Cryptocurrencies
Elon Musk’s Bitcoin Tweet Hurts Tesla’s Own Bet in Currency
- Tesla likely had $1 billion profit on Bitcoin before comment
- Bitcoin dropped as much 17% after setting another record high
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Elon Musk has upped his Twitter game, sending holders of Bitcoin and Tesla Inc. scrambling during another bout of self-reflection.
The world’s richest man helped to send the prices of both tumbling Monday in the wake of his weekend comments that the prices of Bitcoin and smaller rival Ether “do seem high.” The tweet came two weeks after Tesla announced it has added $1.5 billion in Bitcoin to its balance sheet, triggering a 50% price jump in the already surging digital asset. Bitcoin climbed off its lows of the day, while Tesla closed down 8.6%.