Elon Musk appears to have been the catalyst to increase Bitcoin (BTC) prices by more than 10% over the weekend after Tesla CEO suggested that the company may plan to pull BTC from the balance this quarter.
On Sunday, Musk responded to a tweet in which he speculated that Tesla might dispose of its Bitcoin holdings this quarter. On the concerns of the Bitcoin community, Musk simply replied, “Really.”
As Musk’s popularity in the cryptocurrency community is already declining after he criticized Bitcoin’s energy efficiency amid Tesla’s suspension of BTC car purchases, his single-clip comment drew further condemnation from many of the cryptocurrency’s leading figures.
Peter McCormack (who has since changed McObnoxious’s name), host of the What Bitcoin Did podcast, said Musk’s recent criticism of BTC is “ill-considered” and adding that support to Dogecoin (DOGE) might make him a “perfect” dwarf. ”
McCormack’s comments seemed to break Musk, and the Tesla CEO said, “These disgusting strings make me want to get into Doge.”
Yearn.finance developer ‘banteg’ also jumped to point out that Musk’s apparent support for Dogecoin on Bitcoin consisted of a complex pump and dump scheme, saying, “I think you really need all the retailers in the world to load the 28.34%. Dogecoin offers.”
As of this writing, DOGE’s prices have fallen 32% since May 8, when it reached the $ 0.73 mark, with losses accelerating from Musk’s appearance on Saturday Night Live the same day.
Musk also mentioned that he is better at money than crypto analysts due to his previous leadership positions at PayPal predecessor, and said:
Hey cryptocurrency experts, have you ever heard of PayPal? Maybe … Maybe … I know [more] than you know about how money is made. ”
Michael Sailor, CEO of MicroStrategy and famous Bitcoin spokesperson, highlighted the differences between PayPal and Bitcoin, saying: “The world needs a decentralized, secure, and shrink-of-value warehouse like #Bitcoin, much more than just a more centralized, less secure, and volatile exchange tool. Describe it. Above. … ”
Daniel Brin, PayPal’s chief engineer, also called for confirmation that Bitcoin offers an advanced tool over PayPal.
Comments suggest that the relationship between Sailor and Musk could calm down.
In August 2020, leading information company Saylor MicroStrategy became the first prominent ordinary company to add bitcoins to its balance sheet, purchasing 21,000 Bitcoins for a total of $ 250 million.
In December 2020, Musk was discovered and asked Sailor how easy it was for a large company to buy hundreds of millions / billions of dollars in bitcoin. Thanks to friendly advice, Tesla made a purchase of its own the following month.
In February, news emerged that Tesla had invested $ 1.5 billion in bitcoin, causing prices to skyrocket to all-time highs, surpassing $ 43,000 at the time.
In response to Sailor’s current defense of Bitcoin, Musk tweeted, “He should be wearing a Halloween costume, but with a Bitcoin tattoo high on his hip.”
BTC is down 10% in the past 24 hours and recently sold $ 43,400.