The massive Bitcoin price dump took the crypto world by surprise and caused significant losses amongst many institutional investors. Tesla was not safe from the plunge, and their CEO Elon Musk reacted to this.
On the day of the plunge, the company’s share prices took an 8.6% dip, and today, a whopping $200 billion loss has been recorded. This is the highest misfortune faced by Tesla since last year September when Tesla plummeted by 21.1%.
Even with the recent unfortunate events, Elon Musk chooses to remain bullish about his crypto investments and Bitcoin values as a whole— and I couldn’t agree more. Price swings occur regularly due to natural digital token volatility.
There could be many factors playing out and causing adverse effects to BTC prices, but speculators believe that the plunge was partly as a result of Musk’s recent tweets as follows;
The billionaire had referred to Bitcoin and Ethereum as “high” in value, but in all, Musk prepares to stand by Bitcoin for long-term investments. Therefore, I don’t think there is much to worry about concerning whether the billionaire would be withdrawing crypto anytime soon.
Aside from tweets, Musk has made no official reports or views concerning the price dump and its effects on Tesla. However, Gold proponent Peter Schiff had insinuated that Musk’s decision to invest in Bitcoin was a poor choice, to which Musk replied with a dismissive emoji.
The billionaire has already been gathering massive gains after the $1.5 billion investments weeks prior. Initially, the investments proved very successful for the company, and I think this is a result of wild spread mainstream acceptance amongst institutional Whales. The company had recorded a total of $200 billion added to Tesla‘s wealth after successful crypto involvements
“Tesla bought $1.5 billion of Bitcoin around $33,000. That means they have now made over $1 billion on that investment in less than 45 days. Elon Musk is a legend”, crypto expert Anthony Pompliano states.
Additionally, the position for the world’s richest man has now been stripped from Elon Musk due to the significant plunge faced by Tesla. I think this will be short-lived, and many others agree. Experts believe this position could easily be reclaimed in the coming of another potential Bitcoin bull run.
