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Thursday, September 21, 2023

Elon Musk loses title of richest man overnight after ‘Diamond hands’ tweet

Elon Musk recently tweeted about how "Tesla has Diamond hands," but can he maintain that stance for long? And can those that he inspires?

With the recent rise in the popularity of cryptocurrencies, people from all walks of life seem to have a mystical attraction to them. Quick Money methods have always been popular among the masses, especially if it involves not putting in much effort. 

This hype is further boosted when influential people take notice and become active participants in them. One such personality is the Billionaire, Entrepreneur, and CEO of Tesla Inc. and SpaceX Elon Musk.

Having promoted the Internet Currency multiple times on his social media, he made sure to do the same in his appearance on “Saturday Night Live,” a popular late-night show in the US.

Elon Musk diamond hands

He only recently made the now trending tweet of how Tesla has ‘diamond hands.’ The term is a reference to “crypto traders who believe in the eventual profitability of their stocks and securities and keep holding them while their value drops.”

Read More: Is Cryptocurrency becoming the modern-day Pyramid Scheme?

Proving to be a man of his word, he decided to hold his share of Bitcoin even when it has taken a massive ‘Dip’ (also called pullbacks, which is when the price of cryptocurrency devalues massively but is expected to return to normal soon).

For the first time since February 9 this year, Bitcoin fell to an all-time low, extending losses to 20%. The cryptocurrency has been falling consistently this month, and bitcoin is currently valued at USD 36,360, according to Morningstar’s data.

The sharp fall in Bitcoin value occurred after a crackdown in China by regulators intensified against the use of cryptocurrencies by financial institutions. 

Elon Musk, despite this, decided to stick by his ‘Diamond Hands’. The venture was, however, not without its consequences. Tesla had only recently added $1.5 billion in bitcoin to its balance sheet.

The ‘Dip’ resulted in Elon Musk dropping in the list of Worlds Richest Men from 1st to 3rd. While a considerably significant loss is not the first time, Bitcoin has ‘Dipped’ and is expected to return to its original price soon.

While it might not be the biggest loss for the billionaire himself other than maybe losing bragging right to Jeff Bezos, it is, however, of much concern to those he inspires.

Then there is a Crypto Expert Mr. Whale who tweeted, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their Bitcoin holdings. With the amount of hate, @elonmusk is getting, I wouldn’t blame him…” To this tweet, Elon Musk replied, “Indeed.” However, there are yet to be any further developments on this.

Elon Musk diamond hands

An exponential number of people have started investing in cryptocurrencies, most inspired by Public Influencers such as Elon Musk. It is those people that have the most to lose. Many have invested their life savings into Bitcoin. They are now left with nothing but to pray that the ‘Dip’ ends while maintaining ‘Diamond hands.’