he has “literally never seen a software project with >1 million lines of code.” Musk said that he can see a clear path to Tesla accepting Bitcoin, and that there will be an announcement soon. Can’t wait for that.. Read more about new cryptocurrency and let us know what you think. Elon Musk appears to have once again been the catalyst for bitcoin’s double-digit drop in price over the weekend, after the Tesla CEO hinted that the company might consider removing BTC from its balance sheet this quarter. The 16th. In May, Musk responded to a tweet predicting that Tesla could dump its BTC assets this quarter. To the disappointment of the Bitcoin community, Musk simply replied: Yes, it is. Yes, it is, – Elon Musk (@elonmusk) May 16, 2021 With Musk’s popularity within the crypto-currency community already on the decline after he criticized bitcoin’s energy efficiency and Tesla suspended its support for buying cars in BTC, his one-line comment drew further condemnation from many in the crypto-currency world. Peter McCormack (who has since changed his nickname to McObnoxious), host of the podcast What Bitcoin Did, said Musk’s recent criticism of BTC was misleading, adding that his support for Dogecoin could make him the perfect troll. 1/Cher @elonmusk. The perfect troll is one that people don’t know if it’s a troll or not. Your recent ill-informed criticism of #bicoin + your support for Doge may be the perfect troll….. Are you Or do you really believe that (I hope not). – Peter McObnoxious (@PeterMcCormack) May 16, 2021 McCormack’s comments seemed to infuriate Musk, and the Tesla CEO said: It’s horrible problems like this that make me want to switch to Doge. Yearn Finance developer banteg also suggested that Musk’s apparent support for Dogecoin over Bitcoin represents a complex pump and dump scheme, explaining: I think you really need every retailer in the world to make up 28.34% of Dogecoin stock. At the time of writing, DOGE prices are down 32% from a high of $0.73 on May 8, with losses accelerating after Musk’s appearance on Saturday Night Live on the same day. Musk also claimed to have a better understanding of the currency than crypto-currency analysts because of his previous executive position at PayPal’s predecessor, stating: Hey, crypto-currency experts, have you ever heard of PayPal? It’s possible… maybe… that I know [more] about how money works than you think. Michael Saylor, CEO of Microstrategy and a prominent supporter of bitcoin, highlighted the differences between PayPal and bitcoin by stating: The world needs a decentralized, secure, deflationary store of value like Bitcoin. much more than the centralized, less secure, inflationary medium of exchange you describe above. PayPal’s chief engineer, Daniel Brain, also highlighted the expanded capabilities of bitcoin compared to PayPal. Even at PayPal, we understand the difference between the billing level and the transaction level. 🙂 – Daniel Mozgovoy (@bluepnume) May 16, 2021 The comments suggest a possible cooling of the relationship between Saylor and Musk. In August 2020, leading business intelligence company Microstrategy became the first major consumer company to add bitcoin to its balance sheet, when it purchased 21,000 BTC for a total price of $250 million. In December 2020, Musk was seen asking Seylor how easy it would be for a large company to buy bitcoins for hundreds of millions/billions of dollars. This friendly advice has prompted me to buy a Tesla next month. In February, news circulated that Tesla had invested $1.5 billion in bitcoin, causing the price to reach a new high of over $43,000. In response to Sailor’s Bitcoin defense today, Musk tweeted: He got to wear a Halloween costume, but with a bitcoin tattoo on his hip. BTC is down 10% in the past 24 hours, last trading at $43,400. UPDATE : About an hour after this article was published, Elon Musk tweeted: To clarify the speculation: Tesla hasn’t sold a single bitcoin yet.Elon Musk’s Twitter habits have been under scrutiny for weeks. First he raged at the media for not covering an explosion at a Tesla battery factory, then he tweeted that he was considering taking Tesla private at $420, then he smoked weed on a podcast, then he was accused of insider trading. He’s sort of the Kanye West of silicon valley, except he doesn’t make bad music.. Read more about is bitcoin safe and let us know what you think.
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