Yay or nay? New petition calls for Elon Musk sells all his Bitcoin

Yay or nay? New petition calls for Elon Musk sells all his Bitcoin

Tesla and SpaceX CEO and self-proclaimed "Dogefather" Elon Musk ought to promote his Bitcoin (BTC) holdings, say hodlers.A brand new petition hoste

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Tesla and SpaceX CEO and self-proclaimed “Dogefather” Elon Musk ought to promote his Bitcoin (BTC) holdings, say hodlers.

A brand new petition hosted by Change.org is at the moment gathering signatures to make Musk divest himself of his private stash of Bitcoin.

“Elon Musk: Promote your Bitcoin”

Its objective is modest — 100 signatures at first, of which a grand complete of 62 have already been gathered. For the creator of the petition, nonetheless, billionaire Musk has touched a nerve.

“Elon Musk has collected a minimum of $1.5bn of bitcoin on the Tesla stability sheet, and really seemingly has a bigger private holding he has not revealed,” its description begins.

“In the meantime, Musk has doubled down on endorsing dogecoin, a literal joke, claiming to be working with the nonexistent growth staff and mooting integrating the cryptocurrency into SpaceX.”

Musk is at the moment on the middle of furore over his professed love of meme-based altcoin Dogecoin (DOGE), which he has championed whereas criticizing Bitcoin.

The impression on each cryptocurrencies ended up destructive this weekend as BTC/USD fell to close $42,000 and noticed its market dominance drop to three-year lows.

BTC/USD 1-hour candle chart (Bitstamp). Supply: Tradingview

Reactions pinned the blame firmly on “Technoking” Musk, whereas some seasoned analysts argued that his actions would find yourself inconsequential within the face of the general bullish Bitcoin worth trajectory.

Till he sells his BTC, nonetheless, there will probably be a chance for Musk to affect market sentiment unfairly, the petition claims, to the detriment of each different hodler.

“He ought to promote his bitcoin, and hope all of it finally ends up with a greater custodian,” it continues.

“If poetic justice prevails, that may simply find yourself being any individual he was on the cusp of ruining over doge. Elon Musk: promote your bitcoin.”

Odds are on for $100,000

As Cointelegraph reported, one other gauge of traders’ emotions on the way forward for Bitcoin in mild of current occasions is relatively extra hopeful. A survey by stock-to-flow worth mannequin creator PlanB reveals that the majority see BTC/USD hitting $100,000 in 2021.

On the time of writing, over 70,000 responses confirmed that $100,000 was an affordable worth goal, with solely 25% believing that the biggest cryptocurrency will peak decrease. 

PlanB’s Bitcoin worth Twitter survey. Supply: PlanB/ Twitter

PlanB himself had come out preventing towards Musk, calling his actions an try to “destroy” Bitcoin.

“If you wish to make a press release, promoting your Tesla inventory and shopping for Bitcoin as an alternative may very well be very efficient IMO,” he advised Twitter followers.