Three months ago, Elon Musk announced that Tesla would accept Bitcoin in exchange for cars and the company was buying $1.5 billion worth of it. Crypto enthusiasts witnessed the great value rise. Last week Tesla CEO changed up his position and backed up.
Musk tweeted that, due to climate concerns, Tesla wouldn’t accept Bitcoin in exchange for cars. One post cost $300 billion for the crypto market. Later on Musk wrote that Tesla hadn’t sold any Bitcoin.
Crypto on a roller coaster
The price of cryptocurrency changes as soon there appears a word of whales about it. According to Coin Metrics, the price of Bitcoin started to recover partially and got $44,680. If we look back at the previous Musk’s posts about the possibility of selling the rest of its Bitcoin holdings, Bitcoin’s price was lower than $43.000.
It’s complicated to guess what on Musk’s mind, but all the crypto community knows him as a big crypto supporter. In Ferbuary, Tesla revealed that the company bought $1.5 billion worth of Bitcoin and it helped to boost its net profits. However, recently he has switched to the good of Doge.
Too much energy for Bitcoin!
It’s not a surprise that Bitcoin mining uses energy for its existence. Due to the statistics, the crypto Number One uses enough energy to power a mid-size country. It wasn’t a surprise for Elon Musk three months ago when he agreed to accept Bitcoins. The situation for today is different though and the billionaire has concerns over “rapidly increasing use of fossil fuels for bitcoin mining’.
At the same time, Musk shares his ideas of making Doge a more efficient coin. Quite a weird alternative to support eco-friendly approaches. Dogecoin works on the similar system as Bitcoin. There are many cryptocurrencies that use far more saving methods, but Musk has mentioned nothing about them.
Doge-1 goes to the moon!
Now Elon Musk is interested in another crypto. If you had $1,000 of Doge in January, today you have already $145,000.
Doge followers should thank Musk for this as he called the crypto “people’s money”, Elon himself is Dogefather and then promised to send Dogecoin to the moon. In addition, members of Reddit community keep working in their nets. A big deal was started to boost the price of the cryptocoin. Elon Musk is unpredictable in his actions.
He assumed that it Doge didn’t work out, he would create a cryptocurrency himself.
Dogecoin’s creator calls Musk a “narcissistic swindler”
Billy Markus and Jackson Palmer created Doge for fun. The two software engineers created a payment system making fun of the wild speculation in crypto. Today Dogecoin’s role has differed greatly. After Musk’s announcement about ceasing selling Tesla for Bitcoin, Palmer criticized the billionaire. In his post, he wrote, “Just a reminder: Elon Musk was and always will be a narcissistic swindler”.
Then he added that he would delete the post because that was all he wanted to say and he liked a quiet life. The screenshots spread over the Internet immediately. Another Palmer’s comment wasn’t supportive either. He wrote, “”The PS episode of” Saturday Night Live “was horrible, bro”.
Musk’s influence on the crypto
Crypto market is very unstable. There’s no doubt that Musk’s tweets affect Bitcoin as a thunderstorm. Critics say that he must know what he is doing. He is aware of what to do, which words to use and how to influence the market.
They may gossip a lot about the negative influence of Musk’s image and his “narcissistic” features, but until he has control, he possesses power. It’s also necessary to remember that it’s not only the tweets that matter, but the actions as a whole.