Search

Elon Musk Tweets About Selling Cryptocurrency With ‘Kryptonite’

Billionaire and cryptocurrency superfan Elon Musk broke his silence on the recent plunge in the price of digital assets – and responded to a meme by revealing the next sector of the economy he expects to delve into.

Musk reacted to the sharp selloff in bitcoin, the largest cryptocurrency by market cap, which briefly fell below $21,000 – its lowest level since December 2020.

“Kryptonite,” Musk tweeted Tuesday night.

Musk also responded to a meme posted by Dogecoin co-creator Billy Marcus.

The cartoon image shows the Grim Reaper near the door labeled “Real Estate” after already grimly pausing in rooms labeled “Stocks” and “Cryptocurrency”.

“True,” Musk said in response to the Post.

The billionaire has repeatedly spoken of investing in cryptocurrencies in recent years. In March, he announced that he would “not sell” his holdings in Bitcoin, Ethereum and Dogecoin despite rising inflation and economic uncertainty, which has prompted many investors to sell risky claims. The richest man in the world has never disclosed how much of his wealth is linked to crypto.

Last month, Musk took a jibe at fellow billionaire Warren Buffett – a noted cryptocurrency skeptic who said he would not agree to buy “all the bitcoins in the world” for $25.

Earlier this year, Musk revealed that Tesla had begun accepting Dogecoin for transactions in its online store. SpaceX is expected to follow suit in the near future.

Tesla also spent $1.5 billion on bitcoin in February 2021 – a move the electric car marker said would provide “more flexibility to further diversify our cash and maximize returns.” At the time of disclosure, the price of bitcoin was hovering in the $30,000 to $40,000 range.

Bitcoin
Bitcoin has fallen since reaching an all-time high of $69,000 last November.
Reuters

Bitcoin was priced at $21,363 as of Wednesday morning – a sharp drop from its all-time high of $69,000 last November. Due to the start of “crypto winter”, several companies including Coinbase and Gemini are taking layoffs and other belt-tightening measures.

While Musk did not elaborate on his outlook towards the real estate sector, the housing market has recently shown signs of recession after a pandemic-era boom.

As The Post reported, mortgage demand recently fell to a 22-year low as potential buyers struggle with higher prices and rising interest rates. The 30-year term mortgage rate stood at 6.28% as of this week, despite hovering below 3.5% as recently as January.

redfin sign
Redfin noted a major slowdown in demand in May.
Stephen Brashear

Meanwhile, real estate firms Redfin and Compass each announced plans on Tuesday to slash hundreds of jobs due to tough market conditions. Redfin said demand for sales in May was down 17% from the company’s estimate.

Subscribe

Get the best of Newspaper delivered to your inbox daily

Most Viewed

Related Stories