Tesla's stock has just been heavily impacted, dropping over 14% in a single day and losing a market capitalization of $1 trillion. What caused this? The escalating discord between Elon Musk and President Donald Trump.
Currently, Bitcoin supporter Samson Mow has given bold advice: it’s time for Musk to switch to Bitcoin.
Mow's Bitcoin design for Tesla and SpaceX
When the market reacted to Musk's political clash, Mow shared his strategy with X. He urged Musk to start accepting Bitcoin payments again at Tesla and to implement a Bitcoin Treasury strategy.
He also suggested that SpaceX could offer discounts for launches paid for with BTC – a move he stated would push back inflation and weaken the fiat money system. “This is not financial advice. This is freedom advice,” Mow added, warning that Musk should act before his fiat assets could be frozen.
Mow believes that Bitcoin could serve as a hedge and a statement against excessive government intervention and economic instability.
Tesla's worst trading day in months
Tesla's stock closed at $284.68, marking the largest single-day drop since March 10. The stock has now fallen nearly 20% over the past five days, and its market capitalization has slid to $915.74 billion.
Even after trading hours, the decline continued with a drop of 2%. At the time of writing, Tesla was trading at $298.60.
Musk vs. Trump: What caused the collapse?
The market fell after Musk publicly criticized Trump's proposed 'Beautiful Big Bill', a government spending plan that would increase U.S. debt.
Musk has criticized this bill in several posts on X and even called for Trump's impeachment, comments that clearly shook investor confidence and triggered a sell-off.
The voice of cryptocurrency backs Mow’s call
Samson Mow is not the only one encouraging Musk to invest in Bitcoin.
Jack Dorsey, co-founder of Twitter, reposted Musk's old comment from 2020: “Bitcoin is my safe word.” This is a subtle reminder at a time when Musk may need a financial safe haven.
XRP lawyer John Deaton also joined in, predicting that Tesla might buy even more Bitcoin. The company currently holds over 11,000 BTC in its portfolio.
What's next? All eyes are on Musk
With Tesla's stock under pressure and the clash between Musk and Trump growing tense, the cryptocurrency world is watching closely.
Will he heed Mow's advice and invest heavily in Bitcoin? Or will he continue to disregard the affected market?
Whatever Musk does next could shake both the stock market and the cryptocurrency space once again.
