Bitcoin is holding strong this morning at around $43,000 as of press time, and that’s impressive because Elon Musk is still creating massive confusion in the market.
The latest controversy is over a Musk tweet that apparently implies a contradiction of his earlier promises that Tesla will not be unloading its massive Bitcoin stockpile.
After building significant Tesla capital reserves based on Bitcoin value, Musk also announced earlier this year that Tesla would be taking payments from customers in Bitcoin.
Days ago, he retracted this offer (on social media) saying that Bitcoin is not ecological enough, as we reported at the time.
As for the latest tweet, looking at Musk’s twitter feed, we see that he actually tweeted one word, “indeed,” in reply to a poster who painted a scenario where Bitcoin people were undercut by Tesla unloading its stake. That’s hardly the stuff that a formal announcement is made of, but it was fickle enough to unnerve investors. This in turn caused more controversy as another poster pointed out that the original one has a negative reputation in parts of the crypto community.
At the same time, Musk’s continuing muscling in on Dogecoin is also unpopular in some quarters: David Morris at Coindesk is reporting today on Musk’s unwelcome suggestions for DOGE, saying that the mogul is finally becoming less of a perceived authority on crypto.
“It’s also Elon at his most Elon,” Morris writes of Musk’s most recent Doge-comments, “asserting his expertise in crypto just as eagerly as he claimed he would bring world changing innovation to rescue submarines and respirators and public transit – all of which ended in some degree of disappointment.”
The whole saga illustrates how market forces are differently than they once were, which is important for you to keep in mind as an investor, as you’re moving into and out of these positions. Don’t get stuck basing all of your Bitcoin strategy on Elon Musk’s – because as we can see, that changes quickly.
