Elon Musk Tweet Dents Bitcoin 2r4e2 but Weekly Gain in Prospect

Musk tweeted "#Bitcoin" and a heartbreak emoji. 4gn73

By Reuters | Updated: 4 June 2021 10:43 IST

Elon Musk Tweet Dents Bitcoin, but Weekly Gain in Prospect

Last month, Musk tweeted that Tesla will no longer accept Bitcoin as payment for car purchases 3g1j32

Highlights

Bitcoin was last down 3.6 percent at $37,809 (roughly Rs. 27.61 lakhs)
Musk has been a major promoter of cryptocurrencies
Bitcoin fell about 10 percent after Musk tweeted decision to suspend use

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Bitcoin slipped more than 3 percent on Friday after Tesla boss Elon Musk fired off a tweet hinting at a breakup with the cryptocurrency, though it remains on course for its best weekly gain in about a month as it tries to recover from May's crash.

Bitcoin price in India stood at over Rs. 27.7 lakhs.

#Bitcoin ???? pic.twitter.com/lNnEfMdtJf
— Elon Musk (@elonmusk) June 4, 2021

Musk has been a major promoter of cryptocurrencies but has turned critical of Bitcoin since suspending Tesla plans to take it in payment for cars owing to concerns about its energy use.

Last month, Musk tweeted that Tesla will that of Ethereum, also fell before regaining some ground in Asia trade.

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The use of Bitcoin to buy Tesla's electric vehicles had highlighted a dichotomy between Musk's reputation as an environmentalist and the use of his popularity and stature as one of the world's richest people to back cryptocurrencies.

Some Tesla investors, along with environmentalists, have been increasingly critical about the way Bitcoin is "mined" using vast amounts of electricity generated with fossil fuels.

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© Thomson Reuters 2021

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Cryptocurrency Prices across Indian exchanges

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