Elon Musk Dismantles Bitcoin Bit by Bit

FORBES: Like plucking the petals off a tulip, Elon Musk seems to be on a one-man mission to bring down Bitcoin. We’ll guess at why he’s doing it in a minute. Let’s first focus on what he’s doing and what it means for Bitcoin.

The current drama started on January 29, 2021. It was on that day that Elon Musk added the hashtag #Bitcoin to his Twitter bio. Bitcoin skyrocketed from $32,000 to $38,000 on the news. So much for fundamentals.

Two days later in a Clubhouse chat he described Bitcoin as a “good thing:” “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin.”

Then in February Tesla disclosed in an SEC filing that the electric carmaker had purchased $1.5 billion in Bitcoin. It also announced that it would begin accepting Bitcoin as a form of payment. » | Rob Berger | Monday, May 17, 2021