"Tesla has diamond hands," signaling someone or something that remains a holder of a risky financial position, according to several sources on financial slang.
Bitcoin and other cryptos tanked Wednesday with the largest market value of the group falling to the $37,000 level, retreating from its record $64,000 reached earlier this year. China's Banking Association warned against digital currencies and volatility associated with investing, which added to the downside pressure the sector had been experiencing.
|BITQ||EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E||23.88||-0.29||-1.20%|
Coinbase, the largest publicly traded crypto exchange, was briefly knocked offline due to the surge. Other crypto-related exchange-traded funds were also under pressure.
Tesla became one of the first major companies to hold Bitcoin on its balance sheet, just as a company holds cash or other liquid assets. The electric automaker also briefly accepted Bitcoin for car payments before backtracking due to the environmental impact of its mining.
Earlier this week Musk clarified that the company had not sold any Bitcoin.
Musk was an early proponent of cryptos and continues to support the currencies despite some confusing messaging during his SNL hosting gig earlier this month and the days following, which created waves of volatility in the sector.
He ultimately clarified his support in a tweet, stating "To be clear, I strongly believe in crypto…" while reiterating his views on the negative impact they have on the environment.