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Industry analyst Dan Ives, managing director of equity research at Wedbush Securities, on Thursday called Musk's \"major U-turn\" on crypto a \"head-scratching move.\"

\"Musk is now concerned about the use of fossil fuels in Bitcoin mining and transactions, yet the nature of Bitcoin mining has not changed in the last three months, which speaks to why backtracking on the crypto transaction three months later is a very surprising and confusing move to both Tesla and crypto investors,\" Ives wrote in a note sent to ABC News.

The price of Bitcoin has plunged more than 9% since Musk's tweet.

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