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"Tesla Has Not Sold Any Bitcoin": Musk Tries To Reassure Crashing Crypto Market After His Weekend Meltdown

Tyler Durden's Photo
by Tyler Durden
Monday, May 17, 2021 - 07:16 AM

Update 5/17/2021 0700EST: Musk has taken to Twitter in the early reaches of Monday morning to try and quell speculation that Tesla had sold its bitcoin - following continued selling in cryptocurrencies overnight.

"To clarify speculation, Tesla has not sold any Bitcoin," Musk wrote in a response to another Twitter account pointing that the crypto was down 20% since Musk "began shitposting". 

The reassurance doesn't seem to be having much of an effect, as Bitcoin is trading at $44,781, down about 9.5%, with roughly two hours to go until Monday's cash market open. ETH is also down about 9.6% to $3,478.

Meanwhile, here's a look at Fin Twit and finance related social media over the last 24 hours...

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With Elon Musk's "stand" against bitcoin last week, claiming that Tesla would not longer accept the coin for payments due to the environmental impact of mining it, the Tesla CEO quickly wound up doing an about-face in terms of his popularity with bitcoin fanatics. 

And that "new" relationship was on full display Sunday when the Tesla CEO had an epic meltdown after a spat that started with podcast host Peter McCormack. The spat sent cryptos crashing:

And subjected Musk to ridicule...

It began when McCormack had written a thread to Musk, accusing him of "trolling" with his support of Dogecoin, which led Musk to respond:

This set off the coining community, with Dogecoin creator @BillM2K asking of Musk's comment: "Do you see what being a toxic idiot does to your coin and community?"

Musk's response also opened the door for a spat wherein he called bitcoin "highly centralized" and boasted "Hey cryptocurrency 'experts', ever heard of PayPal? It's possible...maybe...that I know [more] than you realize about how money works". 

To which McCormack replied...

Musk's meltdown drew additional jeers from all over Twitter. Max Keiser wasted no time with critiquing Musk's arguments and went directly for an ad hominem shot at his mother, Maye Musk. Others claimed Musk was ready to "rage quit" bitcoin.

Well known Tesla critic @TeslaCharts chimed in:

Others accused Musk of not being able to stay in his lane...

Max Keiser joked that Elon made Peter Schiff, who he is notoriously at odds over bitcoin with, rational.

Finally, one Twitter user summed up Musk's "cradle to grave" experience with bitcoin:

When one user suggested Musk should dump his bitcoin as a result of the treatment he was getting, Musk replied "indeed":

This caused the following headline to hit the Bloomberg terminal: "MUSK IMPLIES TESLA MAY SELL OR HAS SOLD BITCOIN HOLDINGS".

The headline and the spat had Bitcoin trading with a $45,000 handle by mid day Sunday.

Recall, after Elon Musk royally pissed off cryptoworld by announcing that Tesla would no longer accept Bitcoin last week (just three months after Tesla announced they would take it), Dogecoin co-creator, Jackson Palmer, slammed Musk in a now-deleted Tweet, calling him a 'self-absorbed grifter.'

Musk's announcement caused a brutal selloff in most cryptocurrencies, including Dogecoin - which fell precipitously during the Tesla founder's lame appearance on Saturday Night Live, where he called himself the "Dogefather" and pumped the digital coin while also calling it a "hustle."

So goes the new state of the crypto world...

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