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Seeking Alpha 2021-05-16 22:00:31

Elon Musk and Bitcoiners engage in all-out war; Bitcoin dives to cycle low

"We were anticipating nation states and central banks, but instead got an emotional billionaire with a Twitter account," tweets Anthony Pompliano.A full-out shooting war has broken out today between Elon Musk and Bitcoin (BTC-USD) fans, with Musk suggesting a couple of hours ago that Tesla (TSLA) has already or intends to unload its $1.5B in bitcoin holdings.Musk began Sunday afternoon by making fun of Microstrategy's Micahel Saylor (MSTR), and things devolved from there. At one point, Musk pointed out that he's the guy behind PayPal (that's arguable), and how dare Bitcoiners try to tell him how money works. That provoked the natural response that Bitcoin is the anti-PayPal (i.e. decentralized vs. centralized).Bitcoin fell as low as $44K this afternoon, and is currently down 6% to $45.2K, now 30% off from an all-time high hit a few weeks ago. Ethereum (ETH-USD) is down 7.5% to $3,485, and Dogecoin (DOGE-USD) is off 4.5% to $0.49.

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