London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

Elon Musk's tweets have once again sent bitcoin on a wild ride

Elon Musk's tweets have once again sent bitcoin on a wild ride

Elon Musk is once again giving crypto markets whiplash.

The Tesla (TSLA) CEO is now saying that his company has not sold any bitcoin (XBT) after earlier appearing to suggest the opposite. His original Twitter exchange had led bitcoin to extend its losses.

The latest cryptocurrency drama began Sunday when a user named CryptoWhale tweeted: "Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #bitcoin holdings."

"With the amount of hate @elonmusk is getting, I wouldn't blame him," the user added.

Musk responded simply about an hour later: "Indeed."

Within hours, bitcoin had fallen below $43,000, having lost more than 8% over the last day, according to cryptocurrency tracker Coinbase. It had already lost some ground earlier on Sunday, but accelerated losses after Musk's post.


Musk later posted a follow-up tweet, writing: "To clarify speculation, Tesla has not sold any bitcoin."

Value of the digital currency immediately jumped about 3.7% — from $42,566 to almost $44,138 — within about five minutes of Musk's tweet, according to Coinbase.

Tesla did not immediately respond to a request for comment about its holdings in the digital currency.

Musk's posts came just days after he caused another stir last week, while announcing that Tesla would reverse plans to accept bitcoin as payment for its cars.

He cited bitcoin's high environmental cost as reason for the move.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,"
Musk said in a note posted on Twitter last Wednesday. "Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment."

The environmental cost of mining — or creating — digital currencies has been well-documented for years.

The news sent bitcoin down about 12% at the time. It came after months of Musk personally hyping bitcoin and other popular cryptocurrencies, such as dogecoin.

Just before that, the CEO had asked his followers in a Twitter poll if they would like "Tesla to accept Doge."

Tesla and Musk have appeared fairly bullish on bitcoin for at least a few months, with the company disclosing in February that it had invested $1.5 billion in bitcoin and floating the ability to buy its cars using the cryptocurrency. Musk tweeted in late March that people "can now buy a Tesla with Bitcoin."

The company did say in a regulatory filing last month, however, that it assesses each quarter whether "events or changes in circumstances ... indicate that it is more likely than not that our digital assets are impaired." It also disclosed at the time that it had sold 10% of its bitcoin stake, earning a $101 million profit.

Last week, Musk said that Tesla still plans to use bitcoin after the currency finds cleaner energy sources.

"Tesla will not be selling any bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy," he wrote. "We are also looking at other cryptocurrencies that use [less than] 1% of Bitcoin's energy/ transaction."

Musk's other ventures have gotten in the action, too. Last week, his space exploration company, SpaceX, claimed that it would take dogecoin as payment for an upcoming mission.

Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×