Post-Elon Musk’s tweet on cryptocurrency especially Bitcoin, the cryptocurrency market crashed. This was a surprise to some who lost their life savings in the cryptocurrency.
People were tweeting Musk on Wednesday pleading for help and blaming him for their loss.
Musk's tweet sent bitcoin crashing
Musk got the market crash after stating that electric vehicle maker Tesla will not accept bitcoin as payment. This was after he had conducted a poll on Twitter asking if Dogecoin should be accepted as payment. Despite the majority favoring acceptance of Dogecoin, he said Tesla will not.
While Musk started it, the last nail in the coffin was China. It was one of the few countries in favour of cryptocurrencies.
On Tuesday, China said it is banning financial institutions and payment companies from providing services related to cryptocurrency transactions. It also warned investors against speculative crypto trading. This led to investors dumping the cryptocurrency.