Musk Hints Tesla Could Offload BTC, Crypto Twitter Enraged

Elon Musk hints Tesla could offload some BTC and got into a war with crypto Twitter after suggested that the car vehicle manufacturer will dump some of its holdings at the end of the quarter so let’s read more in our latest BTC news.

Elon Musk seems to have been a catalyst for BTC again as the coin dropped by 10% over the weekend after Musk hints that he could dump some Bitcoin from its balance sheet. He replied to a tweet that predicted that Tesla could dump its BTC holdings this quarter and replied “Indeed.” With his popularity dwindling in the crypto community after he criticized the energy efficiency of BTC amidst his suspension of support for the BTC payments, his comments elicited further condemnation from the crypto community. Peter McCormack who is the host of the Bitcoin Did podcast, stated that Musk’s latest criticism of the coin is poorly informed and added that his support for DOGE could make him the “perfect troll.”  The comments seem to have riled up Musk with Tesla’s CEO Saying:

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

in-short: @paypal already exists. https://t.co/LIYnortk3W

— Adam Back (@adam3us) May 16, 2021

Yearn Finance developer “banteg” jumped in to imply that Musk’s support for DOGE over BTC comprised an elaborate pump and dump scheme saying:

 “I guess you really need all retail in the world to unload 28.34% of Dogecoin supply.”

1/ Dear @elonmusk. The perfect troll is one where people don't know whether it is a troll or not. Your recent poorly informed criticism of #bicoin + support for Doge may be the perfect troll…or you might actually believe this (God I hope not).

— Peter McObnoxious (@PeterMcCormack) May 16, 2021

At the time of writing, DOGE’s price dumped 32% since the peak of $0.73 with losses speeding up after Musk’s appearance on Saturday Night Live on the same day. Musk also asserted that he has a superior understanding of money than crypto analysts due to his previous executive positions at PayPal’s precursor:

“Hey cryptocurrency ‘experts’, ever heard of PayPal? It’s possible … maybe … that I know [more] than you realize about how money works.”

Microstrategy CEO and BTC proponent Michael Saylor outlined the differences between BTC and PayPal and said:

 “The world needs a decentralized, secure, deflationary store of value like #Bitcoin. much more than it needs the more centralized, less secure, inflationary medium of exchange that you describe above.”

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…

— Mr. Whale (@CryptoWhale) May 16, 2021

PayPal’s lead engineer, Daniel Brand chimed in to emphasize that the expanded utility BTC offers is bigger than PayPal’s. The comments suggested relations between Saylor and Musk are now cooling as Microstrategy became the first prominent company to add BTC to its balance sheet when it purchased 21,000 BTC.