Tesla Prefers Dogecoin, Bitcoin Price Plunges To IDR 624 Million

Tesla prefers Dogecoin over Bitcoin (Currency)

JAKARTA – The price of Bitcoin (BTC) slumped sharply after Tesla boss Elon Musk announced that Tesla was no longer accepting purchases using the cryptocurrency. Musk shared the information via his official Twitter upload on Sunday, May 13.

The decision caused the price of Bitcoin to fall 5 percent. Not long ago, Musk also reportedly commented on a Tweet from a Twitter user named @CryptoWhale.

"Bitcoiners will slap themselves in the next quarter when they find out Tesla is throwing away the rest of their holdings. With the amount of hatred @elonmusk, I will not blame him...", wrote @CryptoWhale on Monday, May 17.

Elon Musk responded to the @CryptoWhale's statement by writing "Right." However, Musk did not elaborate on whether he agreed with the criticism.

According to CNBC International, this event caused the price of Bitcoin to fall about 8 percent to the price of $ 44,000 (about IDR 624 million) today.

The tweets and comments of the Tesla boss often affect the skyrocketing or dropping of cryptocurrency prices, as happened to Bitcoin and Dogecoin (DOGE).

The Securities and Exchange Commission (SEC) reported that Tesla bought Bitcoin for $ 1.5 billion in February. Some time ago, Tesla has also sold ten percent of its holdings. The sale recorded a profit of $ 101 million.

Nonetheless, in recent weeks Musk has lent his support to the Dogecoin cryptocurrency. Crypto with the Shiba Inu dog logo is crypto money that originated as a meme but has a very strong community. DogeArmy often does charity and social support activities.

Tesla stopped buying the electric car with Bitcoin because BTC uses fossil fuels for its mining activities. This results in carbon emissions that endanger the environment.

In addition, Elon Musk also announced that SpaceX will launch a DOGE-1 mission to the Moon. He has also revealed that Dogecoin is a "people's cryptocurrency".