Intern journalist | Zhang LingxiaoOn May 14, Beijing time, Tesla CEO Elon Musk published two tweets, which stirred up the changes of the virtual money market again.The first tweet emphasized that "I still strongly believe in Cryptocurrency, but not at the cost of a substantial increase in fossil fuels"
Intern journalist | Zhang Lingxiao
On May 14, Beijing time, Tesla CEO Elon Musk published two tweets, which stirred up the changes of the virtual money market again.
The first tweet emphasized that "I still strongly believe in Cryptocurrency, but not at the cost of a substantial increase in fossil fuels". An hour later, Musk spoke again, saying that he was "cooperating with the developers of Dogecoin to improve the efficiency of system transactions", and concluded with "potential hope".
Affected by this, the price of Dogecoin soared.
According to coinmarketcap data, so far, the Dogecoin has risen 20.38% in 24 hours, and now reports 3.41 yuan/piece, with an increase of 84.25% in 24-hour trading volume. Last Sunday, the Dogecoin suddenly collapsed, falling by more than a third.
The reason is that Musk said, "Yes, I think this is a hoax" when he participated in Saturday Night Live, in response to the host's query on the Dogecoin, which once caused the Dogecoin to plummet.
Musk himself has a somewhat erratic attitude towards Dogecoin. According to previous articles in the interface news, Musk has repeatedly sent several tweets to express or imply his preference for Dogecoin. On May 10, he said that "SpaceX will launch the dog 1 satellite next year, which will be paid with Dogecoin".
It is worth mentioning that Bitcoin, which was also recognized by Musk, did not continue this "lucky" trend.
On May 13th, Musk stated on social media that due to concerns about the rapid increase in the frequency of using fossil fuels in mining and trading with Bitcoin, Tesla (TSLA. O) has suspended accepting the use of Bitcoin for car purchases
Musk's move also exposed the huge energy consumption of Bitcoin mining.
The day after the tweet "Tesla Suspended Bitcoin" was released, Musk followed a chart showing the power consumption of Bitcoin. He wrote, "The trend in energy use over the past few months has been crazy
According to the data of Cambridge University and the International Energy Agency, the electricity used by miners for mining each year is about half of the annual electricity consumption in the UK, of which the use of renewable energy only accounts for 39%.
In the comments on the original tweet, some netizens had already recommended other currencies with lower energy consumption to Musk.
Affected by this, Cryptocurrency suffered a collective collapse.
Bitcoin plummeted by over 17% at one point, diving from a high of $10000 within an hour. Previously, it had hit a day high with a 12 fold increase, and the 24-hour decline of Shigou Coin (SHIB) exceeded 40%.
According to data from Bitcoin Home, the number of people who sold out in 24 hours exceeded 300000, and the total customer security deposit of about 24 billion turned negative, shattering many people's dreams of becoming wealthy. In contrast, although the decline of Dogecoin (DOGE) was small, its intraday decline also reached 12%.
At this point, it is less than two months since Tesla announced its acceptance of Bitcoin payments.
Wall Street analysts warned that Musk's latest move may confuse Cryptocurrency investors and bring more volatility to Tesla's share price.
In a file submitted to the US SEC in February this year, Tesla revealed that it had purchased $1.5 billion worth of Bitcoin and stated that it would accept Bitcoin as a payment method for purchasing Tesla products.
Then in the first quarter of this year, Tesla sold one tenth of its Bitcoin holdings, resulting in a pre tax profit of $101 million in the first quarter.
As Tesla's market value plummeted this week, Musk's fortune also shrank. According to Forbes, Musk's net assets have shrunk by $20.5 billion to $145.5 billion since his appearance on the American comedy show Saturday Night Live last weekend.
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