Elon Musk's recent Twitter following, according to prominent American stock broker Peter Schiff, implies the Tesla executive is gradually growing less interested in cryptocurrencies. In a tweet sent today, Schiff highlighted that he had seen Musk follow prominent silver supporter Wall Street Silver on Twitter. Following the collapse of his cryptocurrency assets, according to Schiff, the development raises the possibility that Musk may be interested in securing his riches with the precious metal. Schiff said:
Musk would follow him for investing advice on conventional financial products, such as gold, according to the Chief Economist and Global Strategist at Euro Pacific Capital.
Amid a Price Drop, Schiff Trolls Crypto Enthusiasts
Schiff is a well-known cryptocurrency skeptic who doesn't think anything good will emerge from the emerging commodity. Schiff takes the chance to mock bitcoin investors whenever the market for cryptocurrencies crashes. His son Spenser Schiff, El Salvador's president Nayib Bukele, and MicroStrategy co-founder Michael Saylor are just a few of his recent victims.
As was noted in August, the Gold Bull made fun of his son on his birthday after Bitcoin crashed.
Tesla's Bitcoin Holdings
Recall that in February 2021, Elon Musk's Tesla declared a $1.5 billion investment in Bitcoin. The price of the largest cryptocurrency in the world by market capitalization increased as a result of the statement. By the end of the previous year, Tesla's Bitcoin holding had grown to an enormous $2B.
However, as a result of the collapse of the Terra ecosystem, the company's Bitcoin holdings have plummeted significantly this year. The well-known manufacturer of electric vehicles disclosed in July that it has converted 75% of its Bitcoin assets into fiat, boosting its balance sheet by $936 million.
Tesla is still among the biggest Bitcoin holders despite the sale. Tesla reportedly has 10,725 BTC in total, which at the time of this writing is valued about $180.38M. This information comes from Buy Bitcoin Worldwide.
Investors in cryptocurrencies, meanwhile, have experienced significant losses this year. The wipeout of more than $2T was caused by the failure of top cryptocurrency projects Terra and FTX. It is interesting to note that Bitcoin is down 63.6% Year-to-Date (YTD), with the asset class trading at $16,819 at the moment.