Musk's Bitcoin investment follows months of Twitter talk
Reuters) - Tesla’s $1.5 billion Bitcoin investment unveiled on Monday may not surprise CEO Elon Musk’s followers on Twitter, where he has shown himself as a major proponent of the soaring cryptocurrency.The announcement of Tesla’s investment, buried in Tesla’s 2020 annual report, follows months of tweets by Musk related to cryptocurrencies including Bitcoin, sometimes helping fuel its rally.

The cryptocurrency jumped 10% on Monday following Tesla’s disclosure.

Graphics: Musk's Bitcoin tweets -

Reuters Graphic
In a December exchange on Twitter, Musk asked MicroStrategy CEO Michael Saylor, who recommended Tesla buy Bitcoin, about the possibility of “large transactions” to convert some of Tesla’s balance sheet to the cryptocurrency.

Saylor is a Bitcoin bull and his software company has bought around 71,000 bitcoins, currently worth close to $3 billion. MicroStrategy’s stock jumped 18% on Monday, bringing its gain in 2021 to 146% as traders view it as a play on Bitcoin.

Replying in May to a tweet by author J.K. Rowling about Bitcoin, Musk wrote that massive debt taken on by central banks made Bitcoin more attractive. He added that he owned only a quarter of a bitcoin, which was trading below $10,000 at the time.

Last month, Musk added “#Bitcoin” to his Twitter profile, sparking a 14% surge in the digital currency, and in December he tweeted, “Bitcoin is my safe word.”

Driven in part by interest from institutional investors, the price of Bitcoin has quadrupled since in the past four months, surging far beyond record highs set in 2017. Some investors view it a hedge against inflation.

Tesla also said in its filing it would soon accept Bitcoin as a form of payment.

In chat on social media app Clubhouse that drew thousands of listeners earlier this month, Musk said Bitcoin was “on the verge” of being more widely accepted among investors.
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Elon Musk’s decision to change Twitter’s name to X and make it an “everything app” could broaden the use of dogecoin (DOGE), bitcoin (BTC) and other cryptocurrencies.
“It would be an absolute game-changer to incorporate cryptocurrency payments as part of that ecosystem,” one expert said.
Elon Musk's brazen attempt to refashion Twitter into a new, broader service called X will apparently turn the iconic social-media app into a platform for making payments.
This dream, according to experts, probably has implications for cryptocurrencies, most specifically one of the billionaire's favorite playthings: dogecoin (DOGE).
Musk has long talked about creating a so-called everything app that incorporates not only social media and messaging but also the ability to buy things and send money. Crypto could easily factor into that, given Musk’s long history of dabbling in digital assets.
His carmaker, Tesla, holds bitcoin. He’s frequently talked about DOGE. “Dogecoin might be my fav cryptocurrency. It’s pretty cool,” he tweeted in 2019. Earlier this year, Twitter’s logo was for several days swapped out for dogecoin’s dog symbol, driving a huge (albeit temporary) DOGE rally. The token jumped this week on Monday after Twitter’s X rebranding.

“Elon clearly has an affinity for DOGE, almost as part of a running joke, but I wouldn’t be surprised if he actually went through with enabling payments via DOGE,” said Brian D. Evans, CEO and founder of BDE Ventures, a Web3 venture studio and advisory firm.
In January, the Financial Times reported that Musk had asked for payment infrastructure to be built at the company, initially for fiat currencies but with the ability to add crypto later.
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In the cryptocurrency and blockchain ecosystem, the term “Airdrop” refers to the distribution of digital assets to the public, either by virtue of holding a certain other token or simply by virtue of being an active wallet address on a particular blockchain.

This is separate and distinct from the allocation of tokens or coins that happen via an ICO event. During ICOs, the digital asset being offered is typically purchased using an alternate coin or token. In the case of airdrops, there is no purchase required from the recipient, meaning that the assets are distributed for free.

Airdrops are often used as a marketing tool in order to raise awareness of the coin or token that is being distributed, as well as a method of diversifying the number of holders of that asset.

The way in which airdrops typically work is that in order to be eligible, a user must hold a certain amount of the asset in a public wallet at the time of the snapshot that is taken as a view of the current state of the blockchain at that particular point in time.
For example, OmiseGo performed an airdrop to Ether holders on the Ethereum blockchain in July of 2017, distributing 5% of the total number of OmiseGo tokens at a ratio of 0.075 OMG per ETH to all wallets holding more than 0.1 ETH at the time of the snapshot.
Airdrops, along with forks, have been considered by some as a kind of dividend payment earned by holding a digital asset, insofar as it is an additional premium paid out to token holders on a pro-rata basis.

Also learn: What Is a Crypto Airdrop?

I'm not advising anyone to buy crypto or bet the farm on dogecoin," Musk said during a virtual appearance at the Wall Street Journal’s CEO Council Summit in London. "Maybe you should, but let me advise you that would be perhaps unwise."

However, Musk added that dogecoin, a bitcoin-like cryptocurrency that was originally created as a "joke," is still his favorite cryptocurrency because it has "the best humor" and "it has dogs."

