Last week, has been all about Elon Musk and the great crypto carnage. The crypto market crumbled down losing all its gains. While some remained positive despite losing out on investments, a few others have been outrightly tweeting to Musk expressing hate.
But, what did Musk do to receive this hate? Musk has time and again expressed his interest in crypto, particularly in Bitcoin [BTC] and Dogecoin [BTC]. While the tech billionaire continued supporting and endorsing DOGE, he went on to reveal that Tesla was withdrawing BTC as a payment method. This wasn’t all, the Tesla CEO also dumped all of his holdings. All this over the environmental damages that BTC causes.
This further triggered a downward trajectory that pushed BTC’s price down to a low of $36K. Soon after the aforementioned tweet, the crypto community went ballistic on Elon Musk and called him out for manipulating the market.
Elon Musk clarifies who the “true battle” was between
Musk remained mum despite receiving immense backlash over the last couple of days. In his most recent tweet, the SpaceX founder decided to address the situation. His tweet read,
“Any sufficiently advanced magic is indistinguishable from technology”
Further replying to this tweet, a Twitter user who goes by the name, Shifo asked Musk what he thought about the ongoing hate against him, over the recent crash in the crypto-verse. To this Musk replied,
“The true battle is between fiat & crypto. On balance, I support the latter.”
Furthermore, while Elon Musk’s tweet notes that he was still interested in crypto, it wasn’t clear if his perception of BTC had changed.
Replying to the same tweet, the CEO of VanEck, Gabor Gurbacs noted that every cryptocurrency was different. His tweet read,
While this persists, Bitcoin continues to slump. At the time of writing, BTC was trading for $38,321 with a 5.42% drop in the last 24-hours. The market cap of the king coin was heading towards a low of $700 billion. Bitcoin’s dominance was also moving earthward as it was noted at 44.5%.