Elon Musk, CEO of Tesla and self-proclaimed “CEO of $DOGE Dogecoin,” has played a crucial role in the volatility of the cryptocurrency market through his social media comments and business decisions. Over the past few years, Musk has influenced both the growth and declines of key cryptocurrencies like Bitcoin and Dogecoin, causing drastic price fluctuations.
One of the most memorable moments occurred in 2020, when Musk compared $BTC Bitcoin to fiat money, calling it “bullshit.” Despite this, weeks later he updated his Twitter bio with #Bitcoin, sparking a wave of enthusiasm in the market, boosting the value of the cryptocurrency. Shortly after, Tesla announced the purchase of $1.5 billion worth of Bitcoin, leading the asset to reach new all-time highs of up to $58,000.
However, Musk's influence has not always been positive. In May 2021, he caused a significant drop in the price of Bitcoin after announcing that Tesla would stop accepting the cryptocurrency as a payment method, citing environmental concerns. This led to a market crash, although Musk reassured investors by stating that Tesla would not sell its Bitcoin stash, although it eventually did.
Dogecoin has also been highly influenced by Musk. In early 2021, he declared it the "people's cryptocurrency", causing its value to skyrocket by 50% within hours. However, his appearance on Saturday Night Live in May 2021, where he called Dogecoin a "scam", caused the coin's value to drop by more than 30%.
Musk's ability to move markets remains an unpredictable factor in the cryptocurrency industry, making it clear that his influence should not be underestimated.
