![]() Here’s what his tweets look like against the bitcoin price over a few weeks in May and early June: ![]() SpaceX executive Tom Ochinero said the satellite “will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”Īll of this is to say that Musk’s tweets greatly impact crypto prices. The company also said it would be sending a 40-kilogram cube satellite named DOGE-1 to the moon. Earlier in the month, SpaceX said it would accept the meme-inspired coin as payment for sending payload trips to the moon. A similar tweet later in May also caused dogecoin prices to rise. The SpaceX CEO also sent dogecoin prices up 30 percent in May after tweeting that he was working with dogecoin developers to improve the currency’s efficiency. Musk’s crypto tweets aren’t isolated to bitcoin. When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.- Elon Musk June 13, 2021 Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market. As a result, the price of bitcoin dropped around 15 percent. ![]() Musk tweeted that Tesla would no longer accept bitcoin as payment due to environmental concerns about its heavy energy use, a reversal of its acceptance of the marquee cryptocurrency just two months earlier. The current price roller coaster got started back in May. In April, the cryptocurrency exchange platform Coinbase became the first major cryptocurrency company to go public in the US, signifying the mainstreaming of blockchain-based currencies like bitcoin, ethereum, and dogecoin. They also raise questions about the solidity of a market that can be so easily swayed, especially as retail investors increasingly flock to cryptocurrencies. Musk’s tweets, while not necessarily posted for his own financial gain, can greatly affect investors in cryptocurrency. Musk’s latest bitcoin tweet on Sunday night shot the price of the cryptocurrency up by nearly 10 percent. Musk’s cryptocurrency tweets in the past two months have been particularly impactful for bitcoin. The billionaire and Tesla CEO has been tweeting about crypto a lot, too, sending the price of bitcoin - as well as dogecoin - up and down with fewer than 280 characters. As Elon Musk tweets go, so goes the crypto market.
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