If you were wondering why Bitcoin has dipped recently, here's your answer, the Dogefaher, Elon Musk himself has changed his mind about selling Teslas for Bitcoin. I guess volatility is to be blamed in this equation, but the Silicon Valley mogul has a different narrative.
This narrative however has been challenged by influential people from the crypto space such as Pompliano and Michael Sailor who's probably guilty for influencing Elon in getting into Bitcoin from the first place. One thing is clear though, Elon doesn't fully understand Bitcoin from a technical perspective and the decision to sell Teslas for Bitcoin might have been a rushed one.
The announcement came out with the notification that they're not selling the already collected Bitcoin either. I guess they don't want to affect the environment by transacting Bitcoin :)) The company, nor Elon Musk, haven't disclosed yet how many EVs they have actually sold for Bitcoin. I bet not too many as moon boys are usually Lambo boys that like the noise.
See how I rhyme... The crypto community however is pissed of on Elon Musk, although they shouldn't as Elon has offered them the chance to buy cheaper Bitcoin before entering another parabolic run and some reactions to his move are quite acid.
Bad move Elon, the only crypto people that will still love you after this move will probably the DOGE fan boys who are definitely easily to manipulate and trick in getting into pumps and dumps. The Tesla guy has also had a poll today asking his followers whether they should accept DOGE instead of BTC.
DOGE is the currency of the internet after all... At least in his opinion. I haven't bothered to check the results as I don't plan on buying any Tesla any time soon and especially not with crypto, but it looks like it was all planned. Seems like DOGE was written in the scriptures...
After following Elon for quite a while on twitter I believe that he's gonna change his mind, as he previously did with other decisions, and BTC won't be removed as a payment option. He will probably add some more so called environmental friendly alternatives, but he will not ditch it. That's how I feel it. What comes after this announcement will be another big company accepting BTC as a payment.
This thing is inevitable, same as dips, dumps and corrections are also inevitable in a bull market. Such events show how immature, easily to manipulate and "panicable" are the crypto markets participants. One month from now this dip will be nothing but a pixel on a screen. Have a good day folks and see you to the next one.
Thanks for attention,
Adrian
