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Elon Musk’s recent market-moving tweets might have been too much for some Bitcoin (BTC) hodlers. Someone started an online petition asking the Tesla CEO to sell his personal stash of the crypto.
The online petition titled “Elon Musk should sell his bitcoin” is currently gathering signatures. At the time of writing, 249 people have already signed the petition on Change.org.
“Elon Musk has accumulated at least $1.5bn of bitcoin on the Tesla balance sheet, and very likely has a larger personal holding he has not revealed,” the creator of the petition started.
It appears that the petition creator’s main concern is Musk’s endorsement of DOGE while criticizing Bitcoin. “Meanwhile, Musk has doubled down on endorsing Dogecoin, a literal joke, claiming to be working with the nonexistent development team and mooting integrating the cryptocurrency into SpaceX,” the petition said.
Indeed, a lot of crypto investors are dissatisfied with Musk’s recent tweets. It started on May 13 with his Twitter announcement of Tesla’s decision to halt Bitcoin payments, which sent BTC’s diving.
Musk explained that Tesla’s decision to stop Bitcoin payments is due to environmental concerns. However, he appears to have hinted that the electric carmaker might opt for Dogecoin to replace BTC as Tesla’s crypto payment option when he created a Twitter poll asking participants if they would like Tesla to accept DOGE.
The creator of the petition believes that it's just one big joke that retail investors might not get. “While it seems relatively clear to those in the know that this is, itself, a joke, there are tens - possibly hundreds - of thousands of retail investors who will not realize this and will do significant harm by listening to the advice of this charlatan, all the while being led further away from ever understanding or taking Bitcoin seriously,” he added.
Many blamed Musk for his tweet that led people to believe Tesla might be selling its BTC. While he later clarified that the company did not sell any Bitcoin, panicky investors already unloaded their crypto holdings and brought BTC’s price even lower.
Analysts have argued that Musk’s actions won’t affect the overall bullish BTC price trajectory, according to Cointelegraph. However, the petition claims that unless he sells his personal BTC stash, he might still influence the market sentiment unfairly, which could place Bitcoin hodlers at a disadvantage.
“He should sell his bitcoin, and hope it all ends up with a better custodian,” the author of the petition concluded. “If poetic justice prevails, that might just end up being somebody he was on the cusp of ruining over doge. Elon Musk: sell your bitcoin.”
