Elon Musk’s Tweet on crypto prices has led to a series of new conclusions being drawn about the current price of the cryptocurrency. He wrote that the price of Bitcoin and Etherium does seem high. And it’s difficult to understand what he meant by the statement. Was it him saying that prices are high, but it’s not high enough? Or maybe he meant that it should not be this much. Do note that Elon specifically said that Tesla’s decision to invest in crypto has nothing to do with his personal opinion.
That said, BTC & ETH do seem high lol
— Elon Musk (@elonmusk) February 20, 2021
Elon Musk’s tweet!
Elon Musk is one of the few prominent individuals that have promoted Bitcoin and other crypto assets. And he has time and again spoken in favor of them. But most recently, when he said that the price of Bitcoin and Etherium does seem high, it sparked doubt in many investors. He made this comment soon after the total market value of Bitcoin crosses $1 trillion. At the time of writing this article, it has risen even further and is now trading at $56,250. Etherium has also made a new high, crossing the $2000 price point but has consolidated a bit since then.
After the tweet, users and followers have been commenting on his profile, asking him to delete the tweet, or else the market will crash. While many believe this is Elon’s way of teasing, and it’s a joke. Just the fact that even in May 2020, he tweeted that Tesla Stock prices are very high, and we have seen what happened from thereon. So yeah! no matter what others might say that this is a warning sign, I don’t think it is a big deal.
Elon has no correlation with Tesla’s BTC investment.
Making it very clear, the richest person on the planet said that, “Tesla’s action is not directly reflective of my opinion.” This shows that Tesla as a company believes in cryptocurrency. This has also resulted in an increase in Bitcoin’s price. Elon has also said that crypto is almost the same as fiat money and is a less dumb way of liquidity. So, it does make sense to invest in the same. The rally of the cryptocurrency that started in 2020 has continued very well to 2021 so far. Only this month, the price of BTC has increased more than it did in the entire bull run of 2017.
Tesla has earned more from Bitcoin investment this year than it has earned from selling vehicles in 2020. This shows how beneficial the investment has actually been for the company. And so, even though Elon might not have any correlation with it, he definitely is not against the idea. He is probably in favor of it but it was not only his decision alone.
What are your thoughts on the price of the cryptocurrency? And are you one of the investors spooked by Elon Musk’s Tweet on crypto prices? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.