Dealing cryptocurrencies and trading various assets on the online/liquid market space has made a lot of people millionaires and even billionaires both in naira and dollars. But recently, following a tweet that was made by Elon Musk, even though chart had already predicted the drop in price of Bitcoin (BTC), and other cryptocurrencies including Ethereum (ETH), Dogecoin, etc., the value of these cryptocurrencies have drastically reduced causing investors to lose lots of money/capital invested.
This has caused panic and discouragement to current and intending investors which makes the price and value of these assets to crash.
As much as a lot of people are optimistic about this, some chart analysts do predict that after this current support zone where price currently is is broken, price of these assets, especially BTC will continue to go lower, and will cause a total discouragement and loss of investors confidence in cryptocurrencies. That is a total disaster as it could lead to the end of cryptocurrencies.
A lot of cryptocurrencies investors and traders could go into depression as a ripple effect being they lose of so much money invested in cryptocurrencies. To this reason, please call, encourage and comfort as much traders and Investors that you know because at the very moment there is a casting down.
Meanwhile, this could have ascertained his decision for the current development on his withdrawal from BTC. This was the tweet as it reads,
Elon Musk, CEO of Tesla motors
"Tesla has suspended vehicle purchases using Bitcoin. 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.
Cryptocurrencies 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.
Tesla will not not be selling any Bitcoin and we intend to use it for transaction as soon as mining transaction to more sustainable energy. We are also looking for other cryptocurrencies that use <1% of Bitcoin's energy/transaction".
