JAKARTA – The massive purchase of Bitcoin was made by MicroStragey and Tesla. The buying action pushed the price of Bitcoin to its highest level in the range of Rp947 million.
However, the euphoria of Bitcoin ownership should fade. Considering the current price of Bitcoin fell at a price range of Rp466 million.
The decline in the price of Bitcoin has an impact on the share prices of MicroStrategy and Tesla. The purchase they made a few months ago couldn't seem to push up the price of Bitcoin any longer.
According to a Cointelegraph report, MicroStrategy lost 64 percent of its stock value. Tesla, meanwhile, had to give up a 36 percent stake that fell in recent months following a massive bitcoin purchase.
Tesla shares fell from $880 to $580. Meanwhile, MicroStrategy from 1,272 fell to 448 US dollars.
The fall in the price of Bitcoin in recent days implies traditional investors are less willing to bet on Bitcoin's success. The failure by Tesla and MicroStrategy to maintain its investment returns makes cryptocurrencies more immune to the intervention of giant companies.
This indicates that the price of Bitcoin is very wild and cannot be controlled by crypto-money whales. The collapse in the price of cryptocurrencies a few days ago, made Musk's influence lessened.
This was responded to by ethereum founder Vitalik Buterin. According to him, Musk's influence on the price of cryptocurrencies will not last long. The market will also learn from the situation.
"I think the market will learn. Elon won't have this influence forever," the Ethereum boss said.
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