After surpassing even the President of the United States, Elon Musk is now the most followed person on Twitter, with over 43 million followers. Along with a net worth of an estimated $200 billion, he also stands as the richest person in the world. So what happens when he tweets about cryptocurrency?
The crypto world went haywire after Elon Musk officially took over Twitter, with prices surging and people eagerly waiting for his next move. In this blog post, we will discuss the current happenings in the crypto world after Elon Musk took over Twitter and how his involvement has changed the crypto game.
Elon Musk and Twitter
Elon Musk, the billionaire CEO of SpaceX and Tesla, recently announced on twitter that he was “working with Dogecoin developers to improve system transaction efficiency.” This move caused a 20% increase in the price of Dogecoin (DOGE) , and sparked a wider debate in the crypto market.
Musk has been a vocal supporter of cryptocurrency and blockchain technology, and his tweets have often resulted in price surges for the assets he mentions. In July, he caused a stir when he announced on Twitter that Tesla would no longer accept Bitcoin (BTC) as payment for its electric vehicles, citing environmental concerns. The price of BTC instantly fell down by just over 10%.
This time around, Musk’s tweet was met with positive reactions from the crypto community, with many praising his efforts to promote adoption of digital currencies. Dogecoin creator Jackson Palmer also thanked Musk for his “support and encouragement”.
The price of DOGE has since corrected lower, but is still up by over 50% since Musk’s tweet. It remains to be seen whether the Tesla CEO will continue to push for wider adoption of cryptocurrencies, or if this was just a one-time event.
Bitcoin and Dogecoin prices
In the advent of Elon Musk’s Twitter takeover, the prices of Dogecoin and Bitcoin have seen a significant rise.
Musk, who is known for his support of cryptocurrencies, has been tweeting about both Bitcoin and Dogecoin over the past week. He even changed his Twitter bio to “#bitcoin”on January 28th to rally for cryptocurrency and show his support.
This move by Musk has sent shockwaves through the crypto world, with many investors seeing it as a positive sign for the future of Bitcoin and Dogecoin. Prices for both cryptocurrencies have surged in response to Musk’s tweets, with Bitcoin rising by over 10% and Dogecoin climbing by more than 20%.
It remains to be seen what Musk’s long-term plans are for these cryptocurrencies, but his recent actions have certainly caused a stir in the world of digital currencies.
Impact on other cryptocurrencies
Elon Musk has had a drastic impact on the crypto world. After he took over twitter, the price of Bitcoin and other cryptocurrencies soared. This is because people believe that Elon is a big supporter of cryptocurrencies. He has even said that he would accept Bitcoin as payment for Tesla cars. This news caused a $2000 price hike of Bitcoin in just a couple hours. Ethereum also saw a massive jump in price, increasing by almost 20%. Other smaller currencies also saw increases in price. This is just a testament of how Elon’s influence on the crypto world.
Reactions from the crypto community
The crypto community was largely divided in its reaction to Musk taking over Twitter. Some people were excited and saw it as a positive sign for the future of cryptocurrency, while others were worried that it would give Tesla and SpaceX too much influence over the industry.
Some people voiced concerns that Musk’s tweets could be used as a tool to manipulate the market, as previously seen with the Tesla stock. Overall, though, the reaction was mostly positive, with many people seeing it as a sign that cryptocurrency is becoming more mainstream.
What’s next for Elon Musk and the crypto world?
Elon Musk is one of the most influential people in the world right now without a doubt. And his influence is only growing, particularly in the world of cryptocurrencies. After all, it was Musk who single-handedly caused a massive spike in the price of dogecoin earlier this year, simply by tweeting about it.
So what’s next for Musk and the crypto world? It’s difficult to point a finger at it for sure, but one thing is certain: whatever he does, it will make big waves. He has already hinted that he is working on some sort of project with dogecoin, and given his track record, it’s likely that this will be something major. We can only wait and see what he has in store for us next.