The massive movement in market prices after every tweet Elon made raised the unrealized obvious notion of speculation vs. investment. However, it also brought to light many things including tin-foil hat theories about market manipulation, cryptocurrency still centralized and the roles of whales using Elon's tweets to make moves and so on.
In his now popular ping-pong fashion, Elon once again confirms that Tesla would resume using bitcoin for transactions when ~50% miners are using clean energy. I thoroughly enjoyed the previous tweet thread when Musk announced Tesla would no longer be supporting BTC because of how much "dirty energy" is used.
Tesla had previously bought ~$1.5 billion worth bitcoin which had clearly helped the "speculation" part and shot the price up. Not long after the purchase Tesla had sold 10% of their holdings and Elon claimed it was only to prove liquidation.
It has been an interesting run with Elon so far. His tweets, when it comes to crypto, gain a lot of attention. It is rather natural that people have cultivated a few conspiracy theories surrounding Elon's involvement with crypto currency while he has made a huge impact on onboarding investors.
— Wall Street Wolverine (@wallstwolverine) June 13, 2021
This is yet another reply that Elon has constantly received. A lot of people have argued, presenting their own form of proof, that the printing of the dollar itself was way more harmful to the environment. Others presented proof of how bitcoin's usage has been majorly "clean" for many years now. Most of the arguments seemingly debunked Elon's claims.
Facts or not, many aren't interested in what others say...just daddy Elon. If he says bitcoin good, bitcoin good. If he says bitcoin bad, bitcoin bad. No fact checking, no research, no thoughts of their own. Whether it be the whales moving the market using Elon's tweets as a cover, or it be the wall street moguls teaming up with Elon to manipulate the market for profits, it has become obvious that the 120 character limit tweets he puts out has an impact on the price. BTC already went up by ~4% today after his tweet.
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