As a seasoned crypto enthusiast and observer of Elon Musk’s antics, I can’t help but be amused by his rollercoaster relationship with digital currencies, particularly Bitcoin and Dogecoin. Having witnessed the meteoric rise and fall of various altcoins in the past, I must admit that Mr. Musk has a knack for creating quite the stir whenever he tweets about crypto.
Elon Musk has significantly impacted the cryptocurrency scene, causing ripples through his tweets and groundbreaking statements that reshape the market.
As a crypto investor, I can’t help but notice how Elon Musk’s endorsements, whether it’s Bitcoin (BTC) or Dogecoin (DOGE), consistently create ripples that lead to record-breaking highs and unforeseen lows in the cryptocurrency market.
In these instances, Elon Musk has shone a light on cryptocurrency and even caused some dramatic fluctuations by drawing attention to them.
1. #Bitcoin is as BS as fiat
For quite some time, Bitcoin enthusiasts were frequently using hashtags, but the significant moment arrived for #Bitcoin in mid-2020 when Jack Dorsey, then CEO of Twitter (currently X), publicly acknowledged it by incorporating it into his bio. As a vocal supporter of Bitcoin, Dorsey might have considered this move as rolling out the red carpet for cryptocurrency. However, the most prominent figure was yet to make an appearance.
In December 2020, Elon Musk caused quite a stir when he tweeted that Bitcoin was nearly as questionable as traditional currency. Cryptocurrency enthusiasts quickly responded by inviting him to debates or expressing their frustration towards the billionaire on Twitter, a platform where he is expected to maintain his dominant position in the future.
Approximately four weeks after, specifically in January 2021, even as the remnants of previous events were yet to fully clear, Elon Musk altered his Twitter profile description to read “#bitcoin.
If people thought his “bs as fiat” comment was a snub, his bio change was a full-on head-scratcher. It was like watching someone critique pineapple pizza, and then order a large Hawaiian with extra toppings.
But instead of soggy fruit, he served up a fresh slice of hype.
Initially, Dorsey introduced #bitcoin to a wider audience on Twitter. However, Musk significantly accelerated its growth, causing speculation among many whether he was preparing to embark on the crypto movement or simply wanted to observe how high the market’s momentum could carry it.
2. The $1.5 billion Bitcoin bombshell
In just under two weeks following Elon Musk’s endorsement of Bitcoin, Tesla announced a significant move by purchasing approximately $1.5 billion worth of Bitcoin.
Cryptocurrency markets experienced unprecedented excitement as Bitcoin’s value spiked to $44,000, reaching an unparalleled peak of $58,000.
Previously, Elon Musk’s official actions propelled Bitcoin into great heights, leading enthusiasts of cryptocurrency to consider him a potential new leader in their community.
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Excitement swept through the market as many people believed that Tesla’s recent action signaled the dawning of an era of prosperity for digital currencies.
Musk’s erratic behavior kept everyone guessing, and soon enough, the market found itself anxiously awaiting the next unexpected move.
Spoiler alert: It did, and it wasn’t all moonshots.
Musk’s Bitcoin love affair lasted shorter than his relationship with Amber Heard.
3. Dogecoin is not a joke anymore. Or is it? Either way, to the moon!
Bitcoin may have been Musk’s shiny new toy in early 2021, but Dogecoin is his long-time sweetheart.
In his February 2021 tweet where he referred to it as “the people’s crypto,” Dogecoin experienced an increase of more than 50% within mere hours. A coin initially conceived as a jest was now a serious contender, and Elon Musk became a new idol for Dogecoin enthusiasts.
For each post he made, it felt like a journey to the moon was at hand. Traders eagerly awaited his every utterance, and Musk certainly didn’t let them down, fueling Dogecoin’s popularity as it captured the attention of investors seeking profits amidst the turmoil.
However, the journey wasn’t entirely trouble-free. Some individuals didn’t find Elon Musk’s involvement in Dogecoin’s pricing to be particularly enjoyable.
