The comment follows recent cataclysmic events which led to an implosion of the cryptocurrency ecosystem. However, this “crypto winter”, as it’s often referred to, has been slowly getting worse amid both institutional failure in the ecosystem and changes in global financial conditions.
Musk’s reply was made in reference to a comment recounting BTC’s previous high of $69,000 which asked where the price of bitcoin might be a year from now. Indeed, the price of BTC has drastically fallen, as has trust in the broader industry.
