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According to the author of the petition, the “Dogefather” has gone too far for some Bitcoin hodlers and should authorise a “better custodian” to own them instead.
Elon Musk, CEO of Tesla and SpaceX, and self-proclaimed “Dogefather” should sell his Bitcoin shares, according to hodlers.
“Elon Musk: Sell your Bitcoin”
Its initial target is modest: 100 signatures, of which 62 have already been collected. However, billionaire Musk has struck a chord with the petition’s founder.
“Elon Musk has accumulated at least $1.5bn of bitcoin on the Tesla balance sheet, and very likely has a larger personal holding he has not revealed,” its description begins.
“Meanwhile, Musk has doubled down on endorsing dogecoin, a literal joke, claiming to be working with the nonexistent development team and mooting integrating the cryptocurrency into SpaceX.”
Musk is now at the forefront of controversy due to his open support for meme-based altcoin Dogecoin (DOGE), which he has promoted while denouncing Bitcoin.
The effect on both cryptocurrencies was negative this weekend, with BTC/USD falling to near $42,000 and its market dominance falling to three-year lows.
Reactions centred on “Technoking” Musk, while some veteran observers suggested that his actions would be insignificant in the face of Bitcoin’s overall bullish trajectory.
However, before Musk sells his BTC, there will be an incentive for Musk to disproportionately manipulate consumer sentiment to the detriment of any other hodler, according to the petition.
“He should sell his bitcoin, and hope it all ends up with a better custodian,” it continues.
“If poetic justice prevails, that might just end up being somebody he was on the cusp of ruining over doge. Elon Musk: sell your bitcoin.”
Odds are on for $100,000
As previously noted, another indicator of investors’ thoughts about the future of Bitcoin in light of recent developments is more optimistic. According to a survey conducted by PlanB, the founder of the Stock-to-Flow price model, the majority of respondents believe BTC/USD would reach $100,000 in 2021.
At the time of publishing, over 70,000 comments indicated that $100,000 is a fair price target, with just 25% expecting the biggest cryptocurrency to plateau lower.
PlanB himself came out fighting against Musk, calling his actions an attempt to “destroy” Bitcoin.
“If you want to make a statement, selling your Tesla stock and buying Bitcoin instead could be very effective IMO,” he told Twitter followers.