Elon Musk has a very Strange Approach Towards Bitcoin

The prices of various cryptocurrencies, their rise in terms of market domination, and calling the favorites of these among investors have been possible due to the direct involvement of influencers like Elon Musk and their tweets. This is not the whole reason for such things, but these have been affecting the mentioned factors in great capacity. This is kind of a long story that unravels slowly but to take you up to speed, here it goes;

Musk has always been a fan of Dogecoin and, through multiple tweets of his, has been trying to pump its price, which kind of work a few times, and then it stopped working as people kind of strayed away from this whole scenario. Then came Elon’s big SNL (Saturday Night Live) debut, where he talked about Dogecoin, what it is and why people should be hyped about the cryptocurrency. 

Even his mother made a joke that she wish Elon get her a bunch of Dogecoins on the upcoming Mother Day. This was not taken as an initiative by traders and investors to kind of lean into Dogecoin, and there was no indication that Dogecoin’s price is improving. In fact, it took a reverse, and the price dropped viciously. 

Elon Musk Terminates his Support for Bitcoin over Environmental Issues

This was all about Musk and his Dogecoin-oriented endeavors; recently, Tesla has decided to dump all of its $1.5 billion that they invested into Bitcoin on the grounds that Bitcoin is not an environment-friendly cryptocurrency. This has pushed the price of Bitcoin down the plummet, and it keeps on decreasing ever still. Of course, Musk has made the tweet about the action-intensive path the company seems to be taking regarding the recent Bitcoin dump. In his recent set of tweets, Musk has explained how Bitcoin has a strong carbon footprint when it comes to mining and transactions taking place on the Blockchain. 

According to Musk, who has resigned from the position, Tesla will not continue with bitcoin-oriented payments and transactions. Still, if the process ever gets environmentally stable, they will think about it. This is not a classic move but definitely, a classic mind game that Elon Musk has been playing with the crypto market all along; it seems no one should be given this much influence over a commodity. 

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

All You Need To Know About New Innovations In The Crypto Space

BTC is always going to stay at the top like a boss, but the developments which are happening in DAOs, layer-2 solutions, NFTs with the emerging metaverse, and utility are much more groundbreaking and innovative right now. Bitcoin Is Great There is something definitely brewing, and those who have capable noses can easily smell it. […]

Binance Appoints Ex-detective as Director of Audit and Investigations

Binance continues to grow in this new era of crypto adoption, and to make sure that the exchange is well equipped with modern regulations and regulatory insight, Binance has acquired a new director for audit and investigation. Aron Akbiyikian is a well-renowned digital media analyst and forensic expert, and he has taken charge as the […]

Financial Giant SBI Holdings has Launched Crypto Fund

It is believed that it was Japan where the world’s first cryptocurrency, Bitcoin, was founded, but the region has been a tad slower into adopting the crypto revolution. There haven’t been any interruptions or cataclysmic bans on the digital assets and the cryptocurrencies per se, but the overall adoption of blockchain technology remained grey. But […]

Poolz Introduces $2 Million Fund for NFTs and Gaming Projects

Fundraiser and token launcher, Poolz, has said that they are bringing up a $2Million fund that will be used in the research and development of new and unique NFT and gaming projects. Poolz is establishing a fund that will contribute to the research and development of new NFTs and gaming projects in hopes of giving […]

Russian Sberbank Will Roll Out Its Digital Asset Tool This Month

Sberbank, without any doubt, is the largest financial and banking institution in Russia, and it has recently decided to make a move into the crypto space for good. A Russian take on the idea of decentralization is not very positive at all, and for this matter, the central bank of Russia is working on a […]