Yay or nay? New petition demands Elon Musk sell all his Bitcoin

The “Dogefather” has gone too far for some Bitcoin hodlers and should allow a “better custodian” to own them instead, said the petition’s creator.

Tesla and SpaceX CEO and self-proclaimed “Dogefather” Elon Musk should sell his Bitcoin holdings, said hodlers.

A new petition on Change.org is currently gathering signatures to make Musk divest himself of his personal stash of Bitcoin (BTC).

“Elon Musk: Sell your Bitcoin”

Its goal is modest:100 signatures at first, of which a grand total of 62 have already been gathered. For the creator of the petition, however, billionaire Musk has touched a nerve.

“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 currently at the center of furor over his professed love of meme-based altcoin Dogecoin (DOGE), which he has championed while criticizing Bitcoin.

The impact on both cryptocurrencies ended up being negative this weekend as BTC/USD fell to near $42,000 and saw its market dominance drop to three-year lows.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

Reactions pinned the blame firmly on “Technoking” Musk, while some seasoned analysts argued that his actions would end up being inconsequential in the face of the overall bullish Bitcoin price trajectory.

Until he sells his BTC, however, there will be an opportunity for Musk to influence market sentiment unfairly to the detriment of every other hodler,  the petition claims.

“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 Cointelegraph reported, another gauge of investors’ feelings on the future of Bitcoin in light of recent events is more hopeful. A survey by Stock-to-Flow price model creator PlanB shows that most see BTC/USD hitting $100,000 in 2021.

At the time of writing, over 70,000 responses have confirmed that $100,000 is a reasonable price target, with only 25% believing that the largest cryptocurrency will peak lower. 

PlanB’s Bitcoin price survey. Source: PlanB/Twitter

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.