Elon Musk’s Breakup Tweet About Bitcoin Sends It Down 7%

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Elon Musk has sent Bitcoin down by tweeting a “break-up” meme as the world’s largest cryptocurrency conference kicks off without him in Miami.

On Thursday night, Musk tweeted a “heartbreak” emoji featuring the word “Bitcoin” next to a meme about a couple who broke up because of the boyfriend’s love for Linkin Park’s lyrics.

Panicked amateur investors speculated that the meme amounted to a revelation that Tesla would liquidate the huge reserve of Bitcoin it acquired for $1.3 billion, triggering a sell-off that sent Bitcoin down a whopping 7 percent on the day.

Musk then mocked outraged investors by posting a meme in which a day trader cried as his portfolio declined in value, replying “nice” to an illustration of rival crypto Dogecoin. It was unclear what, if anything, one of the tweets meant.

Bitcoin, seen in a week-long chart, collapsed after Elon Musk's 'breakup' tweet

Bitcoin, seen in a week-long chart, collapsed after Elon Musk’s ‘breakup’ tweet

Musk appeared to be trolling furious investors with his follow-up tweet from Thursday

Musk appeared to be trolling furious investors with his follow-up tweet from Thursday

Musk was not on the list of invited speakers at a major Bitcoin conference in Miami, where Jack Dorsey (above) made headlines Friday

Musk was not on the list of invited speakers at a major Bitcoin conference in Miami, where Jack Dorsey (above) made headlines Friday

Meanwhile, on Friday in Miami, Musk was not on the list of invited speakers for what was billed as the world’s largest ever Bitcoin conference, and hostility towards Tesla’s CEO was fully apparent.

Some conference attendees were spotted wearing T-shirts that read ‘F**k Elon Musk’, and in the city someone had paid for billboards that read ‘Stick to Space, Elon’.

Bitcoin promoters seem to have become frustrated with Musk, who seems to enjoy moving markets with jokes on Twitter.

As Musk’s jokes thin, his ability to influence cryptocurrency prices has diminished. By Friday afternoon, Bitcoin had limited losses and stood at $36,903, down 4 percent on the day and up about 6 percent from a week ago.

At the Miami conference, held this weekend at the Mana Wynwood Convention Center, Jack Dorsey made headlines and polishes his credentials as a serious backer of Bitcoin.

Dorsey, the CEO of Twitter and payment company Square, has announced that Square is considering creating a non-custodial hardware wallet for Bitcoin

The logo of the crypto-currency conference Bitcoin 2021 Convention hangs over people buying drinks at a booth at the Mana Convention Center in Miami, Florida, on Friday.

The logo of the crypto-currency conference Bitcoin 2021 Convention hangs over people buying drinks at a booth at the Mana Convention Center in Miami, Florida, on Friday.

Former US Representative Ron Paul (R-TX) speaks at the Bitcoin 2021 convention.  'I don't understand everything about Bitcoin, but I do understand freedom,' said Paul, aged 85

Former US Representative Ron Paul (R-TX) speaks at the Bitcoin 2021 convention. ‘I don’t understand everything about Bitcoin, but I do understand freedom,’ said Paul, aged 85

Boxer Floyd Mayweather was cheered as he walked on stage, but was greeted with boos after speculating: 'I believe there's another cryptocurrency as big as Bitcoin'

Boxer Floyd Mayweather was cheered as he walked on stage, but was greeted with boos after speculating: ‘I believe there’s another cryptocurrency as big as Bitcoin’

Bitcoin wallets can be stored offline or online with cryptocurrency exchanges, locations where Bitcoin can be bought and sold for traditional currencies or other virtual currencies.

With a non-custodial wallet, you have full control over your private keys, which in turn control your cryptocurrency and prove that the money is yours.

With a custodial wallet, another party manages your private keys. Most custodial wallets are internet-based exchange wallets.

