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Bitcoin price drops slightly because Elon Musk could sell Tesla stocks and Tim Cook indicates that Apple won't accept crypto payments anytime soon

According to Tim Cook, Apple customers probably won't be able to pay for their new iPhone with bitcoin or other cryptocurrencies anytime soon (Image: Executium)
According to Tim Cook, Apple customers probably won't be able to pay for their new iPhone with bitcoin or other cryptocurrencies anytime soon (Image: Executium)
After a great start to the week, the Bitcoin has to digest a few rather negative headlines in relation to a statement made by Apple CEO Tim Cook and the recent actions by Tesla boss and crypto enthusiast Elon Musk.

After reaching a new all-time record high of US$68,530 on Monday, the Bitcoin has taken a breather in the last 24 hours as the most valuable cryptocurrency in the world deals with a couple of negative headlines which were caused by the well-known CEOs of two tech heavyweights from Silicon Valley. Another record-setting November, which historically is Bitcoin's strongest month of the year, appears to be on pause for now.

First of all, the slightly weakening Bitcoin price can be attributed to a statement made by Apple CEO Tim Cook, who has addressed crypto in a recent virtual appearance at a summit hosted by the New York Times. Cook asserted that crypto "is reasonable to own" as "part of a diversified portfolio", but he also insinuated that Apple would not invest in crypto under his leadership, which most likely also means that it won't accept Bitcoin as a payment method for products like the new iPhone 13 Pro Max (from US$1,099 on Amazon) anytime soon.

Another trigger for Bitcoin's decreasing price was crypto aficionado Elon Musk, who recently made headlines by conducting a Twitter poll on whether or not he should sell Tesla stock, which caused a significant slump of 12% for the electric car company. Since Tesla itself holds bitcoins worth billions of dollars, such news can also have an affect on the Bitcoin price, even though this influence turned out to be rather moderate in this case. One bitcoin is currently priced at US$67,150, which is approximately 2% below the record all-time high reached on Monday.

Disclaimer: This article is for informational purposes only and does not contain any kind of investment advice.

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Enrico Frahn
Editor of the original article: Enrico Frahn - Tech Writer - 927 articles published on Notebookcheck since 2021
My fascination for technology goes back a long way to the Pentium II era. Modding, overclocking and treasuring computer hardware has since become an integral part of my life. As a student, I further developed a keen interest in mobile technologies that can make the stressful college life so much easier. After I fell in love with the creation of digital content while working in a marketing position, I now scour the web to bring you the most exciting topics in the world of tech. Outside the office, I’m particularly passionate about motorsports and mountain biking.
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 11 > Bitcoin price drops slightly because Elon Musk could sell Tesla stocks and Tim Cook indicates that Apple won't accept crypto payments anytime soon
Enrico Frahn, 2021-11- 9 (Update: 2021-11- 9)