Cryptocurrency investors pay heed when Elon Musk tweets. Tesla (TSLA) and SpaceX CEO Elon Musk have long been vocal supporters of cryptocurrencies.
Cryptocurrency investors, on the other hand, may pay close attention to Musk at times. For example, when Musk shared photographs of his puppy Shiba Inu on Twitter, the price of the digital token Shiba Inu (SHIB) rose. Is it true that the image of the wealthy dog makes cryptocurrencies more valuable? Obviously not.
These are Mush’s only cryptocurrencies, and Shiba Inu isn’t one among them.
In 2017, allegations circulated that Musk was the genuine person behind Satoshi Nakamoto, the enigmatic creator of Bitcoin (BTC). Musk has vehemently disputed the charges. He has, however, been a long-time supporter of Bitcoin.
In early 2019, the millionaire stated on an ARK Invest podcast “Paper money circulates. To be sure, crypto is a lot better means to transmit value than paper.” He lauded Bitcoin in particular, calling the technology behind it “really amazing.”
Tesla said earlier this year that it has purchased 1.5 billion Bitcoin. It has even started accepting cryptocurrency as payment for its electric automobiles.
Musk had only a minor stake in Bitcoin for a long time. He claimed to have handed 0.25 Bitcoins to a pal as recently as early 2019. However, he reaffirmed in the summer that Bitcoin is his most valuable asset and that he intends to keep it for a long time.
Musk has taken on the role of Dogecoin’s public face (DOGE). His involvement with cryptocurrency dates back at least three years. Musk contacted Dogecoin founder Jackson Palmer in 2018 for assistance in deleting fraudulent bots from his Twitter account.
Musk disclosed in a tweet the following year, “Dogecoin is possibly my favorite cryptocurrency. Excellent.” You even won a vote in Dogecoin’s official Twitter account’s April Fool’s Day election, which asked which CEO could be the best digital brand. Musk will later modify his Twitter bio to “former Dogecoin CEO” for a limited time.
Musk began tweeting about Dogecoin on a daily basis in 2020. Each tweet increased the value of a digital coin. The most significant news, though, occurred in May of this year, when Tesla CEO Elon Musk presented Saturday Night Live. Musk has made public his “Dogefather” software. Dogecoin, on the other hand, plummeted after one of the SNL parts described the cryptocurrency as “chaotic.”
Musk, on the other hand, confirmed in the summer that he owns Dogecoin. He said he is in favor of it since it sounds like “human crypto.”
Musk’s first public encounter with Ethereum (ETH) was a disaster. A hoax in which he requested assistance from the inventor of Dogecoin involving Twitter users posing as well-known people who reportedly gave a huge amount of Ether tokens.
In April 2019, his one-word tweet “Ethereum” only raised interest in cryptocurrencies. It also spurred an online conversation between Musk and Ethereum co-founder Vitalik Buterin.
Musk, on the other hand, arrived on the phone via Ethereum the next year. He replied to actor William Shatner’s tweet, saying, “I’m not constructing anything on ethereum. It’s not for or against it; just don’t use it or you won’t have anything.”
Musk appears to have jumped through the gate. He announced earlier this year that he holds Ethereum, Bitcoin, and Dogecoin coins. Will the millionaire next be collecting Elonomics, a flying cryptocurrency named after him? Keep an eye out.
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