On May 19, Bitcoin fell around $40,000, extending its losses that began with Elon Musk’s back and forth remarks on the world’s largest digital currency over the past week.
Elon Musk first raised concerns over the rapidly increasing use of fossil fuels for mining and transaction of Bitcoin, saying his electric vehicle-making company will no longer accept payments in the digital currency, which caused confusion about whether Tesla was dumping its Bitcoin holdings.
Twitter users shared memes about the cryptocurrency and about those who have invested in it and Musk, alleging he single-handedly triggered the massive crash.
At one point in time, Bitcoin was trading at an all-time high and after which Tesla embraced the cryptocurrency in February. The company reversed its position on accepting payments in cryptocurrency.
A Twitter user had suggested that those who’ve invested in Bitcoins would be very disappointed next quarter after finding out that Tesla had already dumped the rest of its Bitcoin holdings. To which Elon Musk replied, “Indeed.”
Elon Musk’s reply created widespread confusion that the billionaire tycoon was implying that Tesla has sold or may sell the rest of its Bitcoin holdings.