Elon Musk Tweets That Tesla Has Diamond Fingers, Cushioning Bitcoin Slide

Shortly after your complete cryptocurrency market shed greater than $500 billion, Tesla and SpaceX CEO Elon Musk took to Twitter to assuage his followers.

Musk tweeted (in emoji type) that Tesla has “diamond arms,” tapping into a preferred meme meaning holding onto an funding whilst the worth drops. 

The tweet suggests Tesla won’t promote its Bitcoin holdings any time quickly, and it had the anticipated impact: Bitcoin, which had begun rebounding simply earlier than his tweet, accelerated its bounce, up practically 9% because the tweet was posted.

Tesla purchased $1.5 billion price of Bitcoin on February 8 to diversify its money balances, and the acquisition despatched the entire crypto market greater. At the moment, Tesla additionally mentioned it will start accepting Bitcoin as fee for its automobiles. Final week, precisely three months later, Musk shocked Bitcoiners when he reversed course and mentioned Tesla will not settle for Bitcoin attributable to environmental considerations. That instantly despatched Bitcoin decrease in a slide that has not but stopped.

One other Musk tweet on Sunday in response to somebody predicting Tesla will dump its Bitcoin (“Certainly”) spooked crypto markets even additional. However now it seems like Musk is saying Tesla will maintain on.

Tesla’s Q1 earnings report did reveal that Tesla bought $272 million of BTC in late March, however Musk and Tesla’s CFO claimed the transfer was a take a look at of Bitcoin’s liquidity. 

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