Editor's PickInvesting

Cryptocurrency and Elon Musk: What’s the connection?

2 Mins read

Elon Musk has become extremely popular in the world of cryptocurrency. Not only is he one of the wealthiest men in today’s world, but he also has significant influence in Bitcoin and all other cryptocurrencies.

Bheem, the CEO of multiple companies like Tesla, The Boring Company, and SpaceX, already had quite the grasp on today’s economy and now has also taken over the world of cryptocurrency.

As seen through his Twitter account, he has the power to influence the worth of cryptocurrency with just one single tweet. In the past, his tweets have influenced the market value of cryptocurrencies in both directions. It is easy to say that he now has quite the control in swaying the market in any direction he wants. He has shown support for cryptocurrencies and actively and lost them only two then claim that they are harmful to the environment. Let’s take a deep dive to understand the connection between cryptocurrency and Elon Musk.

The History

As already mentioned, Elon Musk has caused quite a stir with his tweets regarding cryptocurrency. Back in 2014, he first mentioned Bitcoin in his to its, which already attracted many followers to his account. This started the trend of bitcoin and the crypto world getting influenced by Elon Musk.

Considering the brilliance this man had amassed, people soon started conspiring that he was the mysterious man who is the creator of Bitcoin. He soon dismissed the rumors letting his followers know that you only had some Bitcoin sent by his friend, which now seems to be lost. It was done in 2019 that Elon Musk started a more committed journey in Bitcoin and cryptocurrency. He started to prominently speak in favor of cryptocurrencies that skyrocketed their value overnight; also started to understand their technology. He then focused on how this technology can be used in versatile ways and be utilized in his business model.

Making Active Investments

As the buzz around cryptocurrency had started to begin, many big enterprises started investing in Bitcoin. As a result, it acquired the status of a select purchase and was not used for nefarious activities. Amidst such a circumstance, Elon Musk stated that his company Tesla had invested in currency. Tesla invested worth 1.5 billion Bitcoin showing Elon Musk endorsement and excitement towards the journey that Bitcoin was about to start.

Following this, Elon Musk also tweeted that Tesla would be accepting payment in cryptocurrency, which sent shock waves to the entire crypto community. As expected, the value of cryptocurrency did increase during this time which can be credited to Elon Musk.

Changes in his opinion

After showing a dominating presence in the Bitcoin environment, Elon Musk sold 10% of his share on Bitcoin, worried investors. To put them to ease, he stated that this was done to test the liquidity of cryptocurrencies like Bitcoin. However, he soon declared that Tesla would no longer take payments in cryptocurrency, which broke the heart of investors.

Without providing any other explanation, he soon started to show his displeasure around cryptocurrency like Bitcoin. It was finally a tweet by Elon Musk that showed a radical change in his opinion around cryptocurrency. He stated that it no longer was in support of cryptocurrency because of the environmental impact it had.

Undoubtedly mining cryptocurrency takes a toll on the environment, which made him back away from this world. Unexpectedly this single tweet sent Bitcoin and all other cryptocurrencies into a downward spiral, making them lose their value almost instantaneously. However, recently again, he has shown some support towards cryptocurrency, especially to green miners, who believe in mining cryptocurrencies while keeping the environmental factors in mind.

Conclusion

Elon Musk undoubtedly greatly influences the cryptocurrency market, mainly because he believes in it and its power. If you want to embark on a journey to the world of cryptocurrency like Elon Musk, visit https://crypto-engine.live/ now!