Tesla founder and today’s answer to Howard Hughes, Elon Musk has made the news yet again today… Musk’s recent announcement that he would halt acceptance of Bitcoin for Tesla vehicles sent the stock spiraling down by around 17% in the early trading hours as it becomes more obvious that the cryptocurrency sector could potentially be made or broken on the whim of one eccentric billionaire.
… A Sector With Potential
Musk has been very vocal about his love of the cryptocurrency market, specifically Bitcoin, in the recent months. Even announcing in March that the cryptocurrency could now be used to purchase Tesla vehicles. His overall sector acceptance has done great things for the company and its shareholders as this recent publicity has brought the market into the public eye and helped send Bitcoin numbers through the roof!
All of this momentum came to a crashing halt on Thursday morning, however, as Musk’s recent tweet stating that Tesla would pause Bitcoin acceptance until the company reevaluated the fossil fuel usage used in the company’s mining operations.
Musk, an obvious supporter of clean energy, specifically referred to the company’s use of coal, which he states, “has the worst emissions of any fuel.”
Musk did remind readers, however, that he continues to be a strong supporter of the crypto sector and he and Tesla will continue to hold Bitcoin and use it for transactions “as soon as mining transitions to more sustainable energy.”
Having a company whose stock price can so easily be held hostage by one person is never a good sign for the longevity of a company or sector. With Bitcoin rising and falling at the command of Musk, many investors are asking how sustainable this sector really is.
The Power of Musk
Musk’s command over crypto is not special to Bitcoin, however, as his recent appearance on Saturday Night Live where he continued to take jabs at recent boomer Dogecoin saw the company’s stock start a downward spiral that it has yet to be able to recover from, falling yet another 15% as of Thursday, taking the overall price below 40 cents. Much lower than their recent high of 70 cents earlier in the month. (Read more about the recent rise of Dogecoin by CLICKING HERE.)
LEARN MORE HERE…
As investors across the globe continue to eagerly watch the rise and fall of the crypto sector, one man has continued to relay profitable market advice on a regular basis to his followers…
If you’re interested in learning how you can work to remain profitable despite the recent rollercoaster in the markets, we encourage you to join DTI founder and head trader Tom Busby below as he dives into his take on today’s investments and tomorrow’s profits!
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