Elon Musk Strikes Again: New Tweets Send Bitcoin Crashing

How much power can one person have over a cryptocurrency? Seemingly, a lot. Elon Musk has once again sent cryptocurrency markets on a roller coaster ride after he posted yet another comment about Bitcoin on Twitter. 

This latest Bitcoin craze comes after a Twitter user who goes by the name Mr. Whale posted on May 16 that "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..."

To which Musk responded "Indeed."

Indeed

— Elon Musk (@elonmusk) May 16, 2021

As a follow-up Twitter post on May 17, Musk explained that Tesla had not sold any Bitcoin. This post comes shortly after Musk stated via the social media platform on May 13 that Tesla would suspend accepting the cryptocurrency as a form of payment for its EVs, citing environmental concerns around the crypto's mining methods. This comes after Musk had stated in March that Tesla would accept Bitcoin as payment.

To say there's been a ping-pong effect between Bitcoin, Tesla, and Musk would be an understatement. 

Musk is no new commenter when it comes to cryptocurrencies. Latterly, he's been avidly talking about the meme-inspired crypto, Dogecoin, even going so far as to say it'll fund one of SpaceX's lunar missions next year, and that people might be able to buy Teslas with it (as its mining methods are much less energy-consuming than Bitcoin's). 

To clarify speculation, Tesla has not sold any Bitcoin

— Elon Musk (@elonmusk) May 17, 2021

Following last Thursday's, May 13, Twitter post, Bitcoin tanked. It's now done so once again, after Musk's latest comments.

This time around, Bitcoin dropped to just over $43,000 within hours — that's down by nearly seven percent, Coinbase reports.

Musk, Twitter, and cryptocurrency have become three words we expect to see side by side of late. But that doesn't necessarily always mean a positive outcome, as can be seen by the effect Musk's Twitter posts have on cryptocurrencies' already volatile actions. 

It comes as little surprise that cryptocurrency fans have taken to social media platforms like Twitter and Reddit to spout angry flows of words against Musk and his commenting antics. 

Some of these social media posts are entertaining, some are much angrier, while others try to assuage the issue. 

pic.twitter.com/wOVDhRdaOR

— Dolce Vita (@DolceVi47501304) May 16, 2021

Some say it as they see it:

The best market manipulator of our times ! #ElonMusk #Bitcoin #cryptocurrencies pic.twitter.com/CDYW948whx

— Jose Garcia (@Jose_HODL) May 17, 2021

Some are pointing the finger elsewhere: 

If you’re selling $BTC here because of an Elon tweet, I’m sorry, but you’re not gonna make it.

— Credible Crypto (@CredibleCrypto) May 16, 2021

Some are frustrated:

Honestly crypto as a whole would be way better off if @elonmusk just left.

I had so much respect for him for his innovation with Tesla and SpaceX. But the more I read his tweets the more I realize he's just an ego-maniac man-child.

— EddieEdit (@EddieHoang14) May 16, 2021

Some are accurate and fun:

Everytime I see a notification on my phone that #ElonMusk tweeted again. #Bitcoin pic.twitter.com/3CApENB48v

— Bitcoin Armada (@BitcoinArmada) May 17, 2021

Some are a little more lighthearted: 

#Bitcoin traders and @elonmusk relationship in the past few days is complicated pic.twitter.com/AM7hwS6Z5c

— Tomasz Wiśniewski (@wisniewskifx) May 17, 2021