Elon Musk's influence on Cryptocurrency

Elon Musk is one of the biggest believers in cryptocurrency. Space X CEO and Tesla Boss is known for causing ripples in the global cryptocurrency market with his one tweet. In a tweet, he relieved that he owns only a tiny fraction of one bitcoin token. "I literally own zero cryptocurrency, apart from . 25 BTC that a friend sent me many years ago," Musk confessed. However his company Tesla still holds around 38,300 Bitcoin that cost $1.329 billion.

Let’s look at some of his tweets that created fluctuations in the prices of cryptocurrencies in the month of May 2021.

 At the start of this month, Elon Musk in this interview said that “There are chances that Crypto is the future currency of earth”. Adding to this, he said “Dogecoin Could Be the Future of Cryptocurrency”. The next two days Dogecoin’s price jumped from 0.58$ to 0.73$. 

On May 11, he did a poll asking - Do you want Tesla to accept Doge? Close to 40 lac users took this poll on twitter with the majority suggesting “yes - they would want to see Tesla accepting Doge”. 

There was a tweet from Elon Musk on 24th March stating that “You can now buy a Tesla using Bitcoin”. He said “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea... but this cannot come at great cost to the environment.

The very next day, he tweeted that he is closing working with Doge devs to improve transaction efficiency. 

After releasing a statement that Tesla has suspended vehicle purchase Bitcoin, there was a dip in the prices. On May 19, his tweet stated that Tesla is going to continue to HOLD onto their Bitcoin, instead of selling. 

On May 20, he made a Dogecoin reference to the famous old song How Much Is That Doggie In The Window by Patti Page.

Then, there was a tweet about him speaking with the North American Bitcoin miners. 

Later that month, he suggested changing the Dogecoin fees and also asked the audience to submit ideas to improve Dogecoin.

With so much happening over his single tweet, Elon Musk has become an influential figure behind cryptocurrency.

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