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Elon Musk makes Bitcoin witness it’s sharpest drop of 20%

Elon Musk thinks Bitcoin, the world's most popular cryptocurrency is unrealistically high. Bitcoin witnessed its sharpest drop of 20% right after the "Tesla" CEO remark on its price being too high

Tesla announced its investment of $1.5 Billion USD in Bitcoin. “PayPal”, America most secured online payment platform, also invested $700 Million USD and made their payment platform operable for buying and selling cryptocurrency.

Elon Musk makes Bitcoin witness it's sharpest drop of 20%

Bitcoin sold at its all-time highest hitting a climax of $58,000, which witnessed a surge after it rose from $43,000 despite Bitcoin suffering a major backlash after a United States House of Representative member said Bitcoin was unsafe and unsecured denouncing the token as unreliable, unstable and volatile.

The world’s second billionaire has aforementioned his “Tesla” shares was also high and it made shares dropped 8%. His shares have reached an all-time high of $800

This development has come after Jeff Bezos the “Amazon” CEO took over again as the world’s richest man after they have been at loggerheads for the world’s wealthiest man. Musk dropped to second place after Tesla stock suffered a $4 Billion USD drop in his shares as Tesla owner and CEO.

Elon Musk was born in South-Africa and moved to Canada. His interest in Space exploration and Artificial Intelligence had his net worth spike from $40 Billion to $180 Billion in a year.

Read Also Crypto Trading in Nigeria: A better option or huge risk?

Could just one statement from the world’s second wealthiest man also makes him a formidable force“? or could it be a regularization strategy to control the autonomy Cryptocurrency has enjoyed which has rendered conventional banking methods unorthodox.

Bitcoin price stands at $47,490 at the time of writing this article.

Ikiliagwu Uso

I write on trending topics in Artificial Intelligence, Cryptocurrency and general Tech news. I am a Data Scientist and Machine Learning Professional.

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