In 2022, he along with his businesses found themselves embroiled in a $258 billion legal action that alleged he exploited his platform to unjustly enrich himself by manipulating a supposed pyramid scheme involving Dogecoin.
In August 2024, he beat the lawsuit.
4. He loves Bitcoin, he loves Bitcoin not
Musk’s influence over crypto is like a kid with a remote-controlled roller coaster — thrilling, unpredictable and occasionally stomach-turning.
On May 12, 2021, Elon Musk caused a drop in Bitcoin’s value by posting on Twitter that Tesla was ending its practice of accepting Bitcoin as payment for vehicles, due to environmental issues.
Not only did this not alleviate concerns, but Elon Musk continued to heighten the tension by suggesting Tesla could sell all its Bitcoin if Bitcoin mining didn’t transition to renewable energy sources. This led to another 5% dip in value.
Initially, Musk reassured worries by explaining that Tesla had not yet liquidated its Bitcoin. However, later on, they did indeed sell some of it.
Tesla originally picked up around 44,000 BTC when it hopped on the Bitcoin rocket.
Today, Bitcoin holdings from the known wallets belonging to Tesla, as reported by Arkham Intelligence, appear to be depleted.
But if you thought Tesla was Musk’s only crypto fling, guess again.
SpaceX has its own crypto stash, holding around 8,285 BTC, according to Arkham.
Regardless of environmental issues, it appears that Elon Musk’s affection for Bitcoin remains, albeit possibly reduced in size now.
5. Musk disappoints DOGE holders on Saturday Night Live
The eagerly awaited guest appearance of the astronaut on Saturday Night Live in May 2021 had Dogecoin enthusiasts eagerly anticipating, as if it were counting down to New Year’s Eve.
As the date for broadcasting approached, DOGE reached its peak ever, with everyone anticipating Musk’s action to send it soaring towards the celestial body. Speculators, investors, and enthusiasts of memes all held their breath in suspense, eagerly waiting for the crucial event.
But instead of fireworks, they got a fizzle.
Musk called Dogecoin “a hustle,” and that was all it took to turn the rocket around.
During the event, DOGE experienced a significant drop exceeding 30%, causing it to plummet much like a helium-depleted balloon at a birthday party, leaving spectators feeling disheartened.
For those who trusted in Dogecoin, it became clear that Elon Musk’s influence to boost prices was equally capable of causing a swift descent, making the phrase “going to the moon” seem like a blink-and-you’ll-miss-it event.
Bitcoin is almost as bs as fiat money
— Elon Musk (@elonmusk) December 20, 2020
6. When it started to get old
It seemed disappointing when Elon Musk revealed in December 2021 that Tesla would accept Dogecoin for merchandise but not for vehicles.
As a crypto enthusiast, I was hopeful that the adorable charm of Dogecoin could potentially step into Bitcoin’s large footprints, given that Tesla had previously ceased Bitcoin transactions.
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After the announcement, DOGE experienced a significant surge. However, once fans understood that they were purchasing hats instead of Model 3 cars, it began to plummet.
Dogecoin may have been a Musk favorite, but the market wanted more than just mugs and T-shirts.
In most instances, Elon Musk’s tweets about Dogecoin led to a significant increase in its value. However, this particular tweet caused an immediate drop instead, suggesting that the influence of Musk on Dogecoin may be diminishing.
By that point, it became evident that Musk wasn’t keen on being the public figure of cryptocurrency; instead, he was merely an enthusiastic supporter with a knack for stirring things up.
Bitcoin is almost as bs as fiat money
— Elon Musk (@elonmusk) December 20, 2020
Bitcoin is almost as bs as fiat money
— Elon Musk (@elonmusk) December 20, 2020
Bitcoin is almost as bs as fiat money
— Elon Musk (@elonmusk) December 20, 2020
Bitcoin is almost as bs as fiat money
— Elon Musk (@elonmusk) December 20, 2020
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2024-10-16 17:10