Elon Musk tweeted a 'diamond hands' meme as bitcoin and other cryptocurrencies continue to crash

• Elon Musk tweeted "Tesla has diamond hands" on Wednesday as cryptocurrencies crashed.
• The tweet referenced a meme and indicates Tesla is holding on to its cache of bitcoin.
• The meme has become part of the lingo of Reddit's Wall Street Bets forum.

Elon Musk's at it again: The billionaire Tesla CEO tweeted out a meme on Wednesday that appeared to indicate Tesla will hold on to its bitcoin amid a major crypto crash.

"Tesla has ," Musk tweeted. "Diamond hands," as KnowYourMeme explains, is a reference to "traders who believe in the eventual profitability of their stocks and securities and keep holding them while their value drops."

-Elon Musk (@elonmusk) May 19, 2021

Bitcoin, ethereum, and other cryptocurrencies experienced a major crash on Wednesday: The 10 most valuable cryptocurrencies by market cap dropped by double digits, with one exception.

It appears Tesla, according to Musk's tweet, isn't going to sell its cache of bitcoin. The company did, however, recently stop accepting bitcoin for its vehicles - a move that may have helped to spur this morning's drop in value.

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"Diamond hands" is a meme pulled straight from the "WallStreetBets" Reddit forum, where retail investors rallied behind "meme stocks" like GameStop and AMC.

The lingo from WallStreetBets is a mix of traditional investing jargon with internet culture, such as "hodl" (an intentional misspelling of "hold") and "diamond hands."

Tesla representatives didn't respond to a request for comment.

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