“We don’t want to compete with other hardware wallets out there,” Dorsey said. “We just want to take it to the next level and reach 100 million people who don’t have custodial solutions.”

As Bitcoin and other crypto currencies have gained popularity, many companies have come forward to meet a growing need to protect these assets from online theft.

“If we were to do it, we’d be building it completely out in the open, from software to hardware design, and in collaboration with the community,” Dorsey says.

People attend the Bitcoin 2021 convention, on Friday at the Mana Convention Center

People attend the Bitcoin 2021 convention, on Friday at the Mana Convention Center

Bitcoin 2021 is the world's largest crypto-currency conference ever, with a sold-out crowd of 12,000 in attendance and thousands more throughout Miami

Bitcoin 2021 is the world’s largest crypto-currency conference ever, with a sold-out crowd of 12,000 in attendance and thousands more throughout Miami

People listen as Jack Dorsey creator, co-founder and chairman of Twitter and co-founder and CEO of Square is seen on a screen speaking at the Bitcoin 2021 convention

People listen as Jack Dorsey creator, co-founder and chairman of Twitter and co-founder and CEO of Square is seen on a screen speaking at the Bitcoin 2021 convention

Former Representative Ron Paul, the staunch libertarian and father of Senator Rand Paul, also appeared on stage in Miami on Friday.

“I don’t understand everything about Bitcoin, but I do understand freedom,” Paul, 85, said to an enthusiastic reception by the crowd.

Paul, a longtime critic of fractional reserve banking, spoke out against the Federal Reserve, arguing that Bitcoin could pave the way for a new freedom-oriented monetary policy.

Former world welterweight champion Floyd Mayweather, who will fight YouTuber Logan Paul on Sunday, also appeared at the conference.

Mayweather was met with booing after taking the stage in a shirt from a sponsor involved in the alternative cryptocurrency Ethereum, speculating, “I believe there will someday be a cryptocurrency as big as Bitcoin.”

The conference organizers were clear that the conference would be dedicated to Bitcoin, not alternative currencies, and the public response to his comment was harsh.

Critics Accuse Musk of ‘Trolling’ the Bitcoin Community with Immature Tweets

Musk has been a major promoter of cryptocurrencies, but has become critical of Bitcoin since Tesla suspended plans to take it as payment for cars, amid concerns over energy consumption.

Tesla’s large position in Bitcoin and Musk’s large personal following put crypto markets on edge when he tweets.

Musk has previously said Tesla would not sell its Bitcoin, but his “break-up” tweets on Thursday were enough to disrupt markets that were still fragile after the May crash.

“When Elon Musk tweets crypto-related content, the market expects a response,” said Nick Spanos, co-founder of ZAP Protocol, a crypto project in Switzerland.

Many crypto specialists struggle to understand the motives behind his tweets.

Musk's tweets about cryptocurrency initially endeared him to the Bitcoin community, but now some are accusing him of 'trolling' with his frequent outburst

Musk’s tweets about cryptocurrency initially endeared him to the Bitcoin community, but now some are accusing him of ‘trolling’ with his frequent outburst

Bitcoin is well past its peak, but continues to rise 28% from the start of the year

Bitcoin is well past its peak, but continues to rise 28% from the start of the year

“He’s trolling the community,” said Bobby Ong, co-founder of cryptodata aggregator and analytics website CoinGecko.

Bitcoin and several other cryptocurrencies are still recovering from a crash last month in the wake of that decision and news of renewed oversight by China’s regulatory authorities.

Telsa shares are now down a third since it announced a $1.5 billion purchase of Bitcoin in February, and Bitcoin is more than 40 percent below April’s all-time high of $64,895.22.

The second-largest cryptocurrency, Ether, which tends to move along with Bitcoin, also sank on Friday.

Dogecoin, the cryptocurrency perhaps most sensitive to Musk’s opinion when he helped convert the coin, started as a joke, in a multi-billion dollar market value, also fell more than 10 percent, but cut losses in the afternoon on Friday.

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