In April, Musk followed through with a promise he made before buying Twitter, changing its logo to that of dogecoin's shiba inu dog breed, giving the dogecoin price a short-lived 20% bump.

Dogecoin has crashed back even harder than bitcoin and ethereum since hitting its all-time high price, currently down around 90% compared to bitcoin's and ethereum's 60% price declines. The dogecoin price peaked the day before Musk's appearance on U.S. comedy show Saturday Night Live in 2021 as dogecoin mania reached fever pitch.
Elon musk's saysMusk has significantly toned down the amount of time he spends tweeting about cryptocurrencies since the crypto mania of 2021 but has offered some scant support to dogecoin after saying he early 2021 he wanted to help with upgrades that could turn it into the currency of Earth and help it "beat bitcoin hands down."d#DOGEProjections

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Should You Invest in Bitcoin? Here's What EloN Musk Thinks

Bitcoin is the most-established cryptocurrency and many argue it's the "safest" in what is a high-risk asset class. As such, it's well positioned to survive a prolonged market crash and -- as Musk points out -- potentially change the way we use money. However, this is a relatively new and unregulated market and there's a lot we don't know about how it will evolve.

READ MORE: Best Crypto Apps and Exchanges

One golden rule is to only invest money you can afford to lose in Bitcoin. That way, you'll be able to benefit from any gains without facing financial disaster if it collapses. Before you invest, stock up your emergency fund and make sure you're up to date on things like your retirement savings. Don't prioritize crypto over your other financial goals.

When you see headlines about people who've become Bitcoin billionaires, it is tempting to go all in. Instead, try to make sure high-risk assets like crypto only represent a small percentage of your overall investments. Financial advisors increasingly recognize that Bitcoin can play a role in a balanced portfolio, but the key is balance.

Ultimately, the decision to invest in Bitcoin depends on several factors. These include your financial situation and your views on how Bitcoin might perform in the long term. And don't take Elon Musk's word about crypto -- or any other commentators for that matter. Do your own research into what Bitcoin might do, what the risks are, and how blockchain technology might evolve.

Cryptocurrency adoption in 56 different countries worldwide 2019-2023
Published by
Raynor de Best
, Aug 29, 2023
Consumers from countries in Africa, Asia, and South America were most likely to be an owner of cryptocurrencies, such as Bitcoin, in 2023. This conclusion can be reached after combining 55 different surveys from the Statista's Consumer Insights over the course of that year. Nearly one out of three respondents to Statista's survey in Nigeria, for instance, mentioned they either owned or use a digital coin, as opposed to six out of 100 respondents in the United States. This is a significant change from a list that looks at the Bitcoin (BTC) trading volume in 44 countries: There, the United States and Russia were said to have traded the highest amounts of this particular virtual coin. Nevertheless, African and Latin American countries are noticeable entries in that list too.
Daily use, or an investment tool?
The survey asked whether consumers either owned or used cryptocurrencies but does not specify their exact use or purpose. Some countries, however, are more likely to use digital currencies on a day-to-day basis. Nigeria increasingly uses mobile money operations to either pay in stores or to send money to family and friends. Polish consumers could buy several types of products with a cryptocurrency in 2019. Opposed to this is the country of Vietnam: Here, the use of Bitcoin and other cryptocurrencies as a payment method is forbidden. Owning some form of cryptocurrency in Vietnam as an investment is allowed, however.
Which countries are more likely to invest in cryptocurrencies?
Professional investors looking for a cryptocurrency-themed ETF were more often found in Europe than in the United or China, according to a survey in early 2020. Most of the largest crypto hedge fund managers with a location in Europe in 2020, were either from the United Kingdom or Switzerland - the country with the highest cryptocurrency adoption rate in Europe according to Statista's Global Consumer Survey. Whether this had changed by 2021 was not yet clear.

The 2023 Global Crypto Adoption Index Top 20

Country Region Overall index ranking Centralized service value received ranking Retail centralized service value received ranking P2P exchange trade volume ranking DeFi value received ranking Retail DeFi value received ranking
India Central & Southern Asia and Oceania 1 1 1 5 1 1
Nigeria Sub-Saharan Africa 2 3 2 1 4 4
Vietnam Central & Southern Asia and Oceania 3 4 4 2 3 3
United States North America 4 2 8 12 2 2
Ukraine Eastern Europe 5 5 3 11 10 10
Philippines Central & Southern Asia and Oceania 6 6 6 19 7 7
Indonesia Central & Southern Asia and Oceania 7 13 13 14 5 5
Pakistan Central & Southern Asia and Oceania 8 7 7

MORE NEWS ABOUT CRYPTOCURRENCY ES COMING SOON 🔜. FOLLOW FOR MORE
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Elon Musk, Tesla CEO, stands in the foundry of the Tesla Gigafactory during a press event. year.
Patrick Pleul | picture alliance | picture alliance | Getty Images
Billionaire Elon Musk, CEO of SpaceX and Tesla, often tweets about different cryptocurrencies, and in doing so, has seemingly impacted their prices.

