Bitcoin slips after Elon Musk’s meme

elon musk
elon musk

Nearly nine hours ago as of this writing, Elon Musk posted a meme hash-tagging Bitcoin with a broken heart emoji. Since his Twitter post the crypto has fallen further. The coin has plunged by 6.6% giving up much of its gain in the last week.

The coin had nosedived before when Elon Musk tweeted about Tesla giving up on the particular crypto. Since then the coin had gained some value — let’s say traction — and had increased a bit in value. A great deal of this is lost again as the billionaire tweets a meme about the novel Bitcoin.

coindesk BTC chart 2021 06 04

The drop isn’t completely irrational either. Despite of Elon Musk parting ways with Bitcoin, his company still owned 90% of their original purchase. The enigmatic tweet might signal towards a complete termination of the once futuristic Bitcoin.

Most likely there isn’t a huge deal behind the meme and is played in good faith. Elon Musk has a sense of humour and shares memes with his twitter followers. The meme was aimed at lyrics from a Linkin Park song to which Musk joked about his falling out with the crypto, and hence the caption #Bitcoin.

This all makes crypto investors worry about how puny their investments really are, falling and oscillating to one man’s wishes. Elon Musk is not to be blamed here for cracking a joke but rather the sentiment of the market. After all that’s been going on, countries like China have stepped up their measures against crypto and America where most investors seem to be lying should also act in the best interest of its own citizens.


Written by Guest

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