The bitcoin price, after doubling through the first three months of the year, has struggled in April—losing over 10% of its value amid multiple warnings the “frothy” cryptocurrency market could be headed for a “major” correction.
With Tesla set to release its first set of results since adding $1.5 billion worth of bitcoin to its balance sheet (and promising to increase its holdings) on Monday, Musk has primed the bitcoin and cryptocurrency market for fireworks.
Bitcoin and cryptocurrency market watchers, highly attuned to Musk’s signals, will be paying close attention to any bitcoin or crypto-related statements in Tesla’s first-quarter earnings report, set to be released after the market close on Monday evening.
Musk has made a series of cryptic bitcoin and crypto-related Twitter posts in recent weeks, something he also did before Tesla announced its huge bitcoin-buy in early February. Musk has also regularly posted about the tongue-in-cheek meme-based cryptocurrency dogecoin, spurring it on to a mind-blowing $50 billion market cap—though he’s previously said his dogecoin posts shouldn’t be taken seriously.