Another Elon Musk Tweet Affected the Bitcoin Price

Last Updated: 13 June 2021

Elon Musk Tweeted with a broken heart emoji which cost bitcoin value to drop down further. In his Tweet, he referred to a Linkin Park song and mentioned a broken heart emoji, which resulted in the drop in bitcoin price.

What Was the Tweet?

Elon Musk is once again in the headlines as he tweeted yet another post that affected the price of bitcoin. He has been looked up as the market influencer, but this time, he trolled the cryptocurrency, which has indicated that he might be parting ways with bitcoin.

Another Elon Musk Tweet Affected the Bitcoin Price

In his Tweet, he first mentioned the broken heart emoji along with the hashtag Bitcoin “#bitcoin”, then he referred to a Linkin Park song “In the End” by writing the verse from that song “So, In the end, it didn’t even matter?”The tweet also had a picture in which a couple is sitting and looks like they are about to break up.

The Effect of His Tweet

Soon after Elon Musk posted this tweet, the price of bitcoin dropped down by 3% on Friday. Bitcoin has now a value of less than $37000 per coin. Before this tweet, the digital currency was looking to stabilize and heading towards the $40,000 mark.

Elon Musk’ History With Cryptocurrency

Elon Musk’s statements, decisions, and social media posts regarding cryptocurrency have increased its value in the past. For instance, in February, he posted that his company will invest $1.5 billion in Bitcoin, which boasted the cryptocurrency’s value to its record highest point. Moreover, he also told his followers via Twitter that he works with Dogecoin developers to make it a better cryptocurrency. He even polled on his Twitter account, asking followers if his company should start accepting dogecoin payment or not; 78.2% of people voted in favour.

However, Elon Musk’s behaviour and thinking about cryptocurrency have changed since that time. Bitcoin saw a significant drop in its value when Elon Musk revealed that his electric car company, Tesla, won’t accept Bitcoin payment anymore, citing environmental issues. Furthermore, he tweeted several times regarding bitcoin using fossil fuel for the mining process, a primary environmental concern. This sparked negativity among the bitcoin community as people started doubting the future of the cryptocurrency. People even started thinking that Tesla and Elon Musk have wholly parted ways with Bitcoin until Elon Musk tweeted again that he and his company is not letting go of their bitcoin assets for now.

He also started promoting renewable energy resources for the mining process of Bitcoin and revealed that Tesla would be linked with Bitcoin again once these environmental issues have been resolved.

This is why many analysts and marketeers are in fear of bitcoin being too easily manipulated. As Miami Mayor Francis Suarez, who also revealed himself as a big fan of Elon Musk, has said that if a Tweet from a single person can drop the value of bitcoin by 20% overnight, then it means the cryptocurrency needs to be more stabilized so that it can have much promising future.

Author
  • Luke Handt

    Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.

    Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.

    In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.

    When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.

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