Is Elon Musk distancing himself from Bitcoin? Watch the stocks take a hit
Bitcoin stocks are a wild ride, and whether they’re up or down often depends on public perception of the cryptocurrency’s worth. Right now, they’re on a downswing thanks to their reported carbon footprint that’s apparently bigger than Sasquatch’s. Also, thanks to Bitcoin’s reported carbon emissions, Elon Musk seems to be stepping away.
Of course, if you’ve been anywhere on the internet, you’ve seen billionaire & space tycoon Elon Musk showing his love to Dogecoin after he and Bitcoin had been tight for years. While he indicated in a tweet last week, that he & Bitcoin were diamond hands, the “it’s complicated” status of whether he’s going with Dogecoin now is taking the internet by storm.
Does this mean Bitcoin is destined to freefall forever, or will it rebound? Fire up your keyboards and let’s venture into the cyber world of crypto!
Bitcoin vs Dogecoin
Considered the granddaddy of crypto, Bitcoin was founded in 2009 when Satoshi Nakamoto mined the first Bitcoin with a reward of fifty bitcoins. Today, each whole bitcoin is worth over $50,000 thanks to its stocks going up & up over the last decade.
Like all cryptocurrencies, Bitcoins are a fixed amount and exist thanks to blockchains, unique codes traders can buy & sell like stocks. Bitcoin is unique in the crypto world because there is only a limited amount – Bitcoin can be used as stocks, money, or a standard of the currency itself, like gold.
Meanwhile, once entrepreneurs and other enterprising minds saw Bitcoin’s worth soar, they started creating their own cryptocurrencies. Enter Dogecoin. Once meant to be a spoof on crypto, Dogecoin is now becoming a serious contender in the world of crypto. However, its success in stocks isn’t as steady as Bitcoin. Dogecoin began the week at .4 cents per Dogecoin and is now sitting at $.37 per Dogecoin per Coindesk.com.
#Bitcoin 💔 pic.twitter.com/lNnEfMdtJf
— Elon Musk (@elonmusk) June 4, 2021
“In The End”
Now, Elon Musk seems to have swung from “diamond hands” to “does it even matter” as far as Bitcoin is concerned? Memeing a Linkin Park song and captioning the breakup meme with a Bitcoin symbol and a broken heart, netizens on Twitter seem to think Musk is indicating a permanent split.
However, it seems like once trading began and Elon Musk’s Bitcoin tweet started making the rounds, Dogecoin’s stocks rose so one Dogecoin’s worth was raised by . . . one cent.
Meanwhile, Bitcoin stocks are plummeting. Bitcoin’s worth sunk nearly $2,000 this week. Worse, Bitcoin overall fell from a high of $50,000 per Bitcoin last month to $36,000 per Bitcoin today.
— Elon Musk (@elonmusk) June 4, 2021
Of course, Elon Musk’s tweets didn’t end with his cryptic crypto change announcement. He also threw shade at people criticizing cryptocurrency as being made up – after all, we could also argue that all money is made up, and determining its worth is more arbitrary than we realize, but that’s above our paygrade.
Anyhoo, more & more people are joining the Bitcoin stocks conversation on Twitter, let’s take a look at some takes.
Good morning today is a great day to invest in Bitcoin and AMC stocks 👸🏼@aliencathouselv
— Cali cole👸🏼 Brothel Queen (@Calicole8) June 3, 2021
Twitter’s reminding you that as far as stocks go – buy low, sell high – so today’s actually a good day to hop on the Bitcoin train.
1/2 This isn’t the only coin that is going through a dark time. Even the mother token #bitcoin is going through hard times. We are experiencing a semi bear market. Just hodl the team is brilliant and this happens a lot even in stocks. Warren Buffett ….
— valgony (@valgony2) May 27, 2021
When stocks go low, hold on! They’ll bounce back – then we can go to the moon!
I went through #HODL training when I was trading stocks. I can't tell you how many times I got shaken out, only for the price to go up. And #Bitcoin is a better investment than any stock I ever bought. 🚀🚀🚀
— Steven London CPA (@StevenLondonCPA) June 4, 2021
In defense of Bitcoin . . . .
Me reading about stocks and bitcoin and crytpkeepercurrency… pic.twitter.com/ENWebjcjUe
— p – Evan the Beer Delivery Guy (@MindOfEvan) June 2, 2021
Then again, there’s us lesser mortals who have no idea about these Bitcoin & stocks thingies.
Bitcoin & stocks rn got me like- pic.twitter.com/lEES6tGuMd
— Cierra Makamae Kamohoalii (@ciikamohoalii) May 29, 2021
The room may be on fire, but conventional wisdom says hold on!
Are you going to buy Bitcoin now that the price is down, or are you joining Elon Musk on his apparent transition to the Dogecoin train? Do you think Elon Musk’s tweets about crypto are influencing their stocks? Let us know in the comments!