Elon Musk Loses $15 Billion Since Bitcoin And ETH “Too High” Warning

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Last Updated on 23 February 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The world’s richest man is no longer Tesla’s boss, but rather Amazon’s. Jeff Bezos took the crown back from Elon Musk after the latter shot himself in the foot when he declared on Twitter over the weekend that both the prices of Bitcoin and rival Ether “do seem high”.

Ever since then, Bitcoin started a selloff which saw it lose some $12k in value since it’s highest position and Tesla slid 8.6% on Monday alone, wiping a massive $15.2 billion from Mr Musk’s net worth.

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Musk and Schiff

Amazon boss (and recently retired) Jeff Bezos held the top spot on the world’s billionaires ranking since 2018. Only lost it to South African Elon Musk when the Tesla and SpaceX boss saw a whopping rally for the stock of his electric car company which took the shares 794% higher in a year.

But now all of that has changed after tech shares saw a hefty selloff and Bitcoin experienced a correction. It all started on 19 February apparently, just before Satoshi Nakamoto’s invention noted an all-time-high of some $58,000.

At that moment, known Bitcoin critic Peter Schiff noted:

According to Elon Musk “Bitcoin is almost as BS as fiat money.” So Musk regards both Bitcoin and fiat as BS. I agree, I just think Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. Gold is not BS. It’s real money and better than both!

The Tesla boss, probably seeing some of the crypto commentators retweet or comment on the Schiff comment, was quick to pounce back, saying:

An email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.

Problem for Musk, and most of the cryptosphere (perhaps), is that the Tesla boss then added a quick note:

That said, Bitcoin and Ether do seem high, lol.

It is impossible to pinpoint whether it were Treasury Secretary Janet Yellen’s harsh comments on Monday or Musk’s joke which started the crypto selloff, but it sure looks like Elon will regret that joke in hindsight.

Then again, his net worth is now $183.4 billion, down from a peak of $210 billion in January. Still got some pocket change there.

Also, it’s the first time within a week that Bitcoin is under $1 trillion market cap.