Bitcoin and the rest of the cryptocurrency market were even more volatile this past Friday due to Elon Musk, the Tesla and SpaceX CEO, issuing a very cryptic tweet.
On Thursday evening, Musk shared a meme that featured a breakup on his Twitter. The meme he showed featured an unhappy couple, with the woman stating “I know I said it would be over between us if you quoted another Linkin Park song but I’ve found someone else.” and in response, the man stated, “So in the end it didn’t even matter?” Musk then added the very cryptic caption, “#Bitcoin.” followed by the heart-breaking emoji.
Just two hours after the initial tweet, Musk followed up by creating even more confusion. He posted an image of a couple in a long-distance relationship that was communicating via video call while they are both lying in bed. The woman in the image says, “I miss you.” When the man appears to start crying, she continues on and asks, “Why are you crying?” The man, who appears to actually be watching a market value graph that is in complete free-fall, states, “Cuz I miss you too.”
— Elon Musk (@elonmusk) June 4, 2021
As reported by CNET, “Following the tweet, Bitcoin fell more than 4.5% to around $36,823 as of 9 a.m. PT on Friday. Ethereum, Dogecoin and other cryptocurrencies were also down.” At the end of the day on Friday, the market value of Bitcoin dropped even further to around $37,772. The Wall Street Journal went on to add, “Ether dropped 4.2% from its 5 p.m. Thursday level to $2,702.23. Dogecoin, another favorite of Mr. Musk’s, declined 4.7% to about 38 cents.”
“The two posts elicited thousands of comments, including images of a shuddering man, as well as requests to ‘leave us alone’ and ‘stop manipulating.’ They also prompted some Twitter users to block Mr. Musk, but that hasn’t made a dent in his more than 55 million followers,” continued The Wall Street Journal.
According to Fox Business, after the market dropped, Musk was criticized heavily at the Bitcoin 2021 conference.
“Max Keiser, host of the ‘Keiser Report,’ began his fireside chat by repeating, ‘F*** Elon!’ several times,” reported Fox Business, while Michael Saylor. “co-founder of the business intelligence company MicroStrategy and a staunch Bitcoin defender,”: issued his rejection for Musk’s earlier concern about the environmental impact of Bitcoin.
“Bitcoin is the most efficient use of energy that the human race has yet come up with,” stated Saylor. “I think that Bitcoin is an extraordinarily disruptive, beneficial technology to the entire energy industry, and as I studied it, it became clear to me that it’s the highest-value use of intermittent energy.”
“It’s the highest-value use of renewable energy. It’s the highest-value use of wasted or stranded energy. And it’s just the highest-value use of energy period,” he continued.