Yay or nay? New petition calls for Elon Musk promote all his Bitcoin

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Tesla and SpaceX CEO and self-proclaimed “Dogefather” Elon Musk ought to promote his Bitcoin holdings, mentioned hodlers.

A brand new petition on Change.org is at the moment gathering signatures to make Musk divest himself of his private stash of Bitcoin (BTC).

“Elon Musk: Promote your Bitcoin”

Its objective is modest:100 signatures at first, of which a grand whole of 62 have already been gathered. For the creator of the petition, nevertheless, billionaire Musk has touched a nerve.

“Elon Musk has accrued no less than $1.5bn of bitcoin on the Tesla steadiness sheet, and really possible has a bigger private holding he has not revealed,” its description begins.

“In the meantime, Musk has doubled down on endorsing dogecoin, a literal joke, claiming to be working with the nonexistent improvement workforce and mooting integrating the cryptocurrency into SpaceX.”

Musk is at the moment on the middle of furor over his professed love of meme-based altcoin Dogecoin (DOGE), which he has championed whereas criticizing Bitcoin.

The impression on each cryptocurrencies ended up being detrimental this weekend as BTC/USD fell to close $42,000 and noticed its market dominance drop to three-year lows.

BTC/USD 1-hour candle chart (Bitstamp). Supply: Tradingview

Reactions pinned the blame firmly on “Technoking” Musk, whereas some seasoned analysts argued that his actions would end up being inconsequential within the face of the general bullish Bitcoin value trajectory.

Till he sells his BTC, nevertheless, there will probably be a chance for Musk to affect market sentiment unfairly to the detriment of each different hodler,  the petition claims.

“He ought to promote his bitcoin, and hope all of it finally ends up with a greater custodian,” it continues.

“If poetic justice prevails, which may simply find yourself being someone he was on the cusp of ruining over doge. Elon Musk: promote your bitcoin.”

Odds are on for $100,000

As Cointelegraph reported, another gauge of investors’ feelings on the future of Bitcoin in light of recent events is more hopeful. A survey by Stock-to-Flow price model creator PlanB reveals that almost all see BTC/USD hitting $100,000 in 2021.

On the time of writing, over 70,000 responses have confirmed that $100,000 is an inexpensive value goal, with solely 25% believing that the biggest cryptocurrency will peak decrease. 

PlanB’s Bitcoin value survey. Supply: PlanB/Twitter

PlanB himself got here out combating towards Musk, calling his actions an try and “destroy” Bitcoin.

“If you wish to make an announcement, promoting your Tesla inventory and shopping for Bitcoin as a substitute may very well be very efficient IMO,” he told Twitter followers.