Elon Musk's 'Indeed' Tweet Led to Another Drop in Bitcoin Prices and Rise in Memes

·2-min read

Such is the clout of Tesla and SpaceX founder Elon Musk, that his one tweet can raise the price of a business or drop its prices. This year, Elon has put special focus on cryptocurrency and has been promoting Dogecoin on his Twitter handle. As a result of which, the price of Dogecoin is on the rise. On the other hand, Elon has been bashing Bitcoin, another cryptocurrency, and as you can expect, that has led to a drop in its prices in the market. Last week, Elon had tweeted that his electric automobile company Tesla would not be accepting payments made through Bitcoin since the cryptocurrency’s mining of fossil fuel is increasing the greenhouse emissions in the environment.

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Following this decision, a Crypto analyst tweeted on Sunday that Bitcoiners are going to beat themselves up in the next quarter when they find out that Tesla dumped the rest of their Bitcoin holdings. And with the amount of “hate” Elon is getting they would not blame him. Replying to this tweet Elon wrote, “Indeed”.

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The 49-year-old businessman’s simple response caused a plunge in Bitcoin rates by 20 percent on Monday.

The incident has certainly initiated a meme fest on social media as the fragility of crypto market and its high dependency on Elon’s tweets come to light.

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Elon Musk, Tesla CEO, SpaceX boss and Dogecoin advocate, in a recent interview to TMZ, while at a public signing mentioned, that this cryptocurrency may be the future. In the interview, he says that “There is a good chance that crypto is the future currency of the world. Then the question is which won is it going to be? It could be multiple,” he said.

In the video, he does add that, “Don’t invest your life savings into cryptocurrency. That’s unwise.”

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