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Elon Musk Sets Twitter Ablaze As He Engages In War Of Words With Bitcoin Advocates

May 17, 2021 4:18 am
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Elon Musk Sets Twitter Ablaze As He Engages In War Of Words With Bitcoin Advocates

A full-scale war of words played out on Sunday on Twitter Inc’s (NYSE:TWTR) social media platform between Tesla Inc (NASDAQ:TSLA) CEO Elon Musk and supporters of Bitcoin (BTC).

What Happened: On Sunday, in a reply to a tweet, Musk seemed to signal that Tesla might dump the remainder of BTC it holds. The billionaire entrepreneur followed up with another tweet, early morning Monday, clarifying that Tesla has not sold any Bitcoin.

However, the back and forth between Bitcoin supporters and Musk was less than friendly at times.

Pixelmatic CEO Samson Mow pointed to an old adage while tweeting at Musk. In the same string, he advised the Tesla CEO to talk to others such as internet entrepreneur Reid Hoffman, who worked with Musk at PayPal Holdings Inc (NASDAQ:PYPL). Mow claimed Hoffman had a “deep understanding” of Bitcoin.

Mow seemed to have said this in response to Musk’s tweets, where he had pointed to his association with Paypal and to the centralized nature of Bitcoin.

Binance CEO Changpeng Zhao also chimed in amid the BTC meltdown, responding to a post aimed at Michael Saylor of MicroStrategy Incorporated (NASDAQ:MSTR). 

Zhao also shared his views on the upheaval but with a caveat that he was not giving financial advice.

Myspace co-founder Tom Anderson also weighed in.

Why It Matters: The Twitter conversation between ‘What Bitcoin Did’ podcast host Peter McCormack and Musk led the latter to post that he wanted to go “all in on” Dogecoin (DOGE). 

See Also: How to Buy Dogecoin (DOGE)

Some voiced opinions in favor of the Shiba Inu-themed cryptocurrency as well, even if just in jest.

Others were of the opinion that Musk would change his mind on Bitcoin. 

Meanwhile, BTC has declined 24.75% in the span of seven days. The apex cryptocurrency traded 9.74% lower at $44,275.77 at press time on a 24-hour basis. From the all-time-high of $64,863.10, the cryptocurrency has fallen 31.80%.

See Also: Portnoy On Dogecoin Surge Says Elon Musk Is The 'Best Market Manipulator In History Of Earth'

DOGE too has fallen but to a lesser degree. The meme coin is down 10.61% on a seven-day basis and traded 9.27% lower at $0.49 at press time on a 24-hour basis.

It is noteworthy that Tesla has already sold $272 million of BTC in April as per its first-quarter earnings when it revealed it had purchased $1.5 billion worth of the cryptocurrency in the same period.

Last week, the automaker stopped taking Bitcoin payments citing environmental concerns. At the time Musk had announced that Tesla will retain Bitcoin paid to it, which will not be converted to fiat currency.

Read Next: Tesla Has Had A Major Bull In Cathie Wood's Ark. Now The Two Are At Odds Over Elon Musk's Bitcoin Stance

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