Musk's repentance: He came to the rescue of Bitcoin

By: Bharggavi Ssayee

Musk's repentance: He came to the rescue of Bitcoin

May 22, 2021 10:43 AM

With a crypto market in crisis, times are rather gloomy. In recent days, Elon Musk announced his ideological divide with Bitcoin, and then China banned crypto trading in the country. Fortunately, good news reached us on Tuesday, May 19, 2021. And guess where did that ray of hope come from? From Elon Musk himself!


Yesterday enemy, Elon Musk returns to defend Bitcoin

A few days ago, Elon Musk made a shocking announcement that damaged the image of Bitcoin. He said on Twitter that he considers Bitcoin mining to be bad for the environment. As a result, his company Tesla was reversing its decision to accept Bitcoin as a payment method. Result? The price of Bitcoin has plummeted.


Is Elon Musk in the throes of guilt? Either way, you'd think he was trying to make up for it. Also on Twitter, he said that "Tesla has diamonds in his hands." While clarity isn't always there, Elon Musk is very good at handling suspense and eliciting reactions. The whole web struggled to decipher this message. Was Elon Musk talking about Bitcoin?


Mystery solved an hour later! In a second tweet, Elon Musk clarified things by stating “Credit to the King of the Coin”! We therefore understand that Tesla's diamonds are indeed bitcoins. For Elon Musk, Bitcoin therefore remains a precious asset! This conclusion is in fact consistent with his statements last Sunday where he said Tesla was not going to sell his bitcoins.


Bitcoin's price is on the rise

It goes without saying that the news was a breath of fresh air for the BTC price. Bitcoin has been in bad shape lately. On May 19, 2021, the price had even reached a minimum around € 26,000, a sad record dating from January 2021. Since then, the BTC had started a slight recovery.


Elon Musk's tweets were therefore timely as they served to accentuate the upturn. Bitcoin's price rose nearly 10% after the tweets were published. Currently, Bitcoin is trading at around € 32,000. It could finally be the end of a free fall that lasted ten days!