Elon Musk Teases 'Cryptocurrency Bull Run Is Over'

Tesla Inc TSLA CEO Elon Musk took a lighthearted jab at the cryptocurrency crowd on Monday via social media.

What Happened: Musk tweeted a “tragic story” titled “the cryptocurrency bull run is over.”

Tragic story  pic.twitter.com/ACUEG5J5a9

— Elon Musk (@elonmusk) May 24, 2021

One of the elements of Musk’s story included getting hair implants, which did not go unnoticed on Twitter by his followers.

? pic.twitter.com/QMYsJBNYtD

— Gabor Gurbacs (@gaborgurbacs) May 24, 2021

Describing things to do after the bull run is over, Musk included "selling your own online business course" or "selling '8 hours of sleep' merch among the possibilities.

It's worth noting both Tesla and Musk, in his individual capacity, own Bitcoin (BTC), so it could be a message in a spirit of self-deprecation.

Musk was largely held responsible for sparking a cryptocurrency selloff earlier this month, when he announced on Twitter that Tesla would no longer accept Bitcoin, citing environmental concerns.

See also: Best Cryptocurrency Apps

Why It Matters: On Monday, Musk said he had held talks with North American Bitcoin (BTC) miners and they’ve committed to publishing current and renewable energy usage. He described the talks as “potentially promising.”

Musk’s latest tweets indicate he may be rethinking his stance on Bitcoin. The talks between Musk and the miners were facilitated by MicroStrategy Incorporated MSTR CEO Michael Saylor.

The Tesla CEO also asked his social media following to submit ideas on Dogecoin (DOGE) development. In a later tweet, the billionaire entrepreneur said he preferred Dogecoin to other cryptocurrencies exploring scaling solutions for blockchain as Dogecoin "has dogs & memes, whereas the others do not."

Doge has dogs & memes, whereas the others do not

— Elon Musk (@elonmusk) May 25, 2021

See Also: Ethereum Co-Founder Vitalik Buterin Says Cryptocurrencies Are In A 'Bubble'

Cryptocurrency markets are buoyant as of press time post Musk’s tweets with a 19.19% increase in market capitalization on a 24-hour basis.

On a 24-hour trailing basis, BTC traded 11.95% higher at $39,526.61 at press time, while DOGE traded 20.85% higher at $0.37.
Price Action: Tesla shares closed 4.4% higher at $606.44 in Monday’s regular trading and another 0.17% in the after-hours session.

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