Where are the remaining 5 million bitcoins

Tesla boss Musk unsettles the crypto market: Bitcoin falls to a three-month low

The cryptocurrency Bitcoin briefly fell to a three-month low on Monday with prices of just over 42,000 US dollars. This also dragged the rest of the crypto market down: at times, according to the Coinmarketcap platform, the aggregate market value of the crypto money world fell to below two trillion US dollars. The trigger for the price slide is likely to be speculation that Elon Musk's e-car manufacturer Tesla could completely sell off the bitcoins that were acquired just a few months ago for 1.5 billion US dollars. In the meantime, Bitcoin has stabilized again at over $ 45,000.

Musk himself gave the reason for the speculation on Twitter: A user named @Cryptowhale had written there that the Bitcoin community would be annoyed when it became known that Tesla had sold all of the remaining Bitcoins in the coming quarter. In view of the hatred that Musk is currently striking against, one cannot blame him for that. Musk replied on Sunday evening with "Indeed", in German "In de fact", and thus brought movement into the crypto exchange rate. On Monday morning, however, Musk announced that he wanted to clear up ambiguities: Tesla had not sold any further. He was referring to a tweet that complained about price losses. However, Musk said nothing about future sales plans. Nevertheless, a price recovery was observed after this tweet.

Environmental Concerns and Profit Taking

Last week, Tesla surprised with the announcement that it would end the acceptance of Bitcoin again due to environmental concerns. As a result of the announcement, the price of Bitcoin tumbled down. The group made the decision because of the rapidly increasing consumption of fossil fuels for the production of and transactions with Bitcoins, said Tesla boss Elon Musk. However, he still sees great potential in the principle of crypto money and wants to work with the developers of Dogecoin to improve the scalability of the currency.

Tesla had only started accepting bitcoins to buy electric cars in March. The group had previously announced an investment in Bitcoins for 1.5 billion dollars (1.2 billion euros) and helped the oldest and best-known cryptocurrency to jump in price. Why Musk and Tesla only had concerns last week, although the environmental problems surrounding Bitcoin and other currencies with proof-of-work procedures have long been known and widely discussed - that remained unclear.

The environmental concerns also did not prevent Tesla from taking part of the profits from the Bitcoin investment. In the most recent fiscal quarter, the company had resold Bitcoins worth almost 300 million dollars (around 250 million euros) and, according to its own statements, earned around 100 million (around 83 million euros). Tesla's net income for the quarter was $ 438 million.

Musk vs. Bitcoin Community

Tesla's discontinuation caused displeasure among Bitcoin fans, which spilled over Musk via Twitter, for example. Among other things, the economist Saifedean Ammous, author of the book "The Bitcoin Standard", which is very popular in the scene, insulted Musk as "corporate welfare whore" and "rent-seeking leech" (in German roughly "subsidy whore" and "Yield bloodsuckers"). In the more civilized ongoing debates, Bitcoiners tried to convince Musk that Bitcoin's high power consumption was necessary and important to ensure the security and decentralization of the cryptocurrency. With reference to the dependence on a few large mining operators, Musk doubted that Bitcoin was decentralized.

In general, Musk has since developed an enormous influence on the prices of the crypto markets