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Thursday, June 24, 2021

Bitcoin price falls after Tesla CEO Elon Musk announces breakup with it

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Bitcoin, cryptocurrency and Dogecoin are some of the hottest topics of discussion in the world these days besides the COVID-19 pandemic and vaccination. The Bitcoin price has been on the rise in the last few months, especially after the support from Tesla CEO Elon Musk. But after Musk announced that Tesla will not accept payments in Bitcoin in May, the Bitcoin price has been falling. Earlier on Friday, Bitcoin price further dropped after Musk’s latest tweet on the cryptocurrency. Also Read – Dogecoin explained: What is it, how to buy in India

Tesla CEO took to the microblogging site Twitter on Friday to announce break up with Bitcoin with a heartbreak emoji. In the latest tweet, Musk stated the lyrics of popular Linkin Park song ‘In the End’ with a heartbreak emoji and Bitcoin in the caption. The post mentioned the popular line from the song ‘In the end it doesn’t even matter.’ Also Read – Indians could soon be penalised for holding Bitcoin, says new report

After Musk’s latest tweet, Bitcoin price fell further. The cryptocurrency has been on a fall over the past month, which further declined in value on Friday morning after Musk’s tweet. At the time of writing this, Bitcoin price valued to Rs 26,90,833.82, which is a massive drop when compared to the last few weeks or so. Also Read – Buy a Electric Tesla car using Bitcoin in the future: Elon Musk

While the price of Bitcoin fell because of Musk, it was for him that the cryptocurrency became the talk of the town in the last few months or so. Musk was one of the early promoters of Bitcoin and cryptocurrency. It is mainly his regular tweets that helped Bitcoin get popular across the world.

The  value of Bitcoin dropped after Musk took a back step last month when he announced that Tesla will not accept payments in Bitcoin. Earlier, it was Musk who announced to accept Bitcoin as payments. After backing on his words, the value of Bitcoin started to fall drastically. Musk decided to breakup with Bitcoin because of the environmental concerns.

Tesla chief had said that “rapidly increasing use of fossil fuels for Bitcoin mining and transactions” is the reason behind not accepting Bitcoin as payments. He, however, added that Tesla might accept other cryptocurrencies if they are lesser energy-intensive. Musk had also said, he and Tesla won’t be selling any of their Bitcoin holds. Soon after these announcements, Bitcoin crashed around May 20.

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