Elon Musk Suffers a Major Crypto-Setback as Bitcoin Smash

Elon Musk is no longer the richest man in the world. He lost the top position of richness when Tesla Inc. shares slithered 8.6% on Monday. Musk lost $15 billion within a day after a warning. Musk’s assertion that bitcoin was overvalued saw the value of the cryptocurrency plunge.

Musk’s comment on Twitter seemed to have turned against him. His comment came weeks after he invested $1.5 billion in Bitcoin. His investment saw the cryptocurrency surge to a record-high, only to start plummeting on Monday. Bitcoin’s value continued plunging for the second day running on Tuesday.

By Sunday, Bitcoins value was $58,000 and dropped to $53,000 on Monday. Many analysts believed that crash happened due to Musk’s tweet. However, a contradicting statement asserts that the drop started happening, even before Musk tweeted.

According to Bloomberg, Musk has dropped to the second position swapping positions with Jeff Bezos. Musk suffered a major setback a day after his Dogecoin tweet agitated the risk-takers. Musk, a great supporter of Dogecoin stated that “there’s too much concentration of the coins among its major holders.”

“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only issue imo,” Musk had tweeted.

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