Elon Musk, founder of Tesla and SpaceX, is considered one of the most controversial figures in the world. Musk is not just a billionaire, he is a phenomenon that controls the prices of digital currencies with a single word or tweet. Let's review the most important stations in which Musk shook the market, and learn about his influence
Musk's Tweets and Their Impact on the Market
In February 2021, Musk surprised the world when he announced that Tesla had bought $1.5 billion worth of Bitcoin. Not only that, he also said that the company would start accepting Bitcoin as a means of payment. The result?
Bitcoin price jumped like never before, reaching record highs.
The whole market exploded with excitement, and investors entered the cryptocurrencies with force.
May 2021: Bitcoin and the Environment
A few months later, Musk changed his tune and said Tesla would no longer accept Bitcoin as a form of payment due to the environmental impact of mining it. This tweet sent shockwaves through the market:
Bitcoin price suddenly collapsed, investors lost billions.
Musk was accused of playing the market, but he justified his decision with environmental concerns.
Dogecoin "The People's Currency"
Musk has always expressed his love for Dogecoin, describing it more than once as the "people's currency." He supported the currency with successive tweets, and its price rose hysterically.
New investors entered in large numbers, but many of them lost when the price fell afterwards.
"Baby Dog Doo Doo Doo" Musk decided to change the lyrics of the famous "Baby Shark" song, and said: "Baby Dog Doo Doo Doo Doo". What happened next was crazy:
The price of $1MBABYDOGE has risen very significantly.
People started talking about this currency as if it were a new investment opportunity.
December 2024: The Godfather Tweet
In his latest move, Musk posted a picture inspired by the movie "The Godfather." This tweet alone caused the price of Baby Dog to jump by 75%!
Small investors took advantage of the opportunity and made profits, but as usual the market calmed down after the commotion.
Is Musk manipulating the market?
Musk's influence on the market has been a subject of great controversy. Every time he tweets, the market is affected dramatically. Some see him as manipulating the market for his own personal benefit, especially since he might sell when prices reach their peak. Others say he is just sharing his opinion and what is happening is a natural result of his popularity.
But the truth is that Musk knows very well the power of his words, and this always puts him in a position of accusation from regulatory bodies.
Elon Musk is considered a force that moves the markets. His tweets change the fate of currencies, and every time he keeps the market in a state of anticipation. But as an investor, you must be aware that the crypto market is not an easy game, and Musk is not always the "hero", he may be "the surprise that makes you lose."