bitcoin crash in may after Elon Musk's "diamond hand emoji" tweet
Image: bitcoin crash in may after Elon Musk’s “diamond hand emoji” tweet

Elon Musk, the CEO of Tesla and SpaceX, holds the power and influence to make or break the cryptocurrency market with a single tweet. This time it’s ” Diamond hand emoji”.

The players of the market take his opinions as gospel truth, so much so that the business magnate himself warned on the social media platform last year that we shouldn’t take anything he tweets too seriously, as he was “always crazy on Twitter.”

Nonetheless, his tweets continue to wreak havoc, an example of which was recently seen when Bitcoin, Ethereum, and other cryptocurrencies experienced a major crash on Wednesday. However, just a day after the market value of crypto dropped by two digits, Musk posted a tweet in terms of emojis that has left many confused.

Elon Musk tweeted “Tesla has (emoji of Diamond and emoji of raised hands),” and added in another tweet in the thread, “Credit to our Master of Coin.” The “diamond Hand emoji” implies that his auto company Tesla would not be parting ways with its $1.5 billion stakes in bitcoin, despite recently announcing that they won’t be accepting Bitcoin as a method of payment as promised earlier.

“Diamond hands” is a reference to “traders who believe in the eventual profitability of their stocks and securities and keep holding them while their value drops.” It is a commonly used term on the WallStreetBets, a subreddit where participants discuss stock and option trading.

To explain it further, a person or company with a “diamond hand emoji” is someone ready to hold a position for the end goal despite the potential risks and losses. Their hands are described as being “diamond” because they continue holding with such strength that their hands become extremely valuable, like a diamond.

Musk’s proclamation that Tesla has diamond hands has sent Twitter into a frenzy, with many users complaining about his frequently varying opinions. “This is an emotional roller coaster,” one tweeted, while another commented, “Stop manipulating people to fill your pockets more.”

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“You’re the most hated person in the world right now. All of my friends, myself included, went from die-hard Elon/Tesla/SpaceX/Neuralink fans to hating you from deep within our souls. How you accomplished that in such a short amount of time is one for the history books,” a third one wrote.