Tesla CEO Elon Musk’s six-word tweet shook the virtual currency market again. Musk commented on a Twitter post by a netizen that predicted Tesla to dispose of all of its current Bitcoin, and the virtual currency market plunged shortly after that.
Bloomberg reported that Musk suggested that Tesla could dispose of all of its Bitcoin following the suspension of Bitcoin payments.
According to the news agency, Bitcoin investors will blame themselves if they find out that Tesla has disposed of the rest of its Bitcoin holdings next quarter. “With the amount of hate @elonmusk is getting, I won’t blame him…”
Musk wrote a comment saying, “Indeed.”
Dual meaning of Musk’s comment, still bitcoin and cryptocurrency as the ‘victim’
Musk’s response is a completely different nuance from his recent stance of not selling Bitcoin.
Musk suddenly announced his plan to stop Bitcoin payments on the 12th, but said he would not sell the Bitcoin Tesla has.
However, it was interpreted that it hinted at the disposal of Bitcoin with only six-letters comments without explanation in just four days.
However, it is uncertain that Musk’s comments alone implied the disposal of Bitcoin. This is because he didn’t explain any background except for the comment “Indeed”.
Reuters stated that Musk’s tweet suggests that he may have considered or sold Bitcoin. But added he ‘Indeed’ without specifying whether Musk agreed to the Bitcoin disposition or whether Musk (by recent remarks) agreed to face criticism.
However, some point out that it is inappropriate for CEOs of global conglomerates, who have emerged as major players in cryptocurrency, to continue to influence the market by posting ambiguous comments without making refined remarks.
Foreign media, including Bloomberg News, said Tesla did not respond to Musk’s comments.
Musk’s six-letter tweet sent shockwaves through the virtual currency market just by interpreting that it implied the disposal of Bitcoin regardless of its true intention.
Bitcoin prices plunged more than 8% immediately after the tweet, sliding below $45,000, the lowest level since February last year, Bloomberg reported.
Musk’s vague message of ‘Indeed’ was enough to pressure cryptocurrency investors to sell Bitcoin, Forbes said. Virtual currency is notoriously volatile, but today’s decline is the biggest in three months.
General drop of cryptocurrencies
According to CoinDesk Bitcoin’s price fell 6.95 percent to $44,575.65 as of 7:30 p.m. (10:30 a.m. on the 17th GMT+8) in western time.
Ethereum fell 11.06 percent to $3,386.88.
Musk’s recently floated Dogecoin also fell 7.64 percent to $0.49 as it remained weak.
Earlier last month, Musk allegedly being a “traitor” for Tesla’s Bitcoin disposal.
Tesla set the virtual currency frenzy on fire by disclosing that it had purchased $1.5 billion worth of Bitcoin in February. But then they said to have sold $272 million of its bitcoin investments in its first quarter earnings announcement last month.
As criticism mounted that he sold his holdings after fueling the surge in Bitcoin, Musk tweeted at the time, giving a poor explanation that he did not sell any of his Bitcoin.
Recently, Musk has posted a series of posts on Twitter as criticism has heated up over his manipulation of the market price by hitting Bitcoin and floating Dogecoins, CNBC reported, striking back at those who are critical of him.