Post
Topic
Board Speculation
Re: Bitcoin plunges 17% after Elon Musk tweets on not accepting cryptocurrency
by
SquallLeonhart
on 15/05/2021, 20:06:02 UTC
https://www.livemint.com/companies/news/bitcoin-plunges-17-after-elon-musk-tweet-on-tesla-not-accepting-cryptocurrency-11620873189800.html

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk wrote.

I smell shenanigans.
I still do not get why that drop happened. I mean the only "bad" thing that has recently happened is the fact that Tesla doesn't accept bitcoin, that is not too bad is it? I mean how many people did actually went with that? Surely some did but I doubt it was a huge number, and they even said that they are still supporting crypto, they are just not accepting bitcoin which is another way of saying "we can't legally keep accepting bitcoin" and nothing more, if they didn't like bitcoin they would have sold their purchased ones as well.

Long story short this dropped never made sense, but I am quite happy about it, this allows us the long term holders to keep buying more and then we can sell when our portfolio reaches a level where we feel like we do not need any more money, that is a quite good investment situation to be in, buy low and sell high.