Bitcoin down after Elon Musk tweets its price seems excessive

Bitcoin down after Elon Musk tweets its price seems excessive

Tesla and SpaceX founder Elon Musk has easily gained the title of a trendsetter in the crypto market. For more than a month, virtual currencies have been reacting only to Musk’s tweets.  First, the billionaire gave a huge boost to the crypto market by his messages on Twitter. Against this backdrop, bitcoin rushed to new highs supported by the genius inventor.  At one point, the digital currency approached the mark of $60,000 per token. However, Elon Musk interfered again. This time, his words about bitcoin were less encouraging. Tesla’s CEO explained that cryptocurrencies, just like fiat money, are “data that allows us to avoid the inconvenience of barter.” According to Elon Musk, there is one more common feature between them. “That data, like all data, is subject to latency and error,” he stated. With this in mind, both BTC and ETH “seem high”, the entrepreneur concluded. These statements paused the stunning rally of the crypto market and sent bitcoin tumbling by 20%. However, Tesla’s investors were not impressed by such experiments. They consider limiting Musk’s initiative to buy bitcoin. Thus, Baillie Gifford, one of the five largest shareholders of the auto giant, wants to discuss the limits on the amount that could be invested in bitcoin. 


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