In a tweet response to economist and cryptocurrency sceptic Peter Schiff, who said that gold was better than both Bitcoin and conventional cash, World’s richest man may have caused the fall in Bitcoin’s price up to 18%.
Two weeks after @elonmusk announced that he spent $1.5 billion of shareholder money buying Bitcoin, #Tesla stock entered a bear market, plunging 20% from its all-time high set on Jan. 25th, and 16% since disclosing the #Bitcoin buy. Not an example other CEOs will likely follow!
Bitcoin witnessed an all-time high of $58,300 vey recently, it also hit the $1 trillion market capitalization mark. Although this was an impressive milestone and one any crypto company should be proud of, the prices of Bitcoin fell over 18 percent in a two-day sell-off which took the world-famous and most sought-after crypto currency below the $50,000 mark which it hit earlier this month. Bitcoin was trading at 10.12 percent lower at %50,364 and touched a 24 hour high of $56, 668.45 and a 24-hour low of $47,780.75, as at the time of this drafting but year-to date Bitcoin is up about 73 percent.
While the overall weaknesses witnessed by the financial market might be put to blame for the fall in Bitcoin prices, the tweet of Elon Musk, World’s richest man and owner of electric car company Tesla, may have acted as a catalyst to Bitcoin plummeting fall.
The billionaire and Tesla owner was responding to the words of Economist and crypto critic; Peter Schiff who tweeted that gold was by far a better alternative to both crypto currency and traditional money. In his reply tweet Elon Musk said, ‘Money is just data that allows us to avoid the inconvenience of barter…’ and went further to add, ‘that being said, BTC and ETH do seem high lol’.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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