Currency Economy

Elon Musk’s influence on Bitcoin and altcoins; fact or myth?

Cryptocurrency17 minutes ago (Apr 26, 2021 10:30AM ET)Elon Musk's influence on Bitcoin and altcoins; fact or myth?Elon Musk’s influence on Bitcoin and altcoins; fact or myth?

Besides being one of the richest men in the world according to Forbes, Elon Musk, an early-stage investor of Tesla (NASDAQ:TSLA) has made a name for himself in the crypto space, with most people suggesting that the SpaceX CEO may well have a huge influence on Bitcoin and the crypto market at large.

Well, that is not far from the truth. The South African-raised billionaire who a few years back resented the idea of cryptocurrencies has jumped on the crypto ship, (some might say he’s the captain of the ship) and, fortunately, can’t keep quiet about it. In a series of tweets dating back to February 2021, the engineer has told everyone who cares to listen about cryptocurrencies and how they are the future of the world.

BTC Peers, today, will take a look at Musk’s influence on the crypto market.

Back in February, the billionaire in a reply tweet stated that he thinks Ethereum and Bitcoin are overvalued. While this tweet was posted on Saturday, February 20, 2021, experts and analysts claim it is the sole reason for the fall in the price of Bitcoin two days later (February 22, 2021).

An email saying you have gold is not the same as having gold. You might as well have crypto.Money is just data that allows us to avoid the inconvenience of barter.That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.

— Elon Musk (@elonmusk) February 20, 2021

The past week saw the premier cryptocurrency lose about 15% of its market value with experts claiming that Biden’s new laws could be the cause. The 49-year-old tycoon on April 24, 2021, put up a tweet that reads “what does the future hodl”, an intentional yet sleek misspell of the word “hold” which in the crypto world means to own a crypto asset for a long time until the value appreciates.

What does the future hodl?

— Elon Musk (@elonmusk) April 24, 2021

Less than four days after the tweet was made, Bitcoin and altcoins, in general, are up by at least 7%. This must definitely have something to do with Musk’s tweet.

While all of these are arguable, Tesla’s decision to buy $1.5 billion worth of Bitcoin as part of its fund hedging policy which took the crypto market value above the $2 trillion mark is undeniable proof of the CEO’s massive influence on the crypto market.

Additionally, his tweets about DOGE as reported here are proof yet again of his enormous influence on the crypto community.

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