Elon Musk Makes Haters Of Poker Community

By Ben Hamill - May 19 2021
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Elon Musk Makes Haters Of Poker Community

Tesla and SpaceX billionaire CEO Elon Musk is far from the favourite person in the Poker room right now. This after a couple of tweets from the space-tech visionary late last week sent the price of Bitcoin on a rollercoaster adventure of epic proportions.

The Poker community has become increasingly more involved in the cryptocurrency revolution in recent years, with everyone from the World Poker Tour to the Winning Poker Network in on the digital money action. This has naturally led to high-stakes players taking their cue from the industry, with transaction speed, convenience, and anonymity all having added massively to the allure.

Read More...iPoker Network Confirm A Surge In Bitcoin Withdrawals

Blowing Hot And Cold

What understandably irked the Poker community and the Bitcoin-using world in general even more, was that Musk’s most recent tweets constituted a complete U-turn from everything he set off early on in February.

When Tesla announced on Feb. 8 that it had invested in $1.5 billion worth of Bitcoin, and that it would begin accepting the cryptocurrency as payment for its vehicles and products, the value of the digital currency skyrocketed. In fact, Musk himself had been punting the prices of cryptocurrencies during the weeks leading up to Tesla’s announcement and official SEC filing, all of which led to an astronomical build-up and a sharp rise in especially the price of Bitcoin.

And so, when Musk on May 13 tweeted about Tesla being concerned about the use of environment-destroying fossil fuels in the mining of Bitcoin, the markets literally could not believe what they were seeing. The general sentiment, as expressed by none other than British Poker-pro Patrick Leonard, is that someone in Musk’s position and line of industry should have and would have known the high-stakes in terms of the environment already in February, when Tesla first decided to acquire all those Bitcoin.

The Story Has Two Sides

Whether Musk is just plain ignorant, playing the markets, or being bullied into an opinion by shareholders, can be speculated about until the cows come home. But that he’s caused absolute pandemonium isn’t in dispute.

According to Pepperstone broker Chris Weston, some Bitcoin traders were forced to liquidate their positions over the weekend because of an inability to meet neither long nor short bets following Musk’s controversial tweets.

But there’s another possibility also, and that’s that Musk has simply been turned into a handy scapegoat for levelling out a market recognised by many – even some of its own investors – as being wildly inflated and extended to the point of breaking.

Which it has now come perilously close to doing. 

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