Bitcoin price falls after Elon Musk hints breakup using Linkin Park song In the End

Bitcoin price falls after Elon Musk hints breakup using Linkin Park song In the End

Elon Musk’s relationship with Bitcoin is heading towards an ugly end. At least his latest tweet suggests so. The Tesla CEO has put out a new tweet hinting at a break-up with Bitcoin and of course, its value has dipped. In the early hours of Friday, Musk tweeted the lyrics of popular Linkin Park song ‘In the End’ with a heartbreak emoji and Bitcoin in the caption. He used the popular line from the song ‘In the end it doesn’t even matter.’

The effect of this tweet was seen on Bitcoin prices. The cryptocurrency, which has been on a fall over the past month, further declined in value on Friday. Bitcoin was down to Rs 28,30,000 (at the time of writing) on Friday morning.

Elon Musk was one of the early promoters of Bitcoin and cryptocurrency. His tweets helped make Bitcoin popular across the world but the Tesla chief took a back step last month when he announced that his car making company will not accept payments in Bitcoin. This was against the earlier announcement made by the company. Tesla cited environmental concerns for its decision. The crypto has been on a fall since then.

Musk cited concerns about the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions," while signalling that Tesla might accept other cryptocurrencies if they are much less energy-intensive.

This led to a crypto crash on May 20 even though Musk clarified that he and Tesla won’t be selling any of their Bitcoin holds.

Similar concerns were expressed by Bill Gates. Last month, even Iran suspended Bitcoin mining for four months because of its energy consumption which resulted in blackouts in many parts of the country.

The investors, however, should not read too much into these fluctuations. Cryptocurrencies should be looked as long term investments. Recently, a Bitcoin account which held 900 Bitcoins in 2012 became active after almost nine hours and its value has reached Rs 242 crore. The crypto market is young and more volatile than any other financial market. It will take sometime before it stops reacting to tweets from Elon Musk or other influencers.