Might've Elon Musk And Tesla Influence The Bitcoin Dropping Its Price?

Elon Musk is having both a great and a tough year. He and his automotive company, Tesla are having a worse week these days with their previous big investment into Bitcoin and its value falling in recent days, the entrepreneur is still optimistic about keeping its stake in the cryptocurrency. In one of his Twitter posts, he said that Tesla is a company that holds on to its assets.

Bitcoin has shown a great increase over the last months, being sold for an all-time high of $64,829 in mid-April, and this is where it’s considered that Tesla and Elon Musk’s investment and endorsement into the cryptocurrency did influence to boost its price. When last week Bitcoin’s value felt last week the event itself was influenced by Musk’s announcement that Tesla would no longer accept Bitcoin as a form of payment for its vehicles. The decision was taken upon the environmental concerns related to the mining process of the BTC.

This drastic decision resonates with the 3.2 percent shares in Tesla. Per total, the company’s shares have lost more than 20 percent of their value this year. And that’s quite alarming compared to January 2020 to January 26, this year, when the shares grew from $88 to $883.09. According to their reports, Tesla purchased $1.5 billion worth of Bitcoin in the first quarter, which later brought them a $101 million profit. Maybe now, they can focus on bringing the promised $25,000 Tesla on the market.