A Look at His Most Shocking Tweets About Crypto
Elon Musk, the CEO of Tesla and SpaceX and most recently Twitter is known for his frequent controversial statements on twitter about the cryptocurrency market and Blockchain technology. That violently moving the price of the different assets therein.
In December 2020, Musk tweeted.
“Bitcoin is almost as “bs” as fiat money”
This caused a significant drop in the price of Bitcoin.
However, in February 2021, Tesla announced that it had purchased $1.5 billion worth of Bitcoin, which was a shocking move given Musk’s previous criticism of the cryptocurrency. This caused yet another spike of enthusiasm in the Bitcoin price.
However, in May of the same year. Musk tweeted that Tesla would no longer accept bitcoin as payment due to environmental concerns about its heavy energy use, a reversal of its acceptance of the marquee cryptocurrency just two months earlier.
However, in May of the same year. Musk tweeted that Tesla would no longer accept bitcoin as payment due to environmental concerns about its heavy energy use, a reversal of its acceptance of the marquee cryptocurrency just two months earlier. As a result, the price of bitcoin dropped Significantly. Eventually leading to the deduction of over 200billion dollars from the total crypto market cap
Musk’s tweets have also influenced cryptocurrency prices in other projects specifically meme coins such as Dogecoin. In February 2018, he tweeted.
“I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago”
In May 2021, Musk tweeted about Dogecoin, saying,
“Working with Doge devs (developers) to improve system transaction efficiency. Potentially promising”
This tweet caused the price of Dogecoin to skyrocket. subsequently sparking one of its biggest price rallies since the coin launch.
Taking note of Elon Musk’s thoughts and ideas, the crypto and Blockchain communities react on any sentiment he expresses to move the prices of crypto assets.
Most in April of 2023 Twitter (Now owned by Elon Musk since Oct 2022) changed the logo to a shiba inu (a meme coin) image, Musk shared a meme about the change to his 133.5 million followers on Twitter. The dog appeared only for some users of Twitter, including those on its website.
This led to an increase in Dogecoin and Shiba Inu prices.
In spite of the controversy surrounding his tweets, Musk’s interest in blockchain technology has been a driving force behind some of his more positive tweets. He has expressed its potential to revolutionize industries such as finance and energy.
It is impossible to ignore Elon Musk’s tweets about cryptocurrencies and blockchain technology, regardless of whether you respect or dislike him. In the digital age, Musk’s tweets are a powerful reminder of how powerful social media can be.
In conclusion, Elon Musk’s tweets have influenced the cryptocurrency market significantly, showing social media’s value in the digital age. Despite the controversy and price fluctuation caused by his tweets, they have also generated interest in Blockchain technology and its role in shaping the future.
