Tesla Has 'Diamond Hands,' Says Elon Musk Confirming It Has Not Sold Bitcoin, Sets Crypto Twitter On Fire Again

As Bitcoin touched a low of $30,000 earlier today, the market-wide fear was only comparable to the crypto crash of 2018.

What Happened: Amidst the panic selling, Tesla Inc TSLA CEO Elon Musk tweeted once again to signal that Tesla hadn’t sold its existing Bitcoin BTC/USD holdings.

Tesla has 💎 🙌

— Elon Musk (@elonmusk) May 19, 2021

Musk tweeted that Tesla had “diamond hands,” a term used by market proponents to signal strong hands that won’t sell even in adverse market conditions.

See also: How to Invest in Tesla Stock

Why It Matters: Although Musk’s tweet arguably helped restore the cryptocurrency above $40,000, many believe that the dip in itself was his own doing.

Musk backtracked on Tesla’s decision to accept cryptocurrency as payment last week and then hinted that the company might have sold its Bitcoin holdings leading to the digital asset’s price falling over 20%.

Elon giveth

— Shibetoshi Nakamoto (@BillyM2k) May 19, 2021

The crypto community, which now largely views Musk in a bad light, retaliated to his Twitter status with comments about his detrimental impact on the crypto industry.

You’re the most hated person in the world right now. All of my friends, myself included, went from die-hard Elon/Tesla/SpaceX/Neuralink fans to hating you from deep within our souls. How you accomplished that in such a short amount of time is one for the history books.

— Timothy S. Kim (@timothy_skim) May 19, 2021

Too late Elon you’re going to be blamed for destroying the crypto market 😭

— XRPcryptowolf (@XRPcryptowolf) May 19, 2021

Musk’s tweet also prompted a reply from Dogecoin creator Billy Markus, who is no longer associated with the cryptocurrency he created as a joke.

See also: Bitcoin Drops Below $40,000 Mark After 3 Months As Elon Musk-Fueled Crypto Selloff Deepens

Markus previously said that he “made Doge in like 2 hours” and “didn't consider anything” when asked whether energy usage was taken into account during its creation.

When asked to explain why he made Doge in 2 hours, Markus responded by saying, “It was funny.”