Bitcoin is 5% owner as Musk suggests a possible breakup
Bitcoin fell 5% on Friday, and Elon Musk went on Twitter again, appearing to suggest a “break-up” with cryptocurrency through his tweet.
#Bitcoin 💔 pic.twitter.com/lNnEfMdtJf
— Elon Musk (@elonmusk) June 4, 2021
Musk, along with Tesla, and his own substantial holdings of Bitcoin, can place the market on the edge of the knife every time he goes to a social media website.
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Musk previously said Tesla is not willing to sell Bitcoin, but his tweets are enough to strain the market as it is still shaking with the shock that has been coming from May.
“He’s trolling the community,” Bobby Ong, co-founder of Coingecko, the website for Crypto Data Aggregator and Analytics, told Reuters.
Friday’s DIP means the $36,697.21 cryptocurrency is below the 20-day moving average.
Musk was previously avid supporter of Bitcoin, but recently opposed it over concerns about energy use.
Its inventory has fallen by a third since Tesla announced its $1.5 billion purchase of Bitcoin.
Bitcoin is down more than 40% with a record peak of around $65,000.
Bitcoin is always in the minds of investment-oriented millennials, as cryptocurrencies are seen as a way to generate wealth.
Millennials’ interest in Bitcoin may even pave the way for ultimate mass adoption.
Data collected by cryptocurrency trading simulator Crypto Parrot shows millennials aged 25-35 are leading the way in the Bitcoin community with an engagement rate of 41.51%.
People ages 35 to 44 are the second highest group with an engagement rate of 20.16%.
