We've got news for you.

Register on Sunday Times at no cost to receive newsletters, read exclusive articles & more.
Register now

One little tweet from Elon Musk and bitcoin bounces back


One little tweet from Elon Musk and bitcoin bounces back

Tesla CEO’s recent online commentary on virtual currencies has sent conflicting messages

Joanna Ossinger

Bitcoin steadied after Elon Musk said Tesla hasn’t sold from its holdings of the token, clarifying earlier comments that seemed to imply the electric vehicle maker may sell or has sold its stake.

The largest digital currency was at $44,900 (R637,000) up to 7.21am in London on Monday, after Musk in a tweet said: “To clarify speculation, Tesla has not sold any bitcoin.” Earlier, the token slid to $42,185 (R595,000), the lowest since February. It’s about $20,000 (R283,000) off the record set in April.

Tesla CEO Musk spent the past few days duelling on Twitter with critics of his move to suspend acceptance of bitcoin payments on environmental concerns. On Sunday, the mercurial billionaire seemed to agree with a post saying the electric-vehicle maker should divest what at one point was a $1.5bn (R22bn) bitcoin stake. The saga added to a souring mood around cryptos in general, amid a pullback in other coins like ether and dogecoin...

This article is free to read if you register or sign in.

Sunday Times Daily

If you have already registered or subscribed, please sign in to continue.

Questions or problems?
Email helpdesk@timeslive.co.za or call 0860 52 52 00.

Next Article