By Hassan Mehmood (Saudi Arabia)
Ever since Tesla announced that it would not be accepting Bitcoin as payment anymore, the crypto community has been divided into two fractions. On one side, there are Bitcoin maximalists, and on the other corner, there are Dogecoin proponents. There have been frequent clashes and brawls on social media platforms. The fact of the matter is that both Bitcoin and Dogecoin have sustained a massive correction.
Several Bitcoiners have blamed Musk for the sudden downturn of the market. MicroStrategy’s Michael Saylor leads the Musk opposition. Within a few moments, after Tesla disowned Bitcoin, MicroStrategy bought $15 and $10 million worth of Bitcoin in the same week. However, the SpaceX CEO has recently told the media that the real antagonist in this story is fiat. He also added that he would prefer cryptocurrency over fiat.
Musk Withholds his Bitcoin and Dogecoin Reserves
At the beginning of the month, Bitcoin price took a huge hit when it was revealed from the 2021 Q1 report of Tesla that it had liquidated 10% of its $1.5 billion Bitcoin reserves. As soon as the information was leaked into the market, the Bitcoin price tanked. Meanwhile, Musk picked up a new cryptocurrency, Dogecoin, and set off a canine coin tsunami in the crypto-verse. He has expressed his interest in making the DOGE the mainstream cryptocurrency of the world.
Also read:Musk also tweeted that he would take literal Dogecoin to the literal moon. He even tied the value of Dogecoin with his new SpaceX project that is aimed at building a moon base. With the help of cryptocurrencies, Musk has been able to procure the huge funding that is required to sponsor these space missions. Cryptocurrency has played an important role in procuring and paving the way for moving forward on the evolution scale. However, it has also left behind a huge carbon footprint which needs to be addressed.
When Musk was first introduced to Bitcoin by Michael Saylor, he decided to rule in favor of the digital asset market and invested a huge amount reportedly. This move created a FOMO for the well-known financial institutes, and the demand for Bitcoin skyrocketed. However, last week SEC put out the Bitcoin fire by ruling out the possibility of a Bitcoin ETF in the United States. The more bad news was issued by the SEC Chief, who signaled strict crypto regulations.
Under all this rubble, many investors still hold Musk responsible for setting up a Bitcoin time bomb.
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