Elon Musk’s Single Tweet causes massive price dip of Bitcoin

Elon Musk one tweet has triggered panic in Bitcoin investors’ camp. His company Tesla is discontinuing the use of bitcoin. The decision is made amid the massive use of fossil fuels for mining and transactions.

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His tweet says that Tesla will not be using bitcoin for future transactions. The reason is simple, the usage of coals causes a huge carbon footprint. This is a big concern to the environment of the world.

It is the same concern, Bill Gates warned about a couple of months back saying, Bitcoin is bad for the planet. Bill was pointing to the accessive usage of the world’s energy for validation of bitcoin transactions.

Bitcoin price began to plunge and has still not recovered. It is currently traded at 44,748.30 at the time of writing this article. This is a massive fall in its price especially when it was all set to cross the $60,000 barrier for the first time in history.

In a response to his original tweet, Elon Musk also commented saying;

The Aftermath:

Elon’s tweet is not overwhelmingly accepted by bitcoin investors. People are bashing Tesla’s owner and asking him to stop talking about crypto, leaving it to the experts.

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