Elon Musk Urged to Shift Tesla to Bitcoin After $119B Stock Value Crash

Tesla stock tanked on Thursday, down 14% to close at $284.68, its biggest one-day drop since March 2023. That wiped out almost $119 billion

Written by: Arslan Butt • Friday, June 6, 2025 • 2 min read

• Last updated: Friday, June 6, 2025

Quick overview

Tesla stock dropped 14% to close at $284.68, marking its largest one-day decline since March 2023.
Elon Musk's public fallout with Donald Trump is impacting market sentiment and contributing to Tesla's stock struggles.
Bitcoin advocate Samson Mow is urging Musk to adopt a Bitcoin strategy, including accepting BTC for vehicle purchases and offering discounts for SpaceX services.
Crypto influencers are rallying behind Bitcoin as a potential hedge against economic uncertainty, pressuring Musk to pivot towards decentralized financial systems.

Tesla stock tanked on Thursday, down 14% to close at $284.68, its biggest one-day drop since March 2023. That wiped out almost $119 billion in market cap and took Tesla below the $1 trillion mark to $917 billion.

It’s all happening as Elon Musk and former President Donald Trump are having a very public falling out over the “Big Beautiful Bill” that would add a ton of US debt. Their once cozy relationship has turned into a war of words and it’s sending shockwaves through the markets.

Musk Should Go All In on Crypto

As Tesla’s stock struggles, Bitcoin advocate Samson Mow is publicly urging Musk to go all in on a Bitcoin strategy. On X (formerly Twitter), Mow suggested Tesla should bring back Bitcoin payments for vehicle purchases and that SpaceX offer discounts for customers who pay in BTC.

Mow’s advice wasn’t financial advice but “freedom advice” warning that regulatory retaliation could freeze Musk’s fiat holdings. His recommendations align with a growing belief among crypto enthusiasts that Bitcoin can be a hedge against political and economic uncertainty.

Mow suggested:

Bring back BTC for Tesla vehicle purchases
Implement a Bitcoin Treasury Strategy to stabilize company reserves
Offer BTC discounts for SpaceX launches
Move fast before fiat asset restrictions might be imposed

Crypto Influencers Rally Behind Bitcoin

Mow isn’t alone in his advocacy. Jack Dorsey, Twitter co-founder and long time Bitcoin supporter, has jumped into the conversation by resurfacing a 2020 tweet where Musk called Bitcoin his “safe word” and reinforcing the narrative that crypto is a safe haven during times of uncertainty.

XRP advocate John Deaton has also weighed in, speculating that Tesla might consider expanding its current Bitcoin holdings (over 11,000 BTC) given the political risks. This coordinated messaging among crypto influencers is clearly an effort to get Musk to pivot his companies to decentralized financial systems.

The pressure is on as Tesla stock is still down 2% in after hours and the clock is ticking.Now the wait is on for Musk’s next move. Will he go back to Bitcoin as a treasury asset and payment option? With politics getting hotter and markets getting wilder, it’s clear Bitcoin is the hard money solution for Tesla’s long term stability and protection from the fiat driven volatility crushing its stock.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.