Elon Musk and the Bitcoin dump

in LeoFinance4 months ago

If you've been active on twitter for a while now, you'd definitely have noticed the "TechnoKing of Tesla", Elon Musk tweeting about Dogecoin and bitcoin. In the past, he has supported both currencies extensively, and advocated for them online. His company,Tesla, even bought over a billion dollars worth of Bitcoin.

However, things seem to have changed now, with Elon advocating for Doge over bitcoin as a "cleaner coin", and even going as far as tweeting AGAINST the use of Bitcoin and against Bitcoiners in general.

He also said that he is "in works" with Dogecoin devs to "make the protocol better".

And this happened:

Here's why that sounds like crap though. Believe it or not, DOGE has no value, because there's nothing it does. It's literally a meme.

So why is the self-proclaimed "technoKing" tweeting AGAINST a valuable asset and FOR one that he knows is a meme?

Many people have many answers. Maybe Elon has purchased a ton of DOGE and is now trying hard to pump it. Or maybe he's using this as a distraction so Tesla can sell their bitcoin and blame it on Elon's tweets dumping the market. No one knows for sure.

Elon however made a statement that "Bitcoin runs on non-renewable energy", which is also partly true for Tesla cars, because not all the energy that they use is from a renewable source.

Only time can tell whether or not he was trying to cover up Tesla sells, or trying to scoop up some cheap BTC, but I believe Bitcoin will stand this test.

What do you think about the recent Elon Musk saga? Let me know down below!

Posted Using LeoFinance Beta