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Elon Musk has stated that he supports cryptocurrencies like Bitcoin. Learn more about his stance here.

Elon Musk Stated He Supports Cryptocurrencies Like Bitcoin

Bitcoin is one of the most popular cryptocurrencies in the market; at this instance, the market cap and trading volume of bitcoin are just unbeatable in contrast to any other cryptocurrency in the market. The cryptocurrency conception was introduced in the marketplace alongside the bitcoin merely, later ample technical experts conferred the picture, and now there are more than 1600 cryptocurrencies. 

The entire complex of cryptocurrencies is just devoid of third parties and national banks. Despite this fact, the price and value of bitcoin are affected by the influence of renewed personalities. Elon musk is considered the big game-changer in the crypto industry. The cost of bitcoin has been highly affected by the tweets of Elon musk. The recent tweets of Elon musk have utterly changed the high-value game of bitcoin. There are authentic trading platforms like bitcoin profit, which can help you in getting productive outcomes in the bitcoin journey. 

The fierce bulletin arrived that on the 19th of May, the cryptocurrency market crashed due to the announcement of china on amplifying the crypto crackdown. The crackdown included halting any progression associated with the bitcoin complex; however, subsequent to the crackdown announcement, Elon musk’s tweets really assisted the crypto market in the restoration route. Beneath mentioned is an utter portion demonstrating the tweets of Elon musk regarding the crypto crash. 

Elon Musk Supports Cryptocurrency!

Elon musk has been supporting technology complex scenarios since he has existed in the vanilla marketplace. The co-founder of tesla motors is one of the prominent reasons for skyrocketing bitcoin prices; musk basically highlighted the importance of multiple cryptocurrencies and altcoins in the market. However, one of the utmost prominent ones is bitcoin. Tesla motors have invested a significant amount of funds in bitcoin. 

In February, Elon Musk tweeted that the organization, Tesla motors, has invested more than 1 billion dollars in the crypto industry. Elon Musk tweeted in March that Tesla motors will now accept bitcoin as a payment method correspondingly. 

However, these two tweets popped ample thoughts in the mind of crypto watchers regarding the scarcity of bitcoin. In order to sustain the liquidity of the bitcoin and the crypto industry, tesla motors sold 10% of the bitcoin share. Moreover, Elon Musk tweeted that he did not sell any of his bitcoin, but tesla motors did, as a reply to an individual concerned about the scarcity of bitcoin. 

The actual sale value of bitcoin was 101 million dollars, which were sold by tesla motors. According to elon musk selling bitcoin shares is not the permanent solution of liquidity; it is just an alternative way. Subsequent to the crypto market crash, Elon musk tweeted diamond hands supporting bitcoin, demonstrating that it’s the best time to hold bitcoin and not to sell it. Elon musk correspondingly tweeted that the battle between fiat currencies and bitcoin or any other cryptocurrencies and musk supports cryptocurrency.

 A similar thread of tweets was noticed on the Twitter handle of Elon musk. In a nutshell, Musk is supporting cryptocurrencies even after the crash. After the collision, he cleared that he will not be selling any meme token, dogecoin, and bitcoin at the very same time. Last week might be a bit vulnerable for bitcoin, but the tweets of Elon musk actually did help the crypto market to grow. The crypto crash declined the price of bitcoin by 30%; however, the next day, bitcoin was restored by 19% and is still continuing to do so. 

Elon Musk Reversal Tweet!

Bitcoin mining is a process of verifying bitcoin transactions and verifying it. The transaction is later processed on the blockchain. The progression of bitcoin mining consumes an exceeding extent of electricity, the energy consumed by bitcoin mining annually is 114 TWH. Moreover, bitcoin mining is exponentially growing; considering environmental aspects and side effects of bitcoin mining, Elon musk tweeted that tesla motors will no longer be accepting bitcoin as a payment method. 

The reversal tweets of Elon musk basically shocked the crypto enthusiast. Moreover, the tweet declined the value of bitcoin by 19%. All the sample of proficient analysts and researchers somewhere blames Elon musk too for the crypto crash.

In a nutshell, Elon musk supports bitcoin and other cryptocurrencies over fiat currencies. 

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