The price of bitcoin sank today after Elon Musk appeared to mourn the end of his relationship with the cryptocurrency on Twitter via memes.
The Tesla CEO tweeted a meme about a couple breaking up captioning “#Bitcoin 💔” The post included lyrics from Linkin Park’s “In the End.” He followed that up with a meme of a couple video chatting each other: the man appears to be crying in the meme, which is revealed to be caused by simultaneously looking at the stock plummeting.
June 4, 2021
Per CNN, Bitcoin fell by over 6% to hit $35,814 at around 8 am. Citing CoinDesk, it was last trading at $36,410, having dropped about 5% over the past 24 hours. Musk’s beloved dogecoin also tumbled 10% to around 36 cents.
49-year-old Musk recently told customers that Tesla would no longer accept bitcoin as payment for its vehicles because of concerns about the environmental impact of bitcoin mining, which is extremely energy intensive:
To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal— Elon Musk (@elonmusk) May 13, 2021
He appeared to soften his stance after speaking with North American Bitcoin miners, who pledged to renewable usage but Musk’s most recent tweet suggests he won’t be backing Bitcoin anytime soon.
Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.— Elon Musk (@elonmusk) May 24, 2021
Musk frequently triggers large moves in cryptocurrency prices through his social media. In December, Musk sent the price of dogecoin up nearly 20% by simply tweeting, “One word: Doge.” He later said that his tweets about the crypto were meant as jokes.
One word: Doge— Elon Musk (@elonmusk) December 20, 2020
Bitcoin, which accounts for more than 40% of the global crypto market, is coming off a rough month — Prices plunged about 36% in May, their worst monthly performance since September 2011.
Another bad break to the bitcoin include steps implemented by China to crack down on the cryptocurrency, sending bitcoin in a downward spiral since it’s all-time high above $64,000 in April.