If there’s one thing the market’s learned over the past few years, it’s to avoid putting too much hope in Elon Musk.
And if you have spent any time on the internet in the past few days, you will no doubt know that the latest victims are the intellectual heavyweights that have become known as the crypto bros.
Up until recently utterly enamoured with the self-stylised technoking, the brodom has become incensed after Musk sent the price of bitcoin sliding by tweeting first that Tesla would no longer be accepting bitcoin (because of its environmental impact), and then sent it down further over the weekend after appearing to suggest that Tesla would dump its bitcoin holdings because of the way he was being treated by the bros. (He later clarified that Tesla had not, at this point, sold any bitcoin.) Of course, he also found time to boast about his superior knowledge of money due to his time at PayPal.
Bitcoin tanked 9 per cent to just under $43,000, before recovering to circa $45,000 at pixel time. Twenty-four hour chart via Cryptocompare:
In a continuation of the “hmm there might be some correlation here” theme we’ve banged on about since at least 2018, every other major coin including ether (-8 per cent), XRP (-6 per cent) and litecoin (-9 per cent) tanked at the same time. (Tether of course was steady at $1 comme toujours which makes sense now that we know that the $58bn stablecoin is backed by a whole 2.9 per cent of cash.)
Our fearsome crypto bros aren’t the types to take a setback like this lying down. They know how to fight back. Some of them used their intellectual heft to take on our poorly informed Elon, but that just made him harden his position on errr, dogecoin:
Others were more creative. Because after all what better way is there to fight back against FUD being thrown at a magical money token than by proving how easy it is to create another new magical money token out of thin air?
Presenting a coin that we shall not be referring to by name at this time:
Wen Tesla announcing a purchase?
Even funnier (our sides are literally splitting), it’s not even the only anti-Musk token on the market:
Neither of these tokens are yet listed on CoinMarketCap but that’s because CoinMarketCap only lists Actual Serious Established Crypto Coins, of which there are at pixel time a mere 9,856.
With bitcoin languishing around its lowest levels since February, someone needs to sort this out, sharpish.