The cryptocurrency market is experiencing a bloodbath at the moment, as a huge selloff is underway, especially for Bitcoin, which had fallen below $31,000 USD this morning, but has since risen back up to just under $40,000 USD as of writing, still a low for the largest cryptocurrency.
Elon Musk has found himself in a spat with Bitcoin loyalists, after he announced the reversal of acceptance of the cryptocurrency for Tesla purchases, citing environmental concerns related to mining of the digital currency.
Musk later clarified Tesla would not be selling any Bitcoin and on Wednesday, he announced on Twitter “Tesla has diamond hands”, using emojis for the latter. The phrase ‘diamond hands’ refers to those that do not sell their holdings during times of dips, unlike the so-called weaker ‘paper hands’.
During times of sell-offs, investors use the phrase “hodl” repeatedly and keep telling each other investments will still go “to the moon,” and to “buy the dip”.
Credit to our Master of Coin
— Elon Musk (@elonmusk) May 19, 2021
The Tesla CEO said “credit to our Master of Coin”, referring to CFO Zach Kirkhorn. Back in March, Tesla filed with the SEC to provide a new title to the CFO as ‘Master of Coin’, while Musk called himself the ‘Technoking of Tesla’.
After changing his Twitter bio in April to ‘Technoking of Tesla, Imperator of Mars’, Musk removed it from his account yesterday, and as of writing, does not have a new description (yet).
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