The Main Reasons Why Elon Musk Is The Biggest Influencer In The Cryptocurrency World

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Elon Musk is a well-known figure in the world of technology and he had a vision to put people on Mars, which is now becoming a reality as SpaceX has been able to land the first stage of its Falcon 9 rocket on a drone ship in the Atlantic Ocean.

This further demonstrates that reusable rockets are a far more cost-effective method of travel in space than discarding them after launch, allowing humanity to return to being multi-planet species after nearly 50 years since the last Apollo mission.

SpaceX says that their goal is not only sending people but also everything needed to create human civilization… and it only took Elon Musk and his team 10 years to get there.

But we all know that this is just a beginning, as the human race will probably need another millennium before they can live on Mars without any problems with oxygen or heat or cold or anything.

Elon Musk is also the CEO of Tesla Motors, an American electric automotive manufacturer and energy storage company based in Palo Alto, California. It was incorporated in 2003 by Martin Eberhard and Marc Tarpenning who financed the company until the Series A round of funding. Elon Musk-led Tesla’s Series A, B, C, and D rounds of investment fundraising.

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In December 2016 after ten years at Tesla, Musk took on a formal role as Product Architect; he now oversees new product development.

Elon Musk has been a well-known name in the cryptocurrency community for some time. With more than fifty million followers, Elon Musk, the CEO of Tesla and SpaceX appears to be making waves in the industry with his amusing Twitter messages.

He had an off-and-on relationship with crypto. At first, he was a fan before he decided to endorse the idea, but now he believes that they are harmful to the environment.

Twitter and Crypto

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His tweets have become famous for his comments on cryptocurrency. Through Twitter, Elon has created a large following in the cryptocurrency industry. It was in 2014 that Elon claimed bitcoin to be a “most likely good thing.”

Some thought that he might have been Satoshi Nakamoto. In response, Elon tweeted. But he told later that he is not that person and he was actually gifted bitcoins when it first started.

With each passing day, his skepticism faded. As he continued to explore the technology and possibilities for his company model, his interest grew. Some companies have begun investing in Bitcoin in order to protect against price inflation. The company claimed that it had put $1.5 billion into crypto. Tesla said that they would begin taking it as a way of paying for their cars using Bitcoin as well.

The news of Tesla’s endorsement was an enormous shout to the cryptocurrency community, and it drew in a large number of new investors. The fact that Tesla is a major company supporting the market only serves to show promise. After Tesla announced its support, Bitcoin reached $58,000, exceeding its previous record.

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In April they sold ten percent of its Bitcoin stock, spooking investors. Elon himself then report that they only did a test and that they want to continue their support.

Many investors were crushed when Elon Musk published tweets that appeared to challenge the environmental impact of the currency. When asked about his position on cryptocurrency and bitcoin, he responded: “The real battle is between fiat and crypto. On balance, I prefer the latter.”

His tweet also stated: “the main fight is between fiat and crypto. On balance, I am in favor of the former.” When it comes to crypto and bitcoin, his Twitter statement reads, “the actual struggle is between fiat and crypto. In general, I favor the latter.”

It went down a cliff soon after Elon Musk’s tweets regarding its sustainability caused panic among some people who invested early in it. Bitcoin dropped to around $30k as a result of this decision. If you want to learn more you can check out bitcoineranew.com/se.

But in the context of investment, a deeper examination of cryptocurrency’s operation reveals that this is not true.

This natural pattern in which all investments go through is important for their long-term survival. The crypto market began to grow toward the end of 2022 when it entered the accumulation stage with a lot of new investors jumping in.

Cryptocurrency’s fall has taken the edge off investor optimism. However, the downfall was not immediate, as Elon is frequently vocal about it. If you examine BTC’s prices over time, you’ll see that they’ve plummeted dramatically.

The cryptocurrency had hit a historic high of over $63k, it nosedived dramatically in April before coming back just a little. In May, Elon Musk changed his thinking, indicating that he has seen this cryptocurrency’s worth fall before.

Many feel that Bitcoin was overvalued at the time and needed something to bring its value down before coming back. The message served as a sign for the collapse in the cryptocurrency market, which began immediately after his announcement.

That wasn’t the main reason for that. Numerous other elements also impacted the market.

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The active value isn’t a brand-new problem, but it is an inherent feature of the new asset class. It explains why the price of crypto has grown so rapidly.

Still, ascribing the fluctuation and rise of an asset that is worldwide in scope to a single person’s decisions isn’t a smart idea.

The sign that he is concerned about environmental impact, however, is beneficial to the cryptocurrency. It has set out its position on crypto and bitcoin via Twitter. This may be interpreted as an endorsement of blockchain technology in general.

Elon’s Twitter has a powerful impact on Tesla and the company’s stocks, so some investors let themselves get carried away with their confidence in the CEO. It is likely that his intentions were misunderstood by many of these investors.

This caused them to panic when Elon responded to accusations about his tweet from others on Twitter, emphasizing that he wasn’t against bitcoin or blockchain technology.