Bitcoin took a massive dive in value and people, including vlogger Logan Paul, are blaming Elon Musk and his company Tesla.
Logan Paul and other popular influencers believe that Elon Musk and his latest tweets supporting Dogecoin ($DOGE) are directly related to the crash in Bitcoin value although he insists that it has nothing to do with him.
RELATED: Big tech is trying to kill Dogecoin.
The sky is falling, and by the sky we clearly mean Bitcoin. Bitcoin dropped from AUD$73K to USD$58K in a matter of days and it is one of the most significant drops the cryptocurrency has seen in recent history. People are pointing their fingers at Elon Musk and are making some outlandish allegations.
Elon Musk has been pushing Dogecoin a lot on his social media lately by sharing memes and positive messages. When he announced that he was hosting Saturday Night Live Dogecoin value shot up as many believed that the tech billionaire might boost the cryptocurrency on prime time television.
Sadly, Saturday Night Live was terrible unfunny and, although Musk did bring it up, he called Dogecoin a hustle. As a result thousands of people dumped their wallets resulting in a 25% drop in value in a matter of hours. However, Elon Musk has since made several tweets supporting the meme currency which has stabilised the value for now.
In one tweet Musk polled whether Tesla should accept Dogecoin transactions. The overwhelming majority of Musk’s followers answered ‘yes’ to the poll while some took a hard stance against it.
Elon Musk followed up with another tweet calling Dogecoin “promising” after he revealed that he was work with Dogecoin developers to improve system transaction efficiency. After the value bombed people accused Tesla of dumping their entire Bitcoin holdings, but Elon Musk promptly responded and denied these allegations.
To clarify speculation, Tesla has not sold any Bitcoin— Elon Musk (@elonmusk) May 17, 2021
“To clarify speculation, Tesla has not sold not sold any Bitcoin,” Musk said regarding a response he made earlier to a tweet saying that he could potentially dump all of his Bitcoin.
Despite asserting that Tesla has not sold any of their Bitcoin, Elon Musk continues to receive hate from the Bitcoin community. Some people are even accusing him of manipulating the market.
One of his biggest critics is former Vine star turned YouTube vlogger Logan Paul. The 26-year-old millionaire vlogger is a huge Bitcoin investors and reportedly has hundreds of thousands to millions of worth invested in the cryptocurrency.
“$F*CKELON to the moon before he ever gets there (not financial advice),” Logan tweeted to his 6 million followers following it up with a link to his Crypto Wallet. Although the tweet did not tag Musk’s official Twitter account it currently has over 3,000 likes.
More and more people are flocking to Crypto Exchange every day, especially after GameStop “Gamestonks” ordeal. One of the best places to buy, sell and trade cryptocurrency is Kraken. Kraken is a United States-based cryptocurrency exchange and bank, founded in 2011. The exchange provides cryptocurrency-to-fiat-money trading, and provides price information to Bloomberg Terminal. They’ve also got the lowest fees in the industry and they support alt-coins such as Dogecoin and SafeMoon. So, if you’re thinking about getting into crypto you should sign up right now.
Elon Musk has not directly responded to Logan Paul’s tweet but continues to support Dogecoin via Tesla.