One Tweet From Elon Musk Cost The Crypto Market $365 Billion
I’m a brand new crypto trader. Like, if you could compare cryptocurrency trading to giving birth, I’d be the baby screaming in the Doctor’s arms.
After having invested some $4,000 in crypto the last few weeks, I suffered my first full-blown market dip on Wednesday, when Elon Musk tweeted this:
“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.
Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”
This tweet has 114,000 retweets while I write this very sentence. It sent shockwaves through the Crypto community, and cost the entire industry $365 Billion.
Bitcoin, Ether, and XRP were the biggest losers.
