Bitcoin achieves two objectives; it’s both a unit of transaction and also a store of value. The U.S. dollar, for example, is a unit of transaction, but it is not a store of value.

At first, almost everyone who got involved did so for philosophical reasons. We saw Bitcoin as a great idea, as a way to separate money from the state.  It’s hard to predict the future, but some people think that Bitcoin could do to finance what the Internet did to communications. 

There are many people who are still like:  Maybe Bitcoin is a kind of a bubble. I don’t like it. I’m not comfortable with it. I’m kind of an old dog to be absorbing that kind of a new trick.

There are others like:  Bitcoin will experience many bubbles along its way to improving the lives of everyone on the planet. I’m not concerned with the short-term price fluctuations.

Elon Musk tweeted:  To clarify speculation, Tesla has not sold any Bitcoin.

It just looks like he’s here to get more Bitcoin by shedding fear and distracting all with Doge. HODL against.

Someone tried to clarify stating:  What I understand Elon Musk is saying, is this:  1. He wants to find a “better” crypto CURRENCY for transactions; 2. They’re hodling Bitcoin as crypto ASSET for store of value. It’s a fairly reasonable position.

Well, a perfect example that humans tend to blame someone else for their own stupid behavior. Everyone panic sold and now they keep wondering why the price dipped.

Several traders who reacted to Elon Musk, lost their positions in a few seconds.  They didn’t sell. They got stopped out at a loss or liquidated. That’s market manipulation.

Stop loss positions were automatically liquidated. Elon is to blame. His single tweet did a lot to the chart within minutes. He knew exactly what he is doing and it is not innocent. It is nefarious.

Someone who tried to support Elon Musk stated, logically, you’d want to hold on to what you’ve bought already. But your concerns are much bigger than Bitcoin. Planet earth comes first. In essence this helps identify the issues around BTC that needs attention.

However, another user gave a realistic view stating, don’t be a dummy.  BTC uses 75% renewables and is a smidgen of what it costs to run fiat. Plus, from the guy digging Lithium out of the ground to drive your fancy car around made out of a hundred other minerals perspective.