bitcoinBTC/USD
$ 19,646.19
ethereumETH/USD
$ 1,325.71
tetherUSDT/USD
$ 0.999759
cardanoADA/USD
$ 0.428176
xrpXRP/USD
$ 0.463902
usd-coinUSDC/USD
$ 0.999825
terra-lunaLUNC/USD
$ 0.000311

Elon Musk – The Business Tycoon and His Relationship with Crypto

Granit.M

The cryptocurrency world has grown tremendously during the past decade, reaching its peak in May 2021. To put it into perspective, this growth left some investors with over 10,000% yearly investment gains. Additionally, this enormous growth caught the attention of the mainstream media, with cryptocurrencies like Bitcoin, Ethereum, and Dogecoin being mentioned in media giants like The Guardian and The New York Times. With this attention, came even more investments that kept the price of cryptocurrencies high. 

This growth caught the attention of different influencers as well. Famous celebrities like Snoop Dogg and Elon Musk started mentioning different cryptocurrency projects in videos, tweets, and different shows. There were instances where legendary rappers like Nas even mentioned cryptocurrencies in their songs. In a song called “Sorry Not Sorry” by DJ Khaled, Nas, JAY-Z, and James Fauntleroy, Nas calls himself a ‘cryptocurrency Scarface’, referring to an investment he did on Coinbase back in 2013 which resulted in more than $100 million in profit.

Throughout this article, we will talk about the relationship between Elon Musk and the crypto industry. Moreover, we will take a look at some of his influencing tweets and investments.

Who is Elon Musk?

First off, let us briefly touch upon who Elon Musk is. Elon Musk is a 50 years old South African-born American entrepreneur. He is also an industrial engineer. Moreover, he is known as the co-founder of Paypal, the founder of one of the biggest aerospace transportation services companies known as SpaceX, and the Chief Executive Officer of Tesla, an electric car company. For a period of time, Elon Musk was the wealthiest man on earth. Today, he has a net worth of $186.8 billion, making him the third richest person on earth, with Jeff Bezos and Bernard Arnault being richer than him.

Elon Musk - The Business Tycoon and His Relationship with Crypto
Elon Musk Presenting the Cybertruck. Source: Fortune

However, his successes began way earlier. In 1995 he and his brother founded Zip2 Corporation. Only some years later, when he hit the age of 27, Elon Musk became a self-made millionaire. Afterward, he used that money to start off a company that we know as Paypal today – and the rest is history. 

As we mentioned above, Elon Musk is one of many influencers that have continuously talked about cryptocurrencies in public. His first tweet about this industry was made in 2014 when he labeled Bitcoin to be ‘probably a good thing’. Afterward, since he is known for being very innovative, people started speculating that he may be Satoshi Nakamoto – the pseudonym for the Bitcoin founder. However, he cleared things up by denying the speculations and said that he posted the tweet only after one of his friends gifted him a part of a BTC.

How did Elon Musk Become an Influential Person in Crypto?

As we mentioned before, Elon Musk was always the innovative and fun kind. Even though he may not have been the one to create the first cryptocurrency, he was one of the first major celebrities to show support for the cryptocurrency industry. In 2020, Musk began his crypto journey, continuously tweeting about cryptocurrencies – Dogecoin and Bitcoin in particular. We will try to create a timeline of Elon Musk’s tweets regarding cryptocurrencies.

One of the first doge-supporting tweets that Musk tweeted was a meme that showed Dogecoin overtaking the global financial system. In his tweet, he simply said “It’s inevitable.” According to CNN, this tweet caused the price of Dogecoin to increase by 14%.

It seemed that Elon Musk started to get serious with cryptocurrencies during 2019-2020. Throughout those years, Musk reportedly got interested in the technology behind crypto, analyzing their utility and possibilities of implementing them in his businesses.

Another major Dogecoin tweet came on the 20th of December, 2020. This time, there was no meme or visual image. Elon Musk simply tweets “One word: Doge.” The tweet quickly boomed, positively influencing the price of Dogecoin by 20%. During that time, Dogecoin had a trading value of $0.003, giving it a market capitalization of around $360 million. However, by February 2021, its market capitalization had surpassed $1 billion, giving it a price of $0.01.

However, this was just the beginning of the relationship between Musk and Dogecoin. On the 4th of February, 2021, Musk went on a tweeting frenzy, posting four tweets related to Doge. Firstly, he tweeted a picture of one of his rockets passing by the moon and commented “Doge” under it.

After this tweet, came a tweet of a picture of Elon Musk holding a Shiba Inu dog (the logo of Dogecoin) with the words “ur welcome.” This was clearly a reference to the “Lion King” movie, with the Shiba Inu being Simba and Elon being Rafiki. This tweet got nearly 1 million likes until the time of writing.

In another tweet, he even called Dogecoin “the people’s crypto.”

Many people claim that these tweets boosted the coin’s price. The cryptocurrency entered the 4th of February with a price of $0.036, hit a high of $0.057 by noon, and closed the day off with a price of $0.052 – this meant a 44% daily increase for Dogecoin.

