Bitcoin is own by 5% as Musk hints at possible breakup
Bitcoin is down by 5% on Friday as Elon Musk took to Twitter again, appearing to hint at a ‘breakup’ with the cryptocurrency through his tweets.
Musk, along with Tesla’s, and his own substantial holdings of bitcoin, is able to put the market on a knife edge whenever he takes to the social media website.
Musk has previously stated that Tesla was not willing to sell its bitcoin, however his tweets are enough to make the market nervous as it is still reeling in shock from a torrid May.
“He’s trolling the community,” Bobby Ong, co-founder of crypto data aggregator and analytics website CoinGecko, told Reuters.
Friday’s dip means that the cryptocurrency, at $36,697.21, is below its 20-day moving average.
Musk has previously been an ardent supporter of bitcoin, but more recently turned against it over concerns around its energy usage.
Since Tesla announced its $1.5bn purchase of bitcoin, its stock has fallen by one third.
Since its record peak at nearly $65,000, bitcoin is down by more than 40%.
Bitcoin is constantly on the minds of investing-minded millennials as the cryptocurrency is viewed as a way of creating wealth.
It could even be that millennials’ interest in bitcoin is what paves the way for an eventual mass adoption.
Data collected by Crypto Parrot, the cryptocurrency trading simulator, shows that millennials aged between 25-35 lead the way in the bitcoin community with an engagement rate of 41.51%.
Those aged between 35 and 44 years old are the second-highest group with an engagement rate of 20.16%.