As the price of Bitcoin (BTC) dropped well below the psychological price level of $60,000, briefly threatening to decline further below $50,000, Tesla (NASDAQ: TSLA) CEO Elon Musk posted a cryptic message that some in the cryptocurrency community saw as relevant.
Specifically, Musk shared a popular meme that said, “Hard times create strong men. Strong men create good times. Good times create weak men. Weak men create hard times,” implying that modern society is currently in the final stage, according to his X post published on August 5.
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— Elon Musk (@elonmusk) August 4, 2024Indeed, the meme refers to images representing different stages of the Roman Republic and alludes to the concern, particularly expressed by the political right, that society today might be where the Romans were before their collapse or the moment in which “weak men create hard times.”
Bitcoin price 7-day chart. Source: Finbold
All things considered, Elon Musk might be using the low price of Bitcoin to stock up on it, especially given his support for the crypto industry in general. However, he has addressed this claim so far, so doing one’s own research when investing is critical.
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