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Elon Musk Threatens to Dump All of Tesla's Bitcoin Holdings, Pushing BTC to Multi-Month Low

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Sun, 05/16/2021 - 19:28
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Alex Dovbnya
Bitcoin has touched a multi-month low after Tesla CEO Elon Musk hinted at the e-car manufacturer dumping all of its holdings
Elon Musk Threatens to Dump All of Tesla's Bitcoin Holdings, Pushing BTC to Multi-Month Low
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Tesla CEO Elon Musk is now threatening to remove Bitcoin from Tesla's balance sheet after days of arguing with the disgruntled community. 

In a reply to a shady Twitter account that warns Bitcoiners about the e-car manufacturer potentially dumping its holdings in the largest cryptocurrency due to all the hate the billionaire is getting, Musk replied that it could "indeed" happen. 

Musk
Image by @elonmusk

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Tom Lee Predicts $125,000 Bitcoin in 2021 Despite Tesla's U-Turn

In a separate tweet, Musk claims that Bitcoin is highly centralized because it is controlled by a handful of mining companies: 

Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies. A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound “decentralized” to you?

Bitcoin dipped to $45,127, the lowest level since March 1, shortly after Musk's warning.        

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.