In an SEC filing in February 2021 Tesla announced that it bought $1.5 billion worth of Bitcoins and days later CEO Elon Musk took to Twitter announcing that Tesla would accept Bitcoins as payment to purchase their cars.
Since then, the price of the cryptocurrency soared each day touching new heights of $63,000 in April.
In a stunning reversal, Musk took to Twitter on Wednesday announcing that Botcoins would not be accepted as payments at Tesla and the tweet sent tremors in the crypto market making it tank 15% of its value in just an hour and slipped below $50,000.
The reason Musk gave out for rejecting Bitcoin is the ''rapidly increasing use of fossil fuels for Bitcoin mining and transactions,'' hurts the environment but gave a relief to investors saying Tesla is not selling their holdings.
Musk can now make or break a cryptocurrency just by his tweets or statements and Bitcoin investors are not happy about it.
Reports are doing the rounds that top Bitcoin investors are furious over Elon Musk trying to control the crypto market and are planning to regroup and stop him from flexing his muscles on Bitcoin just like how he successfully pulled out a stunt making Dogecoin rise up to new heights and fall dramatically.
''He (Musk) appears to get a kick about the control he has over financial markets,'' said Prof Alexander, from the University of Sussex Business School to Express.uk.
He also warned that Musk's behaviour with manipulating the crypto market will not be tolerated by a large group of Bitcoin investors. ''If he tries to do the same with Bitcoin, the larger investor community would not tolerate it.''
Since the beginning of 2021, Musk has been aggressively trying to poke his nose in the functioning of crypto markets targeting two of his favourite coins Doge and Bitcoin.
His tweets and statements have shook the indices and several investors have accused him of indulging in internal trading for his own benefit, which is illegal and unethical in the stock market exchanges, but is not questioned for his role in the crypto market as it's not regulated by the government yet.
Twitter users have warned other investors to invest with caution on Dogecoin henceforth as Musk is capable of doing another reversal next year saying he would no longer accept Dogecoin as the currency for the rocket to go to space and make it tumble.
The majority of the cryptocurrencies have been trading in red post his tweet and have slipped to double digit percentages.