Elon Musk has a love-hate relationship with Bitcoin [BTC] Some might even deem this relationship as a hazardous one. The Tesla Chief has handled to turn Bitcoin maxis, which formerly worshipped him, into his haters after the 49-year-old announced that the vehicle manufacturing giant was no longer accepting the cryptocurrency as a method of payment.

Popular Bitcoin proponents, Max Keiser and Stacy Herbert even hosted an Elon Musk-inspired show in Texas that was named “F * ck Elon,” earlier this month. The dispute surrounding his impact on the price actions has been absolutely nothing brief of intriguing. However, this goes without stating that Musk, being among the most influential individuals on earth, has likewise handled to get rid of Bitcoin’s current tumble back to $35K.

Meanwhile, today has actually been rather eventful. And it simply improves. The Tesla CEO talked about a Twitter post that speculated that the e-car maker has nearly $1.47 billion worth of Bitcoin on its balance sheet. This was his reaction

“We do not have that many Bitcoin, but it’s close”

ONLY @ELONMUSK AND $TSLA’S MASTER OF COIN WOULD DO THIS … 42,069 BITCOINSX$ 35,040 ($ BTC CLOSE PRICE ON 6/30)= $1.474 B. OR ROUNDED TO $1.47 B AS DISCLOSED IN THEIR 10-Q PIC.TWITTER.COM/ PXJ3WZUSRR

— Dave Lee (@heydave7) July 28, 2021

However, it is safe to state that his influence over the digital possession market seems diminishing, but there is every reason to believe that will alter. Musk still maintains that he is a supporter in spite of Tesla’s move. Particularly at the “B Word” conference, the officer even his aerospace manufacturing company SpaceX had purchased Bitcoin. Besides, he likewise exposed holding not simply Bitcoin, however Ethereum and meme-token Dogecoin too.

Tesla Isn’t Offering BTC

The billionaire likewise made it very clear that Tesla would resume Bitcoin payments if the environmental profile improves and that the company isn’t offering whatever lion’s share of the flagship crypto it possesses.

Yes, Tesla isn’t offering regardless of the numerous statements relating to issues about Bitcoin’s environmental effect and no reported cases of sales or purchases of digital possessions. In fact, the business was just recently reported to be holding its $1.3 billion Bitcoin position in the second quarter of 2021.

A glimpse at Elon Musk’s Bitcoin affair

Business mogul has been backing Bitcoin for a long period of time. With Tesla investing around $1.5 billion in the crypto-asset, he pursued a more committed crypto journey. Just four months later, things took a harmful turn of events after Tesla sold 10% of its BTC holdings to evaluate its liquidity.

This was enough to stir enormous agitation among the investors and the neighborhood members. His revelation of Tesla no longer accepting payments in Bitcoin because of its high energy consumption made things worse which eventually resulted in the crypto-asset falling back to $30K.