Elon Musk Makes another Move in the Bitcoin (BTC) Market
It has only been over a month since Elon Musk made announced that their company would no longer support Bitcoin (BTC) as a payment method. However, the period over a month is more than how long Tesla had offered Bitcoin (BTC) utility as a payment method on its platform.
As Elon Musk made the announcement, it made many people unhappy. It not only made them unhappy, but they also started criticizing the way Elon Musk had handled things, to begin with. As per them, it was part of the big plan that Elon Musk had in place in order to surge BTC price and then gain from it.
According to many observers, Elon Musk had intelligently made use of his public profile, influence, and intelligence to drive BTC prices. Many speculated that as the price of BTC went down in the first month of 2021, Elon Musk initiated his plan.
The first thing they did was acquire $1.5 billion worth of Bitcoin (BTC) through Tesla, showing that the company has become a Bitcoin pro. After that, Tesla made the announcement of paying rent for one of its locations in Bitcoin (BTC) to create more hype.
Then the last announcement was made by Elon Musk that Tesla had started accepting Bitcoin (BTC) as a payment method. Just went things went in their favor and the price of Bitcoin (BTC) rose, Elon Musk for the Bitcoin (BTC) sellout.
However, Elon Musk remained silent after so many allegations had been imposed on his profile. Some regulators from different countries even demanded for the US SEC to investigate Elon Musk’s involvement in artificially driving BTC prices.
Finally, Elon Musk has provided clarification over the accusations that have been made over his strategy and conduct. However, before providing clarity on the matter, he made another announcement, once again creating hype in the Bitcoin (BTC) space.
Elon Musk has finally gone ahead and officially announced when the Tesla customers can expect Bitcoin (BTC) to be introduced as a payment method again.
He has clarified that Tesla would eventually start accepting Bitcoin (BTC) as a mode of payment if it meets one particular condition. He stated that Tesla would start accepting Bitcoin (BTC) only once it is mined through clean energy.
Magda Wierzycka, the CEO at Sygnia was among the people who criticized Elon Musk’s involvement in driving the price of Bitcoin (BTC). She even demanded the US SEC to investigate the matter and hold Elon Musk responsible for manipulating the price of Bitcoin (BTC).
Elon Musk finally responded to Wierzycka’s accusation stating that the allegations are completely inaccurate. He clarified that throughout the market downfall, Tesla only went ahead with selling 10% of the total holdings it had for Bitcoin (BTC).
He clarified that the company did it just to confirm if they could proceed with the liquidation of Bitcoin (BTC) without having to move the market.