A few times throughout 2021, the price of an altcoin called shiba inu appeared to jump after Musk repeatedly posted images of his shiba inu puppy on Twitter.

But on Sunday, Musk clarified that he doesn't own any shiba inu coins and that he only owns bitcoin, ether and dogecoin. "That's it," he said.

His support for dogecoin isn't new. In fact, Musk started to tweet about dogecoin back in 2019.

Though Musk said he hasn't recently been in contact with dogecoin developers, he has repeatedly mentioned working with them throughout the year.

Musk has even joked about dogecoin potentially becoming the future reserve currency.

"The point is that dogecoin was invented as a joke, essentially to make fun of cryptocurrency," he told TMZ in May. "Fate loves irony. What would be the most ironic outcome? The currency that started as a joke in fact becomes the real currency. To the moon!"

But remember, just because Musk or another influencer or executive tweets about a cryptocurrency does not mean it is valuable or a good investment. Feeding into social media hype will often result in money lost, experts warn.

That's in part why investors should always do their own research before deciding where to put their money. As the SEC warned in 2017, "it is never a good idea to make an investment decision just because someone famous says a product or service is a good investment."

Experts view cryptocurrency as a volatile, risky and speculative investment. They warn to only invest what you can afford to lose.

As of 11:33 a.m. EST, bitcoin is trading at around $63,319, ether at around $4,151 and dogecoin at around 27 cents, according to Coin Metrics.

🇰🇪🇰🇪🇰🇪🇰🇪🇰🇪🇰🇪🇰🇪Kenya, or officially the Republic of Kenya, is a state in Eastern Africa. Currently, Kenya is one of the most rapidly developing countries in Africa. In terms of Bitcoin, Kenya — as an economic center of the continent — has had a leading position in cryptocurrency use. Bitcoin mining in Kenya has become very popular among the community due to several reasons, such as less volatility relative to the national currency, the ability to earn money, etc., so even the local mass media spread the information about Bitcoin, which has led to a higher level of awareness among citizens of the country. The technology of blockchain in Kenya is considering for use by the real estate market to register ownership and for auditing, in order to make its services convenient and transparent.

The Worldcoin cryptocurrency project has run into another roadblock — this time in Kenya, where the government has formed a 15-member parliamentary committee to investigate the controversial asset.

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The Kenyan government formed a 15-member committee headed by Narok West Member of Parliament Gabriel Tongoyo to look into the controversial crypto project, reported a local daily. The parliamentary committee has 42 days to investigate the project and submit its report to the House committee.

Cointelegraph reached out to the MP to get some insights into his concerns and case against Worldcoin but didn’t get a response by publishing time.

The parliamentary investigation into the crypto project comes nearly three weeks after Kenya suspended Worldcoin’s operations after the project failed to comply with government orders to stop scanning users’ iris.#kenyacrypto #WLD

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What is Memeland?
Memeland is a web3-focused venture studio birthed by the same team that gave us 9GAG. Their mission? To bring ownership to every community in the world. They aim to achieve this by building and investing in social products for the community, with the community. The essence of Memeland revolves around connecting creators and communities through the trifecta of creativity, $MEME, and NFTs.

Having started 9GAG in 2008 with humble beginnings, the team has come a long way. They’ve been part of renowned accelerators like 500 Startups in 2011 and Y Combinator in 2012. Today, 9GAG boasts a global audience of 200 million across various social platforms. With Memeland, they’re embarking on a new journey, leveraging blockchain technology to invite everyone to join and build a community and company together.#MemeLand

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Nearly 200,000 readers learned how to earn cryptocurrencies through our popular blog, since 2017. Now that DeFi is poppin’, it’s time to help you earn crypto on DeFi. And after you finish this one, you might want to learn how to earn with NFTs as well.

If you have been with us throughout the years, you may have noticed that the industry is changing rapidly. New technologies and tokens are being introduced daily, and regulators are trying to keep pace with the growth of the industry.

DeFi, short for “decentralized finance, is a term that recently gained a lot of attention. Naturally, our readers are interested in making a few bucks from home. So from now on we’ll be focusing on how and where you can earn with DeFi. We’ll show you the best ways to earn with DeFi, how to avoid potential traps along the way.

But first things first: let’s explain what DeFi is and why it’s such a big deal.#DeFiAave

#Airdrop Nearly 200,000 readers learned how to earn cryptocurrencies through our popular blog, since 2017. Now that DeFi is poppin’, it’s time to help you earn crypto on DeFi. And after you finish this one, you might want to learn how to earn with NFTs as well.

If you have been with us throughout the years, you may have noticed that the industry is changing rapidly. New technologies and tokens are being introduced daily, and regulators are trying to keep pace with the growth of the industry.

DeFi, short for “decentralized finance, is a term that recently gained a lot of attention. Naturally, our readers are interested in making a few bucks from home. So from now on we’ll be focusing on how and where you can earn with DeFi. We’ll show you the best ways to earn with DeFi, how to avoid potential traps along the way.

But first things first: let’s explain what DeFi is and why it’s such a big deal.#DeFiAave