Baxia Markets
May 19, 2021

What Is Elon Musk's Problem With Bitcoin?

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Cryptocurrencies keep dropping as the aftershock of Elon Musk’s tweets are still very much in effect. Bitcoin slipped to 3.5-month lows early Monday, isn’t that scary? As a form of pure digital assets with no real value behind them, cryptocurrencies behave erratically compared to most other investment instruments. Bitcoin hit a low of $42,212 during the Asian hours, a level last seen on Feb. 8, marking it a 35% decrease from $64,880, the record high of, which was reached on April 14. Must be a tough ride down for those who got in at $64,000. But whatever goes down, must go up, right? 

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It seems like Bitcoin is begging for mercy from Tesla’s founder, Elon Musk’s commentary. Some late investors are starting to panic, even though Elon Musk wrote another Twitter to clarify that Tesla has not sold Bitcoin as he tries to calm down the market. Musk goes on to tweet, "To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,", and I think 3his intent is still unclear. Either way, you need to be prepared. Is this a normal pullback before we drive to $100,000? Or are we starting to see something similar to 2017?



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