Musk uploads a “Diamond Hands,” showing he will be holding onto his Bitcoin.
Driving the biggest bear rally of the year is Elon Musk with his influential tweets and investment choices. After a recent tweet circulates along with Musk’s reply, many people think the billionaire was considering selling his Bitcoin. Although, a recent tweet many crypto Redditors would understand has just debunked this.
Major Updates
- Musk's tweets signify a ray of hope for Bitcoin holders.
- Musk keeps to his promise of crypto “hodling.”
- Many consider Musk’s tweets as abuse of power and influence.
Days ago, Musk announced his electrical car company Tesla would stop allowing payments between cryptocurrencies. This was as a result of the heightened hazardous effects of Bitcoin Mining on the environment. Musk as an advocate for clean, sustainable energy, has decided to disengage from crypto that is a major factor for pollution.
However, he announced that Bitcoin could be replaced on the balance sheet with a coin that utilized more sustainable energy. Meanwhile, he stated he would hold onto his Bitcoins until pollination rates were kept under control.
This was then countered when he replied to a tweet showing that he was considering selling Tesla’s entire bitcoin reserve regardless of the energy use by the crypto.
The tweet has made rounds on various forums and news sites, earning a lot of concern from Bitcoin holders. Many had even started to believe that Musk was beginning to abuse his influence on the market, therefore, resulting in a mass crypto bloodbath.
The latest tweet from the billionaire shows a symbol many Redditors van related to.
The “Diamond Hands” symbol is often used on the popular forum platform Reddit. It represents one who intends to hold onto an asset or stock regardless of market movements. Considering this was uploaded after the Twitter frenzy concerning Tesla and its crypto assets, it is very good news for many Bitcoin holders. Another major dump could lead to a death spiral for Bitcoin.
Conclusion
As for Tesla’s crypto reserve, the initial investment of US$1.5 billion, which had amounted up to US$2.48 billion during the first quarter of holding, has now dipped all the way to US$1.26 billion. It would be unwise for the billionaire to sell now and so Musk has decided to keep holding.
Question of the Day
Do you think Elon Musk will go against his words once again?
