Don’t Buy Tesla is trending on Twitter, after a backlash against Elon Musk. The #DontBuyTesla hashtag began doing the rounds on the social network after it was revealed that Tesla would no longer allow Bitcoin purchases.
Why is #DontBuyTesla trending on Twitter?
Bitcoin investors have been left furious after Musk revealed in a tweet that Tesla would no longer allow purchases through Bitcoin. Due to this announcement, there was a crypto crash today, with various cryptocurrencies experiencing major downward fluctuations.
Due to this, some have accused Musk of manipulating the crypto market. Given his noted support for Dogecoin, it has been suggested that Musk pulling his support of Bitcoin and therefore causing its decline is evidence of manipulation on behalf of the SpaceX founder.
— Burak Erdoğan (@farkolmalibazen) May 13, 2021
— Steem●VeChain●Crypt$VET (@SteamyCrypts) May 13, 2021
The hashtag has received plenty of activity and thousands of retweets and likes across various tweets supporting it. The original tweet from Musk which prompted this backlash saw him showing concern over the energy usage related to mining Bitcoin.
In a follow-up tweet posted today, Musk branded this energy usage over the past few months as “insane.”
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk, the 2nd (@elonmusk) May 12, 2021
Bitcoin rewards company Lolli was one of the first to tweet about boycotting Tesla due to Musk’s tweet. In a tongue-in-cheek statement, Lolli said that it had “officially suspended buying Teslas” as it was “deeply concerned about the CEOs inability to understand that bitcoin is largely mined with renewable energy (est 75%).”
Musk’s tweet was a factor in Bitcoin experiencing a significant decline, losing roughly $100 billion from its value. Other cryptocurrencies such as the rising Shiba Inu coin also lost some of their value, causing a great deal of panic today from those who have greatly invested in crypto.
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