Elon Musk Discloses 'Tesla Has Not Sold Any Bitcoin'
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Bitcoin tumbles after Musk implies Tesla may sell cryptocurrency. Musk has spent hours Sunday hitting back at several different users on Twitter who criticized his change of stance on Bitcoin last week, a move he said was sparked by environmental concerns over the power demands to process Bitcoin transactions.
Elon Musk recently said that customers would not be able to use bitcoin to buy his Tesla cars leading to a 17% slide in the value of the cryptocurrency. Elon Musk continued to whipsaw the price of Bitcoin, sending it to the lowest since February after implying in a Twitter exchange Sunday that Tesla Inc. may sell or has sold its cryptocurrency holdings. Bitcoin slid below $45,000 for the first time in almost three months after the billionaire owner of the electric-car maker seemed to agree with a Twitter post that said Tesla should divest what at one point was a $1.5 billion stake in the largest cryptocurrency.
It traded at $45,270 as of 5:51 p.m. in New York, down about $4,000 from where it ended Friday. The online commentary was the latest from the mercurial billionaire in a week of public statements that have roiled digital tokens. He lopped nearly $10,000 off the price of Bitcoin in hours after saying Tesla wouldn’t take it for cars.
A few days earlier, he hosted “Saturday Night Live” and joked that Dogecoin, a token he had previously promoted, was a “hustle,” denting its price. A few days later he tweeted he was working with Doge developers to improve its transaction efficiency.
Amid speculation over the weekend that Tesla may have sold its bitcoins, CEO Elon Musk has clarified that the electric car company “has not sold any bitcoin.” The Technoking of Tesla got into a heated debate with the bitcoin community Sunday after he announced that Tesla has suspended accepting bitcoin for payments due to environmental concerns. Elon Musk Confirms Tesla Has Not Sold Its Bitcoins Tesla CEO Elon Musk got into a string of heated discussions with bitcoiners on Sunday which led to speculation that Musk’s electric car company may have sold its bitcoins or is planning to sell them shortly. The discussions started after Musk announced that Tesla has suspended accepting bitcoin for payments due to environmental concerns.
Meanwhile, the price of bitcoin plummeted. To end speculation, Musk confirmed early Monday morning that Tesla has not dumped its bitcoins. He wrote: “To clarify speculation, Tesla has not sold any bitcoin.”
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Bitcoin market dominance falls to three-year low of 40% Altcoins have risen to a three-year dominance high after tagging a record combined capitalization of nearly $1.5 trillion last week. While Bitcoin tumbles in response to Elon Musk’s Twitter account yet again, altcoin dominance has surged to its highest level in roughly three years.
As of this writing, Bitcoin represents 40.3% of the combined crypto asset capitalization — the lowest it has been since June 2018, according to CoinMarketCap. Bitcoin hit a market dominance low of 33% in January 2018 when it was cooling from its previous peak while the altcoins were just hitting theirs. It is currently not far off its second lowest level of 36%, three years ago in May 2018.
Only BTC or BCH which was the first fork is likely to have long term store of value and an investor should hold both
As for all the other coins they may do well or even better, but they all rely on use and features. The problem with that is there can always be new entrants into the game that can have better uses and features.
The fact that interoperability is coming means that the network effect will mean little as well as coins will be able to move so easily between chains. The only hope for crypto store of value long term is to invest in the antique cryptos.
So BTC and the first fork BCH and the first widely adopted copy so LTC. So hold equal sats in BTC and BCH and also have a bag of LTC is my idea of crypto long term store of value. Everything else, it can be like game of thrones, one king keeps replacing another king, forever.
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