The price of Bitcoin’s has been on a roller-coaster ride this year due to the enigmatic tweets by Tesla CEO sometimes. When he added to his Twitter biography one January morning, prices jumped nearly 20%. Following Tesla Inc.’s announcement that it had purchased $1.5 billion worth of cryptocurrencies, they jumped 16 percent in a single day the following month.
Then, earlier this month, Tesla CEO announced that the company would no longer allow Bitcoin’s as a form of payment for its vehicles on Twitter. According to investors, most punishing selloff of the year began with the tweet, which has shaved off billions of dollars from its market capitalization and reversed advances achieved since late January.
They are less entertained now that prices are dropping. Many people are outraged. Chakos’ Twitter account, “blockchainchick,” has 42,000 followers, a sliver of Musk’s 55 million, but enough to make her one of the more visible social media figures in the room. When she saw Musk’s latest tweets, she said she did a “hard eye roll,” causing fear and speculation on whether Tesla was planning to sell its holdings. Tesla, according to Musk, will not sell and will continue using the cryptocurrency for transactions once questions about Bitcoin’s energy usage are answered.