Bitcoin lost 10% of its value in one day after new statements from Elon Musk, in which he said that “Tesla” is on its way to selling what it owns of this cryptocurrency. This comes days after he announced that “Tesla” has stopped selling its car in Bitcoin. He said that Bitcoin couldn’t drive a massive increase in fossil fuel use.
Since its launch, Bitcoin has passed through many events or positions that have supported it and others that have significantly damaged it. The celebrities worldwide have impacted its price, more robust than market indicators and laws set by countries.
Elon Musk said on May 16 that his electric car manufacturer had sold or is on the way to selling its bitcoins, worth $ 1.5 billion, which led to the decrease in Bitcoin price to the range of $43,000, a decline of 10.38%, which is the most extensive loss for Bitcoin in one day.
The owner of the “Crypto Whale” account on Twitter, who was interviewing Elon Musk, said in a tweet that “Bitcoin owners” will slap themselves in the next quarter when they discover that Tesla has given up the rest of what it possesses from Bitcoins. With this amount of hatred that these internet speculators express about Mask, I cannot blame him. ” Musk replied, “Indeed.”
During the past seven days, Bitcoin was trading at $57,938. At the current price, Bitcoin fell by 33.36% from its highest point at $64,778 on April 14; thus, Bitcoin’s share of the market size drops to 40.11%. Ethereum was also affected by this decline, and its price fell by 14.8%, to $3,250.
In the following survey, we present some of the most critical milestones in Bitcoin’s life.
Announcement of Bitcoin death
After joining the Bitcoin developers team in 2009 as a leading member, Mike Hearn announced his retirement from the team on January 14, 2016. He sold all the currencies he owned, telling that the “digital currency project is dead,” expecting that “there is no future for Bitcoin.” The price fell from $429 to $360, with a $69 loss in one day.
Two months after Mike Hearn’s retirement, the Japanese Cabinet approved on March 4, 2016, to amend the Payments Law, place digital currencies under the Financial Services Agency’s supervision, and use them to pay for goods and services even from outside Japan. The government also announced that it is about to issue regulations and laws to monitor these operations, with official recognition from digital currencies’ “samurai country.” Still, the effect of this move on “Bitcoin” was only a slight increase in the price.
When the giants join
On April 26, 2016, the price of Bitcoin rose to $467, an increase of $40, after Intel announced that it was developing a system of accounting books with blockchain technology to enable companies to keep permanent records of passing transactions and transfers. Then, Microsoft’s open-source Storeglabs project joins Azure Blockchain to store, pull and run applications at breakneck speed. Meanwhile, the British government announced that it would use blockchain technology to track tax payments.
The twins Winklevoss
The United States Securities and Exchange Commission refused on March 10, 2017, the request of Cameron and Taylor Winklevoss, to include a monetary fund to trade in “Bitcoin” in the United States, which resulted in the fall of the price of Bitcoin during Minutes from $1,350 to $975.
The twins are most known when they have sued Mark Zuckerberg, claiming that he stole the Facebook idea from them, and they were awarded $65 million in compensation. Cameron and Taylor bought 200,000 Bitcoins when they were priced at $7.
Tweet of a billion dollars
One of the most famous anti-virus software developers, John McAfee, tweeted on July 17, 2017, that the price of “Bitcoin” will reach $5,000 by the end of that year, in a personal expectation that has no indications.
This gave the dealers a lot of confidence, as Elon Musk’s statements do now. And the price of “Bitcoin” touched $20K by the end of the year, despite expectations published by “Goldman Sachs” in the same month that the price of “Bitcoin” will reach $5,000 before the currency collapses completely.
John McAfee is the first designer of anti-virus programs globally, the founder of “McAfee,” and worked as a programmer at the “NASA” space agency.
Dragon attacks Bitcoin
China intervened by closing all digital currency trading platforms as of September 30, 2017. On December 28 of that year, South Korea joined the Chinese decision. It closed all digital currency trading platforms, bringing the price down from $20K to $13.6K by the end of the month.
Today, China and South Korea occupy the first and third places, respectively, in owning digital currencies in the world.
Six months of all-out attack
The digital currency market took another hit in late June 2018, after major British banks warned their customers that they would not allow credit cards to be used to buy digital currencies. Google, Facebook, and Twitter have also banned ads for cryptocurrencies.
In conjunction with tweets by celebrities warning of significant expected losses in the cryptocurrency market, and the failure of a second attempt by the Winklevoss twins in July 2018 to list the digital currencies in an investment fund in the United States, the price fell from $16.5K to $6K.
However, former US President Donald Trump, famous for his tweets at the time, caused Bitcoin to plummet on July 12, 2019, after he described it as “light air as if it had never been.” Indeed, the price of “Bitcoin” has fallen from 12,500 to 9,000 dollars in one day.
Surrender to the future
The Bitcoin price rose to $ 9,500 after Chinese President Xi Jinping announced that he would support and invest in blockchain technology. This came after New York allowed the exchange of blockchain and cryptocurrency futures contracts. However, the price fell again to $7,000 at the end of November 2019, after the People’s Bank of China warned its clients that dealing in digital currencies could lead to the loss of their entire fortunes. The cryptocurrency market tried to rise again, and by the New Year holidays, the market grew by 10 percent, despite a mistake in “YouTube” deleting all videos of digital currencies.
The mouse comes out of the trap
Warren Buffett described Bitcoin as a “mouse in a trap” in mid-2018. However, on February 5, 2020, he was invited to a business dinner. Among the attendees were the founder of the “Tron” coin, Justin Sun, and the Bit torrent application founder, Bram Cohen. And they presented Mr. Buffett as a gift for a pair of foldable Samsung Galaxy phones with a digital currency package, including Bitcoin.
“Now Mister Buffett finally owns Bitcoin,” said Sun with a smile. This comment raised the price of Bitcoin from $8,300 to $ 9,500.
Twitter effect on Bitcoin
Bitcoin reached $13,000 by the end of October 2020, after Jacques Dorsey, CEO of Twitter, stated that it is “the currency of the future, and there may be no other by 2030.”
That year witnessed the authorities in the United States, specifically in July, allowing banks to save digital currencies to serve their customers. On October 21, 2020, PayPal allowed its customers to store and pay in Bitcoin on its platform. With the upcoming US elections and the rise of Democratic candidate Joe Biden, the price of Bitcoin achieved a historic peak, reaching $30,000 by the end of that year.
Tesla accepts Bitcoin
In an announcement on March 24, 2021, Musk said in a tweet, “Tesla” intends to invest $1.5 billion in Bitcoin, which pushes its price to $45,000 within 30 minutes.
Then Musk put the slogan “Bitcoin” on his account in “Twitter,” in bold support, to raise the currency rate again by 20% to cross $50,000. By February 19, 2021, the market price of Bitcoin had crossed $53,000, with a $ 1 Trillion Market Value for the first time in its history.
Musk hits hard
However, Musk’s tweet on May 12, 2021, disappointed hopes after he said that Tesla would not allow its cars to be bought in Bitcoin because it is a polluting currency, which pushed the opening price down from $56,670 to $49,631 within minutes.