Elon Musk’s tweets send Vietnamese crypto investors into spiral of anxiety
By Dat Nguyen May 24, 2021 | 08:36 am GMT+7
An illustration of Bitcoin. Photo by Shutterstock/By REDPIXEL.PL.
Elon Musk’s recent tweets have partly contributed to sending Bitcoin and other cryptocurrencies tumbling, and Vietnamese investors into losses and diminishing their hope in the future of digital currencies.
Thien Tuan from the northern town of Mong Cai has seen his VND30 million ($1,300) investment in several cryptocurrencies depreciate by nearly 40 percent in the last few days.
The 28-year-old had entered the crypto market in early April with no prior investment experience. Half of his savings is now in XRP, which has fallen 36 percent since mid-April, and Dogecoin, which has lost half its value in two weeks.