25% of Bitcoin users have fled the network since Tesla stopped accepting BTC for car payments

It seems that the impact of tweets from Elon Musk is really bad for Bitcoin and the cryptocurrency market. Apart from the unusual price spikes, in fact, about 25% of Bitcoin users have fled the network since Tesla stopped accepting BTC for car payments.

25% of Bitcoin users have fled the network since Tesla stopped accepting BTC for car payments

According to Timothy Peterson of Cane Island Alternative Advisors, 25% of Bitcoin users have died since Tesla stopped accepting BTC for car payments.

Bitcoin and crypto analyst Peterson believes that Elon Musk’s tweet announcing his decision to suspend Bitcoin payments changed the fundamentals of BTC.

He stated:

“Musk’s May 12 bitcoin tweet has fundamentals. I estimate that 25% of bitcoin users have fled since Tesla decided to stop accepting $BTC. Network size is down 45% from the 15 Apr high. Yesterday, Active Addresses hit the lowest value since Oct 2020.”

25-of-bitcoin-users-have-fled-the-network-since-tesla-stopped-accepting-btc-for-car-payments

Bitcoin’s network size is down from its peak value in mid-April. Specifically, the network shrank 45% in tandem with its market drop causing it to retest $30,000 at the end of May. At the time of writing, Bitcoin was trading at $35,600 as it failed to grab. back to the 200-day moving average for almost three weeks.

Former Secretary of Labor Robert Reich is the latest to criticize the Tesla CEO for his impact on the cryptocurrency market.

Prof. Reich took to Twitter on June 5 to share his opinion about Musk’s Twitter activities, saying they aren’t funny:

On June 5, reports surfaced revealing that international hacktivist group Anonymous had issued a video directed at Elon Musk. It may seem like a low point for BTC at the moment, but the bigger picture is much more positive. While now nowhere near the heights it was at last month, BTC is still substantially up from its position last year.

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