Elon Musk has become a name to anyone known to any person even remotely aware of cryptocurrency. His relationship with cryptocurrencies has been a confusing one. Initially, he loved them, then he promoted them, now he thinks they are terrible for the environment. In 2019, among many large institutions coming forward to invest in Bitcoin, Tesla announced that they had invested about $1.5 billion worth of Bitcoin. Elon also announced that Tesla would be accepting payments for their car sales in crypto. This caused great excitement among Bitcoin investors as they celebrated their investments in the crypto-industry. However, to their misfortune in April Elon decided to back off from investing in Bitcoins and withdrew about 10% of Tesla’s Bitcoin holdings. This created a panic among many investors who took to Twitter to call out Elon Musk. Musk explained his reason being the high energy consumption of Bitcoin in the mining process. This decision sent cryptocurrencies in a downward spiral and Bitcoin hit a new low of nearly $30,000.