Elon Musk is a nutbag, we all know it (but love it for him anyway). His tweets, particularly about Bitcoin and Dogecoin, have created movements that could give any good cult leader a run for their money.
Buckle up, today we’re taking a trip down memory lane to recall the three times Elon influenced the crypto markets the most.
#1 From Critic to Advocate: Elon Musk’s Bitcoin Journey
Elon Musk’s Bitcoin journey kicked off in late 2020 with a tweet comparing it to fiat currency, sparking intense debate.
Though Jack Dorsey had already shown support, Musk’s move to add #bitcoin to his Twitter bio won him crypto community favor. And if that wasn’t enough, a few months later Tesla would add $1.5 billion Bitcoin to their balance sheet (which we’re waiting for Nvidia to do next with all that cash!); this sent prices soaring and marked a significant crypto milestone.
#2 The Dogecoin Saga
While Bitcoin dominated news, Elon Musk adopted Dogecoin, a cryptocurrency born from humor.
In February 2021, he proclaimed it “the people’s crypto,” triggering a 50% surge. Musk’s tweets elevated Dogecoin to serious crypto status, but 2022 brought a $258 billion lawsuit for alleged manipulation. Legal troubles aside, Musk’s Dogecoin fervor often sent prices up, though his “SNL” remark branding it “a hustle” caused a nosedive.
#3 Environmental Concerns and Bitcoin’s Decline
Why does America need the Department of Government Efficiency? 🇺🇸
Government overspending causes inflation. We must stop it to control inflation. This department would audit the federal government to identify waste, cut costs, and help reduce inflation. pic.twitter.com/QjGcySkEwJ
— DogeDesigner (@cb_doge) October 16, 2024
Musk shook the crypto sphere in May 2021 by pulling Bitcoin from Tesla’s payment options, blaming its environmental toll. This decision triggered a Bitcoin price nosedive and stirred debate on crypto’s role in big business.
Though Tesla kept its Bitcoin initially, the stash has since shrunk. Today, Musk’s companies, like SpaceX, retain about 8,285 BTC, showing a cautious but ongoing engagement with digital currencies.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
