Saudi Press

Saudi Arabia and the world
Friday, Apr 19, 2024

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.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Reports in Gaza: 5 dead from the impact of aid packages dropped by the USA
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
×