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Elon Musk’s Influence On Crypto: “One Word: Doge”

Elon Musk

Elon Musk’s relationship with cryptocurrencies can be said to be as volatile as the digital asset itself. Unlike enthusiasts such as Twitter CEO, Jack Dorsey, Elon is fond of teasing the crypto community. His semi-enigmatic tweets sometimes seem like he’s rooting for the digital assets while at other times, no one can really get what his stance is.

One thing that is certain, however, is that whenever he talks about crypto, something happens in the market.

While Elon might be teasing the crypto market for his entertainment or sheer enthusiasm, he believes they’re going to take over someday. “Cryptocurrency is a far better way to transfer value than pieces of paper, that’s for sure”. In a 2019 podcast, the billionaire unequivocally affirmed that there could be a possible demise of fiat.

Some people in the tech/crypto community believe that Elon owns a ridiculous amount of crypto – bitcoin to be exact. Some have even claimed that the Tesla boss is the elusive Satoshi Nakamoto. While he denies being the inventor of bitcoin, Elon confirms he owns bitcoins but not a truck load of it, like most people tend to assume. He only owns 0.25 bitcoins given to him by a friend a while back. Today 0.25 bitcoins would be worth roughly $12,000. 

Elon Musk after he changes his Twitter Bio to #bitcoin: “In retrospect, it was inevitable”

When it comes to crypto, no one can tell for certain what will happen next. From incredible price surges to unexpected dips, the thrill never stops. However, Elon Musk is looking to be a determiner of crypto action. 

When a coin gains over 600% in a day, the crypto world will definitely be thrown into a frenzy. To put the DOGE gains into perspective, bitcoin grew by over 200% throughout 2020. This means while bitcoin was able to gain an impressive 200% last year, DOGE grew 3 times that, in just one day. 

The sudden surge in price can be tied to the wealthiest man on the planet, Elon Musk. Elon had declared on different occasions that Dogecoin is his favorite cryptocurrency. 

On December 2020 he tweeted, “One word: Doge” back in July 2020 he also tweeted a dogecoin meme with the caption ,”it’s inevitable” 

Elon Musk’s endorsement of the currency that started as a joke, sent it surging by 20% last year. 

Interestingly, dogecoin was created based on a popular doge meme in 2013. The meme had a picture of the shiba inu dog breed, and the same dog is the logo of dogecoin. Whilst the coin was not created to compete with leading cryptocurrencies such as bitcoin and ethereum, after Elon tweeted it to his 43 million followers, dogecoin wasn’t a joke anymore.  

Dogecoin got the attention of the reddit group known as the SatoshiStreetBets. The group decided to make “dogecoin a thing”, and it did become a thing. A really big 600% value surge thing.

Bitcoin twitter bio

Dogecoin isn’t the only digital currency which Elon has sent on a spiking spree. Flagship digital currency, bitcoin, has gotten a Twitter bio “shout-out” that has sent its value rising by a whopping 14%. 

The Tesla CEO did not give a reason why his Twitter bio only read “bitcoin” but from the effect it had on the currency it goes without saying that the crypto community took it as an endorsement. 

While Elon didn’t say anything about the bio change, he tweeted another of his meaning-encrypted tweets, “in retrospect, it was inevitable” 

Elon Musk obviously has a strong influence on the crypto community. He continues to tease the community with his vague tweets about crypto and while the tweets might seem equivocal they never fail to have an impact on the crypto market. 

The crypto community patiently waits for the day the Tesla boss will unequivocally profess his love for cryptocurrencies, a clear validation of crypto which will undoubtedly cause a great stir in the crypto universe.

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