Bitcoin falls when Elon Musk uses a broken heart emoji in a tweet.
The value of the most popular cryptocurrency plummeted when entrepreneur Elon Musk addressed Bitcoin in a fresh tweet implying a split. Musk’s newest crypto tweet, which included a broken heart emoji and a reference to a Linkin Park song, completely stalled the market’s recovery this week.
Bitcoin Price Drops Before the Weekend Due to Musk’s Tweet
Elon Musk, a well-known entrepreneur, has added another tweet to a succession of social media messages that have had a significant impact on cryptocurrency prices in recent weeks. Musk, reaffirming his position as a market influencer, ridiculed Bitcoin this time, implying a probable rupture with the top crypto that he has been pursuing recently.
— Elon Musk (@elonmusk) June 4, 2021
Musk added a sad heart emoji and a meme of what appears to be a couple lamenting their divorce to another puzzling tweet, writing “#Bitcoin.” The wording next to the image is a reference to the lyrics of Linkin Park’s hit song “In the End.” Musk then followed up with a comic strip showing a different couple who had split up.
The price of bitcoin (BTC) plunged by nearly 3% early Friday as a result of the tweet, reaching little under $38,000. Following more losses, the most valuable cryptocurrency was trading for less than $37,000 per coin at the time of writing. The decline brought an end to the current stability, which had seen the BTC price approaching the $40k milestone this week.
Tycoon of Technology Elon Musk has returned to trolling Bitcoin.
Elon Musk’s business moves and social media statements have already supported crypto markets, including as Tesla’s $1.5 billion bitcoin investment in February and his hawking of dogecoin. However, the billionaire’s opinion on the most popular cryptocurrency has shifted over time.
In early May, he tweeted that his electric car firm was banning BTC payments for its automobiles owing to “rapidly expanding consumption of fossil fuels for bitcoin mining,” citing environmental concerns. Following the announcement, the crypto-economy lost billions of dollars.
The decision provoked outrage in the crypto community, and Musk’s heated interactions with members on social media fueled rumors that Tesla had sold or was intending to sell its bitcoins. Later, the company’s founder and CEO stated that the electric vehicle maker “had not sold any bitcoin.”
Following the spat, Musk began pushing the use of renewable energy in the mining business, and Tesla announced that it intends to utilize bitcoin after mining moves to a more sustainable energy source.
Musk’s words and deeds have rippled well beyond the cryptocurrency world. According to CNBC, Miami Mayor Francis Suarez has identified a problem with bitcoin that diminishes its use as a financial instrument. Suarez, who calls Elon Musk a “huge admirer,” believes it is a problem that a single individual can affect bitcoin’s price by 20% with a single tweet.
Suarez, who calls Elon Musk a “huge supporter,” believes that one person’s capacity to shift bitcoin’s price by 20% with a single tweet is a concern, implying that the crypto requires more transactional volume and stability to be utilized as a hedge against fiat money.