Musk has become the most influential person on Bitcoin

Musk boosts his brand, and NBCUniversal's, on 'Saturday Night Live' |  Reuters

One morning in January, when he added “bitcoin” to his Twitter feed, the price of bitcoin shot up nearly 20 percent. The month after Tesla Inc. revealed it had purchased $1.5 billion worth of cryptocurrencies, they rose 16 percent in a single day.

Then, earlier this month, he tweeted that Tesla would no longer accept bitcoin as a payment method for its vehicles. Investors blame the tweet for the worst drop of the year triggered by Bitcoin, a frenzy that has shrunk its market cap by hundreds of billions of dollars and wiped out gains since late January. After peaking at nearly $65,000 in mid-April, the price of bitcoin has now fallen about 50 percent, including about 40 percent since Musk’s tweet in May.

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