Elon Musk s net worth has taken a serious loss after his controversial Saturday Night Live hosting gig as bitcoin also is down after the billionaire CEO announced Tesla will not accept the cryptocurrency.
Despite the significant losses, McGlone believes that BTC is positioned for further price gains.
Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone, said Bitcoin remains a “Buy” despite Tesla‘s (NASDAQ: TSLA) comment on the digital coin over environmental issues. McGlone said Musk’s comment that Bitcoin may be bad for the environment is not a relevant factor to prevent the digital asset from increasing in value.
On the 12th of May, Musk revealed on Twitter that the EV company has “suspended vehicle purchases using Bitcoin.” Musk said that Tesla is “concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions.”
Musk s Gulfstream G650ER private jet touched down at Luton Airport on Friday
A black Mercedes was seen chauffeuring passengers away soon after 4.30pm
The jet s arrival comes after the billionaire s net wealth took a $20m plunge
Tesla s founder said the company would no longer be accepting Bitcoin, despite recently selling selling off around £200 million worth of the cryptocurrency
Although Tesla is suspending Bitcoin as a payment option, company CEO Elon Musk said his company is looking at other cryptocurrencies as an alternative.