Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Elon Musk's tweets have once again sent bitcoin on a wild ride

Elon Musk's tweets have once again sent bitcoin on a wild ride

Elon Musk is once again giving crypto markets whiplash.

The Tesla (TSLA) CEO is now saying that his company has not sold any bitcoin (XBT) after earlier appearing to suggest the opposite. His original Twitter exchange had led bitcoin to extend its losses.

The latest cryptocurrency drama began Sunday when a user named CryptoWhale tweeted: "Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #bitcoin holdings."

"With the amount of hate @elonmusk is getting, I wouldn't blame him," the user added.

Musk responded simply about an hour later: "Indeed."

Within hours, bitcoin had fallen below $43,000, having lost more than 8% over the last day, according to cryptocurrency tracker Coinbase. It had already lost some ground earlier on Sunday, but accelerated losses after Musk's post.


Musk later posted a follow-up tweet, writing: "To clarify speculation, Tesla has not sold any bitcoin."

Value of the digital currency immediately jumped about 3.7% — from $42,566 to almost $44,138 — within about five minutes of Musk's tweet, according to Coinbase.

Tesla did not immediately respond to a request for comment about its holdings in the digital currency.

Musk's posts came just days after he caused another stir last week, while announcing that Tesla would reverse plans to accept bitcoin as payment for its cars.

He cited bitcoin's high environmental cost as reason for the move.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,"
Musk said in a note posted on Twitter last Wednesday. "Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment."

The environmental cost of mining — or creating — digital currencies has been well-documented for years.

The news sent bitcoin down about 12% at the time. It came after months of Musk personally hyping bitcoin and other popular cryptocurrencies, such as dogecoin.

Just before that, the CEO had asked his followers in a Twitter poll if they would like "Tesla to accept Doge."

Tesla and Musk have appeared fairly bullish on bitcoin for at least a few months, with the company disclosing in February that it had invested $1.5 billion in bitcoin and floating the ability to buy its cars using the cryptocurrency. Musk tweeted in late March that people "can now buy a Tesla with Bitcoin."

The company did say in a regulatory filing last month, however, that it assesses each quarter whether "events or changes in circumstances ... indicate that it is more likely than not that our digital assets are impaired." It also disclosed at the time that it had sold 10% of its bitcoin stake, earning a $101 million profit.

Last week, Musk said that Tesla still plans to use bitcoin after the currency finds cleaner energy sources.

"Tesla will not be selling any bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy," he wrote. "We are also looking at other cryptocurrencies that use [less than] 1% of Bitcoin's energy/ transaction."

Musk's other ventures have gotten in the action, too. Last week, his space exploration company, SpaceX, claimed that it would take dogecoin as payment for an upcoming mission.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×