Bitcoin saw its value drop sharply in three months, going from an average value of RM248000 to RM184000 nearly overnight. The sharp dip occurred after Elon Musk, CEO of Tesla, responded to a tweet, implying that the tech entrepreneur had sold or was planning on selling all of his Bitcoin.
Musk’s response was a simple “Indeed”, which is clearly the man being as cryptic and as ambiguous about the scenario as he possibly can.
Musk’s response is both worrying, slightly alarming, and clearly confusing, especially for those among us that are heavily invested in cryptocurrency. Back in February, the man made an investment of US$1.5 billion (~RM6.2 billion) into Bitcoin via his electric car company, Tesla.
— Elon Musk (@elonmusk) May 16, 2021
A month later, the man then tweeted that consumers could purchase a Tesla vehicle with Bitcoin, sending Bitcoin owner over the proverbial moon. Sadly, that happiness was short-lived; A few days ago, Musk rescinded his decision to enable the Bitcoin purchase, citing cryptocurrency mining and their carbon emissions as one of the major contributors to global warming and climate change.