Market Musings

Bitcoin Plummets as Elon Musk Suggests Tesla May Sell Its Bitcoin

Published on:
May 17, 2021

Elon Musk later rowed back on these loaded hints, writing: 'To clarify speculation, Tesla has not sold any Bitcoin.'

Bitcoin Plummets as Elon Musk Suggests Tesla May Sell Its Bitcoin

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Elon Musk’s crypto tweets continued to cause carnage for Bitcoin’s price over the weekend.


The world’s biggest cryptocurrency fell to lows of $42,284.57 — levels not seen since early February.


Sunday’s slump came after @CryptoWhale wrote this on Twitter:

“Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him.”

Alarm was raised in the markets when the billionaire replied with this single word:


That came just hours after Musk hit out at Peter McCormack, who had criticized Tesla’s CEO for his “poorly informed criticism of Bitcoin and support for DOGE.”


Again suggesting that this could prompt Tesla to sell off the rest of its $1.5 billion investment in BTC, Musk wrote:

“Obnoxious threads like this make me want to go all in on DOGE.”

Musk Backtracks 

It’s clear that Musk believes a lot of the criticism he is getting on Crypto Twitter is unfair. There has been an onslaught of criticism ever since he announced that Tesla will no longer accept Bitcoin as a payment method — a decision linked concerns over the asset’s environmental impact.


Musk has gone to great lengths to point out that he held executive positions at PayPal during the company’s early days, and warned crypto experts he knows more than people realize about how money works.


But with Bitcoin’s market cap losing about $300 billion of its value in the space of a week, it now appears that Musk might be trying to undo some of the damage. In the early hours of Monday morning, he wrote:

“To clarify speculation, Tesla has not sold any Bitcoin.”

Prices have now stabilized, but for some cryptocurrency watchers, the damage has already been done. The recording artist RAC wrote on Twitter:

“If Elon can decide the price of Bitcoin, it has failed as a currency.”


Connor Sephton

I cover the crazy world of crypto.

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