What It Means & Why Elon Musk Tweeted It

What It Means & Why Elon Musk Tweeted It

May 19, 2021 0 By admin

In relation to a recent cryptocurrency market event, Elon Musk took to Twitter to let everyone know that Tesla is holding with its diamond hands.

It might seem strange for Elon Musk to have stated Tesla has diamond hands without context, but the message was in relation to recent events within the cryptocurrency market. Here’s what actually happened, why Tesla has diamond hands, and why Elon Musk felt the need to relay the message to the Twitterverse.

Twitter has become somewhat of a vehicle for Musk to make announcements, offer insight, and generally communicate with the public at large. At times, this has impacted on the companies Musk is associated with, but it still remains a go-to option for for the CEO. When it comes to Tesla specifically, Musk’s Twitter account actually remains one of the primary ways to stay informed on changes to the company’s electric vehicle, new features, price adjustments and more.

Related: Why California DMV Is Now Investigating Tesla Over Full Self-Driving

In a very recent Tweet, Musk stated that Tesla has diamond hands. Technically, the message only stated “Tesla has” with the rest of the Tweet consisting of a diamond and hands emoji. Either way, the underlying message was the same, with the Tweet almost certainly related to an event that took place this morning where the cryptocurrency market was hit hard, resulting in multiple cryptos dropping in value.

What Happened & Why Diamond Hands?

Bitcoin and dogecoin

China recently issued a directive advising financial institutes against the use of cryptocurrencies. In effect, the order was a ban on accepting, trading, or providing services related to cryptos. Following which, the market as whole took a hit with Bitcoin, Ether and Dogecoin all encountering sudden and significant price drops. For those invested in a cryptocurrency such as Bitcoin or Doge, the plunge in value could have been a concern and may have even led to some selling their holdings, possibly further affecting the price. This is where the diamond hands message comes in.

While Tesla recently started accepting Bitcoin as a method of payment before then reversing that decision, the company has also been active in Bitcoin trading as well. Tesla had previously purchased an amount of Bitcoin, and although some was sold during the last quarter, the company still owns a substantial amount. Essentially, Musk was confirming that Tesla was not planning to panic sell its Bitcoin holdings. In other words, the holdings are in diamond hands. Messages like this are often relayed to a community when events cause the value of a coin to suddenly decrease. Another popular one is HODL. Sometimes used as misspelling of “hold” and sometimes used as an acronym for “hold on for dear life,” the message is the same and indicates an investor is going to ride out the current situation and not sell. In this case, Musk’s diamond Tesla hands Tweet offers the same reassurance to the Bitcoin community.

Next: How Scammers Impersonating Elon Musk Stole Over $2M In Cryptocurrency

Source: Elon Musk/Twitter

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