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Bitcoin Plummets Further Down After Musk Tweets Breakup Meme

The love affair between Elon Musk and Bitcoin seems to be officially over. As it goes in the 21st century, the breakup is announced on social media – on Thursday evening, Musk tweeted a meme suggesting he’s totally done with Bitcoin.

As a result, the price of BTC dropped by 6% over the next few hours, hitting the low of $35,814 on Friday morning.

Musk’s last tweet is another nail in Bitcoin’s coffin, the price of which has tumbled down since the Tesla boss announced his company no longer accepts this cryptocurrency as a payment option.

Is He Trolling the Crypto Community?

According to the co-founder of CoinGecko, Bobby Ong, the only explanation behind Musk’s tweets is that he’s trolling the community.

As a reminder, the world’s richest person has caused real chaos in the cryptocurrency community with his Tweets. In December, Musk singlehandedly pushed the price of Dogecoin up by 20% after tweeting “One word: Doge.”

Saying that his relationship with Bitcoin is complicated would be an understatement. It took him a while to get on the bandwagon, but when he got on, he purchased $1.5 billion worth of BTC.

Then, the infamous decision to stop accepting Bitcoin at Tesla caused the world’s most popular cryptocurrency to crash by 36% in May. Some accused him of running a pump-and-dump scheme, which he denied by reminding everyone Tesla still owns a significant amount of the crypto.

Nevertheless, he’s become a true villain in the eyes of Bitcoin proponents. With or without Musk on their side, BTC enthusiasts still believe there’s a great future ahead.

And it’s not only crypto fans but bettors as well! Judging by the odds offered by online bookmakers, bettors do think we haven’t seen the last of Bitcoin yet.

Bettors Putting Their Money on BTC Going High Up Again

Offshore sportsbook is letting its players wager their money on the price range of BTC at the end of the year. Although the price movement that’s been happening over the last couple of weeks suggests otherwise, bettors believe Bitcoin will skyrocket again.

At the moment, odds favor Bitcoin to finish the year in the price range of $60,000-$80,000. The odds on this bet are currently +165.

Other options include:

  • $0-$10,000 (+5000)
  • $10,001-$20,000 (+2000)
  • $20,001-$30,000 (+1000)
  • $30,001-$40,000 (+800)
  • $40,001-$50,000 (+350)
  • $50,001-$60,000 (+275)
  • $80,001 And Above (+275)

As you can see, the most likely price of Bitcoin on New Year’s Day is over $80,000 in bettors’ eyes. They also don’t believe BTC will remain under $40,000 for much longer, while the odds suggest there’s little chance Bitcoin would go further down.

Apart from the Bitcoin price market, the same sportsbook is also offering odds on whether Tesla will start again accepting this cryptocurrency as a payment method. Right now, the odds on that are +400.

Speaking of which, the cryptocurrency that’s favored to be the next crypto accepted by Tesla is Ethereum at +120. Meanwhile, the odds on Musk’s (currently) favorite digital currency Dogecoin are +150.

Lee Jenkins

Lee is our resident cryptocurrency expert who knows the ins and outs of each coin and the blockchain technology behind them. You’ll find that most of our technical guides are written or overseen by Lee and they are all easily digestible by the new and experienced alike, so there is no better place to learn blockchain 101 than here. Occasionally you may see a news article from him if it’s tech related!