Elon Musk - The Business Tycoon and His Relationship with Crypto
Dogecoin price chart on the 4th of February. Source: Coinmarketcap

After many other tweets, the other major doge-related tweet came on the 28th of April, when Elon Musk announced his appearance on SNL.

His tweets served as the main boosters on the price of Dogecoin, which hit an all-time high of $0.73 on May 08, 2021, exactly 6 years after it hit its all-time low of $0.00008.

Related: Dogecoin Price Prediction 2021 and Beyond – Is DOGE a Good Investment?

Moving on, Elon Musk seems to have mixed feelings towards Bitcoin, since his tweets regarding this crypto giant tend to change from negative to positive, and vice versa, quite often.

In March 2021, Elon Musk announced that Tesla will accept Bitcoin as a form of payment. That was around the same time when Tesla invested around $1.5 billion in the leading cryptocurrency. However, three months later, on the 13th of May, Musk tweeted that Tesla will no longer accept Bitcoin as a form of payment because of environmental concerns.

After some months, he tackled this issue again, stating that Tesla’s mission is to protect the environment, therefore, accepting Bitcoin as a form of payment would go against the goal of Tesla. Moreover, he said that Tesla is likely to accept Bitcoin again if there is confirmation that ~50% of the Bitcoin Mining Network runs on renewable energy.

Frequently Asked Questions (FAQ)

How many Bitcoin (BTC) does Tesla own?

Tesla reportedly invested ~$1.5 billion in BTC on the 8th of February, 2021. At that time, Bitcoin had an approx. price of $46,000, which means that, with that amount, Tesla bought around 32,000 BTC. However, Musk tweeted that Tesla sold 10% of their BTC back in April, leaving them with roughly 28,800 BTC.

What crypto does Elon Musk own?

Elon Musk said that he has owned a portion of a BTC since 2014. Lately, he stated that he owns three major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Moreover, he claimed that his portfolio is heavily concentrated on Bitcoin; having way more Bitcoin than Ethereum or Dogecoin.

Does Elon Musk have his own cryptocurrency?

The short answer is no, Musk does not have his own cryptocurrency. These rumors were started on Twitter after a fan asked the influencer why he doesn’t launch his own cryptocurrency. Musk humbly replied that creating a cryptocurrency from scratch is a pain in the neck and that he hopes that Doge can achieve what he aims to do.

Also Read: How Did Michael Saylor Become An Influential Person In Crypto?

Takeaways

  • The mainstream media has played a big role in the market performance of many cryptocurrencies – Bitcoin and Dogecoin in particular.
  • Many influencers have mentioned cryptocurrencies publicly. Some major ones being Nas, Elon Musk, Rick Ross, Snoop Dogg, and GaryVee. Rappers like Nas and Rick Ross even mentioned cryptocurrencies in their songs.
  • Elon Musk might be the biggest influencer when it comes to the cryptocurrency industry. His tweets play such huge importance that many people accuse him of market manipulation.
  • His first portion of BTC was a gift from a friend back in 2014.
  • In 2020, Elon began his Dogecoin tweeting rampage which played a crucial role in the market performance of DOGE.
  • He is thought to be the reason behind Tesla accepting Bitcoin as a form of payment back in February 2021; however, he is also thought to be the reason why Tesla drew their decision back in May.
  • Elon Musk revealed that his portfolio consists of Bitcoin, Ethereum, and Dogecoin.

 

Also read:

Related News

Kim Kardashian Charged By SEC For Unlawfully Touting Crypto Security

The Securities and Exchange Commission has charged Kim Kardashian for promoting a crypto asset security sold and offered by EthereumMax on social media, resulting in a scam. This is without reporting the compensation she got for a promotion. In exchange for dropping the accusations, paying around $1.26 million in fines, forfeiture, and interest, going along with the investigations, the star of Keeping Up With The Kardashians, Kim, agreed to settle

Read More »
The action came after Binance's expansion in several nations in 2022, such as Dubai, France, Spain, and Italy, as the platform aims to expand its operations and boost global cryptocurrency usage.

Binance to Offer its Services to New Zealand

As per a blog post published on September 30, the biggest crypto exchange by trading volume, Binance, is now reportedly registered in New Zealand and opened a regional office there called Binance New Zealand as part of its effort for worldwide expansion. On September 10, Binance filed as a financial service provider with the Ministry of Business, Innovation, and Employment in New Zealand. This allowed the business to provide a

Read More »
With the new exchange-traded fund (ETF), European users will have access to the blockchain market. A metaverse-focused ETF may also be in the works, according to numerous sources.

BlackRock Introduces New ETF Targeting European Clients

Blackrock, the biggest asset manager in the world, has revealed the introduction of a fresh ETF. With the new exchange-traded fund (ETF), European users will have access to the blockchain market. A metaverse-focused ETF may also be in the works, according to numerous sources. The iShares Blockchain Technology UCITS ETF, a new Blackrock ETF, was introduced on September 27. Blackrock provided more information about the ETF, claiming that 75% of

Read More »

My Coins

bitcoinBitcoin
$ 19,646.193.7%
ethereumEthereum
$ 1,325.713.88%
tetherTether
$ 0.9997590.01%
usd-coinUSD Coin
$ 0.9998250.11%

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

[email protected]

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: [email protected]