While there are other issues out there, ranging from institutional adoption and diversification on the positive side to sustainability and regulatory concerns on the negative, a Musk tweet can often change momentum and can dominate the narrative for days or weeks. The U-turn has been controversial, as Wierzycka’s reported comments indicate, partially because the moves by Tesla and Musk have had noticeable effects on bitcoin’s price. Bitcoin fell more than 10 percent after that tweet. Elon Musk made the split-second decision to tweet that he had funding secured to take Tesla private in 2018 after seeing a report in the Financial Times, a lawyer for the billionaire. In March, Musk tweeted, “you can now buy a Tesla with Bitcoin,” only to say in May that the practice was suspended due to concerns about fossil-fuel usage for Bitcoin mining and transactions. In February, Tesla announced it had bought $1.5bn in Bitcoin and signalled its intent to start accepting Bitcoin as payment for vehicles. Musk has whipsawed Bitcoin and other digital tokens in the past few months. MicroStrategy Inc, whose Chief Executive Officer Michael Saylor has become a vocal Bitcoin evangelist, last week boosted a junk-bond offering for the purposes of buying the cryptocurrency to $500m from $400m.

“The rally was already under way as the market speculates about an imminent purchase from MicroStrategy and the G-7 comments on crypto were neutral, even optimistic, about digital innovation.”

“The tweet added to positive momentum as Elon’s stance seems to be moderating and providing a target that’s not far away,” said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX. Musk also said that Tesla sold about 10 percent of holdings to confirm Bitcoin could be liquidated easily without moving the market. It was down about 1 percent to $38,881 as of 7am in Hong Kong on Monday (23:00 GMT on Sunday).Įther, the coin linked to the ethereum blockchain network, surged 7 percent to $2,532.77 on Sunday, adding $165.77 to its previous close.

Musk’s post was in reply to a report in Cointelegraph, which cited Magda Wierzycka, executive chair of South African asset manager Sygnia, as saying Musk’s recent tweets on Bitcoin should have prompted an investigation by the US Securities and Exchange Commission.īitcoin, the world’s biggest and best-known cryptocurrency, is up 40.7 percent from the year’s low of $27,734 on January 4. What does he mean by that Follow him and find out. In this tweet, he wrote 'napisal' which means 'wrote' in Russian, without any further explanation. He tweets about his ventures, opinions, and jokes, often sparking lively discussions and reactions. Keep reading list of 4 items list 1 of 4 Green prize: Elon Musk to give $100m for carbon capture solution list 2 of 4 From monkey brains to memes, Musk makes wild Clubhouse app debut list 3 of 4 How much is that Dogecoin in the window worth? list 4 of 4 Elon Musk asks Twitter followers if Tesla should accept Dogecoin end of listīitcoin surged 9.8 percent to $39,035.47 on Sunday, adding $3,492.71 to its previous close. elonmusk is one of the most influential and popular Twitter users, with over 50 million followers.

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