• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
Bitcoin BTC BTCUSD

Is Bitcoin Bottom In? Elon Musk Says Tesla Has Diamond Hands As Price Recovers

Reynaldo Marquez by Reynaldo Marquez
2 years ago
in Bitcoin
0

Bitcoin just went through potentially one of its worst days since March 2020. With a 50% correction in the weekly chart, the price has retraced to levels last seen in January 2021. But just as quickly as it fell, BTC’s price bounces back from a major psychological mark at $30,000.

At the time of writing, the first cryptocurrency by market cap stands at $37,537 with a 9% loss in the daily chart and a 30% loss in the monthly chart.

Bitcoin BTC BTCUSD
BTC bounces back towards $40,000 in the daily chart. Source: BTCUSD Tradingview

The crypto industry has been hit with FUD mostly via tweets from Tesla’s CEO, Elon Musk. Some believe that the rollback on Tesla’s policy to accept Bitcoin as payment for their products was the trigger that set off the bloody price action seen this week.

Musk’s statements were a source of controversy. When BTC’s price reached critical support at $45,000 and facing high levels of selling pressure, the entrepreneur suggested that Tesla could have sold all the BTC bought back in February estimated at $1.5 billion.

Panic struck as Musk continued the offense. He called Bitcoin a centralized network “controlled” by mining companies in China further pushing the price below 3 critical support.

Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies.

A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound “decentralized” to you?https://t.co/Oom8yzGRNQ

— Elon Musk (@elonmusk) May 16, 2021

However, as the price dipped, Musk confirmed that his company will hold its BTC and claimed they have diamond hands. The price responded positively but founds new resistance at $40,000. This level could become an important area that needs to be reclaimed by the bulls to continue the bounce back to previous all-time highs.

Tesla has ? ?

— Elon Musk (@elonmusk) May 19, 2021

Why Elon Musk Changed His Stance On Bitcoin

There has been lots of speculation on why Tesla’s CEO suddenly changed his position on BTC. Senior ETF Analyst for Bloomberg Intelligence Eric Balchunas shared parts of an interview given by Catherine Wood, ARK Invest CEO and founder, on the potential reasons that triggered Musk’s statements. Wood said:

I believe what happened is after he took a position in bitcoin he got pushback from inst shareholders like BlackRock. You’ve got Larry Fink beating the drum on climate change. I don’t think he expected that. But I think he’ll come back to the mix.

Wood believes in Bitcoin’s capacity to incentivized greener forms of energy. A month ago, Ark Invest release a Whitepaper with Square called “The Bitcoin Clean Energy Initiative”. The document describes a model where BTC mining is a key piece to absorb the excess of energy produced in a system powered by renewable energy.

When the Whitepaper was published, Square’s CEO and bitcoiner Jack Dorsey said that can drive the adoption of clean energy. At that time, Elon Musk replied “True”. Therefore, Wood’s speculation seems valid. She added the following:

Once institutions understand how renewables are being incorporated into the bitcoin mining ecosystem and that bitcoin might accelarate the adoption of solar they will invest more.

Tesla’s next earnings call will surely reveal more details and possibly could indicate if the company double down or back away from its BTC bet.

True

— Elon Musk (@elonmusk) April 22, 2021

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

Related Posts

Bitcoin ESG

Bitcoin Is The Ultimate ESG Asset, Expert Validates

3 hours ago
Bitcoin

Six And Counting: The Global Bitcoin Billionaire Phenomenon Unveiled

2 days ago
Bitcoin price Fed

How Has The Fed’s Decision Impacted The Bitcoin Price? Crypto CEO Weighs In

3 days ago
Bitcoin

Bitcoin Next Moonshot? Santiment’s Intriguing Insights For Crypto Enthusiasts

3 days ago
Bitcoin shorters

Bullish Signal: Bitcoin Could Reach $30,000 As BTC Continues To Defy Shorters

4 days ago
Bitcoin

Bitcoin Dominance Returns Above 50% As Altcoins Encounter Resistance

6 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Meta Tower Embarks on a New Frontier: $MT CEX Listing on...

    3 hours ago
  • Traders Fear Bitcoin Returning to $22,000, But That...

    3 hours ago
  • Label Foundation Joins Hands with LG Electronics for...

    8 hours ago
  • BNB’s Reign, $XRP’s Buzz, or...

    21 hours ago
  • $RUNE, $QUBE, and TRON Stand Out as Top Altcoins to Buy...

    22 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.