What Does Tesla-Bitcoin News Mean to Investors?

Genius billionaire the currently the second richest man in the world, Elon Musk has 54+ million followers on Twitter and his companies Tesla and SpaceX have millions of stakeholders as well, which means he can control a few things. One thing he has been controlling a lot in recent weeks is the rise and fall in the cryptocurrency markets.

It was last week that his appearance on Saturday Night Live saw a huge run-up in the price of Dogecoin, only for it to fall, leaving those involved in Dogecoin trading unaware of what to do next. Now, he tweeted that his automobile designing company Tesla will no longer accept Bitcoin payments, which saw as much as $365 billion wiped off from the cryptocurrency trading market earlier today.

His tweet was a long note which said that Tesla has stopped accepting cryptocurrency payments because of the increasing amount of fossil fuels being used for crypto mining, which isn’t good for the environment. It’s ironic because Tesla bought $1.5 billion into Bitcoin recently and the carmaker itself supports the ‘green revolution’ with the production of electric cars.

REGISTER: Crpto-currency trading platform WazirX

Now, what does this mean for cryptocurrency investors? It could mean new highs for the various coins coming up, as a vast majority of tokens were in red today morning. “This may be the selloff that sets Bitcoin up for new all-time highs,” said David Grider of Fundstrat Global Advisors LLC. It could also means Tesla could be signalling plans to make crypto ‘greener.’