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Bitcoin Tumbles After Musk Implies Tesla May Sell Cryptocurrency

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Tuesday, 18 May, 2021, 20:55
Bitcoin Tumbles After Musk Implies Tesla May Sell Cryptocurrency

Elon Musk continued to whipsaw the price of Bitcoin, briefly sending it to the lowest since February after implying in a Twitter exchange Sunday that Tesla Inc. may sell or has sold its cryptocurrency holdings. Bitcoin slid below $45,000 for the first time in almost three months after the billionaire owner of the electric-car maker seemed to agree with a Twitter post that said Tesla should divest

Musk’s disclosure in early February that Tesla used $1.5 billion of its nearly $20 billion in corporate cash to buy Bitcoin sent the token’s price to record and lent legitimacy to electronic currencies, which have become more of a mainstream asset in recent years despite some skepticism. His latest dustup with Bitcoin started with a tweet from a person using the handle.