Technoking’s Popularity Became His Curse When Elon Musk Announced Tesla’s Disengagement from Bitcoin

Bitcoin Cryptocurrency News

A heated argument took place this Sunday between Tesla’s Technoking and the crypto community, particularly of Bitcoin, on social media platforms. Bitcoin community thought that Tesla Inc. has disposed of its entire Bitcoin holding for two possible reasons.

Popularity and fame can be blessings or curses as well. It is usually said that popularity and/or leadership do not pay at all times. This is exactly what is currently happening to the famous Technoking of Tesla Inc., Mr. Elon Musk.

Musk is one of those persons, or he is that particular person, who are/is looked at by others when something concerns crypto. Particularly, when there is a discussion about Bitcoin, he is the first one to be looked at. He is quite a popular figure within the crypto community throughout the world. However, recently, Musk’s company i.e. Tesla Inc. has announced its disengagement from Bitcoin.

Like Musk, Tesla too is immensely involved in Bitcoin and they both had been great investors of Bitcoin for a very long time. In order to further strengthening the bond between Tesla and Bitcoin, the company integrated Bitcoin within its payment system two months back. But in the past week, the company told publicly that it is disengaging itself from Bitcoin. The company told further that Bitcoin will now not be accepted as payment towards vehicle purchase invoices.

For this public notice, Tesla used its CEO, to tell the people that the decision has been made and Bitcoin is delisted. Definitely, it was a hard decision for Musk to inform, however, he did the job very well and informed the public about the situation. But when the public came to know of Tesla’s disengagement with Bitcoin, they overreacted. The Bitcoin community firstly did not at all appreciated the decision of Tesla. Secondly, the community was divided into two categories.

One category of Bitcoiners was comprised of those who assumed that Tesla had disposed off its Bitcoin holding. The other category was those who thought that Tesla is trying to manipulate the Bitcoin market deliberately. They argued that for such a decision, there could two reasons. They suggested that possibly Tesla is trying to bring down the value of Bitcoin and then will buy the dip. Others argued that both Tesla and Musk knew from day one that Bitcoin mining relies on huge energy consumption which causes environmental pollution. Why then Tesla suddenly decided to disengage from Bitcoin on the reason that Bitcoin’s mining is environmentally unsafe, claimed the Bitcoin community.

But Musk’s information to the public turned into a furious debate between the Technoking and the Bitcoin community. Musk however managed to convince the community that neither he nor his company has disposed of their Bitcoin holdings. Yet the community clearly stated that it did not expect such a demoralizing decision from Tesla regarding Bitcoin.

Before Tesla’s announcement of Bitcoin’s delisting, Bitcoin’s value was about US$ 60,000. However, after the announcement, Bitcoin’s value suffered a massive setback as it is now lower than US$ 45,000.

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