Tesla CEO Musk and Twitter Founder Jack Dorsey Clash Over Bitcoin Opinions
Cryptocurrency Prices Plummet Simultaneously
[Asia Economy New York=Correspondent Baek Jong-min] Cryptocurrency prices have collectively plummeted. This is attributed to Tesla CEO Elon Musk posting Bitcoin-related tweets decorated with 'broken heart' emojis. Jack Dorsey, the founder of Twitter and a Bitcoin supporter, responded by pledging to invest the rest of his life in Bitcoin.
According to CoinMarketCap on the 4th (local time), Bitcoin was trading at $37,000, down 4% compared to 24 hours earlier.
Ethereum, ranked second in market capitalization, fell 3.5% to $2,735, while Binance Coin dropped 5.8% to $397. Dogecoin was priced at 38.7 cents, down 4.8%.
The cryptocurrency market wavered again that day due to Musk's tweet. At the top of his Twitter post, there was a broken heart emoji following the word Bitcoin, and below it was a dialogue between a man and a woman about parting ways. Investors interpreted this as a declaration of breaking up with Bitcoin.
Unlike Musk, Jack Dorsey, the founder of Twitter, mentioned his love for Bitcoin that day as well. At the Bitcoin 2021 Conference held in Miami, he said, "Bitcoin changes everything completely. There is nothing more important in my life," presenting an opinion completely opposite to Musk's.
He also said, "My companies will invest the rest of their lives to make Bitcoin accessible to everyone." Dorsey added, "We no longer need banks." Square, operated by Dorsey, has recently been focusing on Bitcoin.
There are also complaints from the Bitcoin industry regarding Musk's 'targeting' of Bitcoin.
Kevin Kang, co-founder of the Bitcoin hedge fund Coin Capital, said, "Musk has too much influence on Bitcoin's price, but I believe his influence will diminish as his tweets continue."
Emiliano Grodzki, CEO of the mining company Bitfarm, also expressed dissatisfaction, saying, "Musk criticizes the energy efficiency of mining companies because he does not understand what we do."
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