Bitcoin: Is Elon Musk Buying The Dip?
The cryptocurrency market stumbled down with several assets nosediving to remarkable lows. Bitcoin [BTC] encountered a drastic drop below $50,000 sending shock waves across the market. Following a slight recovery, the king coin was trading at $53,320 with an 11.84% daily decrease. While several panicked and exited the market, seasoned investors were taking advantage and buying the dip. Amidst this, a cryptic tweet from Elon Musk, the man behind Tesla and SpaceX caught the attention of the cryptocurrency market.
Musk isn’t new to the cryptocurrency industry. While his inclination towards Dogecoin [DOGE] isn’t news, his love-hate relationship with Bitcoin has created some buzz. Earlier today, Elon Musk posted a meme that read
“Hard times create strong men. Strong men create good times. Good times create weak men. Weak men create hard times.”
Willy Woo, a prominent analyst in the market suggested that Musk could be buying Bitcoin. The cryptocurrency community and the rest of Musk’s followers were rather confused. But Woo jokingly asserted that the wealthiest businessman on the planet was conveying an “encoded message.” The analyst even said that Musk was most likely buying Bitcoin. Musk did not confirm or deny anything.
Also Read: Elon Musk ‘Not Going To Be Promoting Crypto’: Dogecoin an Exception?
Is Musk Talking About Bitcoin?
Just last week, appearing on a podcast Musk asserted that he isn’t going to endorse any cryptocurrency. He noted that Bitcoin has some merit but he said that promoting cryptocurrency was out of the picture. Musk added,
“I’m not going to be promoting crypto—at most, in a joking way. If you see me pumping crypto, it’s not me. I do think there’s merit in Bitcoin and maybe some other cryptos, and I’ve sort of got a soft spot for Dogecoin because I like dogs and memes.”
Also Read: Dogecoin: When Will Elon Musk’s X Enable DOGE Payments?