Bitcoin price: How Elon Musk lose im crown as richest man for di world

Oga of Tesla Elon Musk don lose im crown as di richest pesin for di world after shares for im electric car company go down.

Telsa value na di main source of Oga Musk wealth but di former richest man lose money when Tesla shares drop pass 20% from early January when e go for $880.

But wen Tesla go put hand inside Bitcoin investment of $1.5bn, di fall of di cryptocurrency dis week drag di company too join.

Dis one cause Amazon founder Jeff Bezos to return to di throne of world richest person.

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Some sabi pipo reason am say "as Musk and Tesla don go carry hand put inside Bitcoin... investors don begin use di same eye look Bitcoin and Tesla," US-based analyst Dan Ives bin tok.

"Di recent Bitcoin sell-off (when Bitcoin traders begin cash out) add to di fear-fear say anything fit happen."

On just Monday alone Oga Musk lose $15bn of im net worth, according to Bloomberg.

Wetin dey cause Bitcoin price to drop?

For weeks after Tesla reveal say dem don buy $1.5bn worth of di currency and say dem go accept am as payment, di price of Bitcoin go up by nearly 50%.

But since e reach $57,000 on Sunday, di cryptocurrency don drop by nearly 20%. As at Tuesday 23 February, e dey trade less than $48,000.

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Di same way wey pipo say na because of Oga Musk big investment Bitcoin value don go up (as more pipo come begin buy am), some don say na im also cause di currency to drop.

For one of im post ontop Twitter during di weekend, Musk write say di price of Bitcoin "dey high one kain lol".

Anoda tin wey dey affect di cryptocurrency na di comments from US Treasury Secretary Janet Yellen, wey tear warning ontop Bitcoin mata on Monday.

She say di currency na "extremely inefficient way to do transactions".