One of the richest individuals in the world and a technological visionary, Elon Musk has had a significant influence on the crypto world. His tweets and comments are much awaited by people across the globe and they have created waves in the cryptocurrency market.
Over the years, from the first time he commented about crypto to the present, there has been a major shift in his views on this digital asset. Here, let us take a walk through the changing relationships of Elon Musk with crypto and how it has affected this decentralized currency. Let us see if Musk supports or is against cryptocurrencies.
Is Elon Musk Satoshi Nakatomo?
Elon Musk’s first Twitter comment on crypto appeared in 2014 in which he expressed his view on this digital asset. His comment goes, “Well, now that Satoshi Nakamoto has been discovered, I guess it is case closed.” Since then, Musk has been posting several tweets and comments about crypto.
At a time when Bitcoin was heading toward its peak value, an article came up in Medium titled Elon Musk Probably Invented Bitcoin authored by Sahil Gupta. This SpaceX intern claimed that Elon Musk himself is the pseudonymous creator of Bitcoin- Satoshi Nakatomo.
As evidence backing his claim, he pointed out some similarities between Nakatomo and Musk such as the use of words or phrases like ‘order of magnitude’ and ‘bloody’, proficiency in C++ programming language, sound understanding of economics and cryptography, problem-solving approach, and the use of a double space after a period. Though these seem convincing, Musk denied his connection with Nakatomo in his next tweet.
Musk And Cryptocurrency
Elon Musk has always been a constant presence in the crypto world and he has deep knowledge about cryptocurrency and blockchain technology. Over the years, we can see the clear transition in his views, and the most talked about assets by Musk are Bitcoin and the mem coin, Doge.
Elon Musk And Bitcoin- The Transition
The first time, back in 2014 when Elon Musk tweeted about crypto, he was somewhat skeptical. In the same year when he was asked by Vanity Fair’s interviewer about Bitcoin, he passed a skeptical comment that this asset might be good but it might end as a currency for illegal transactions only. During this period, Bitcoin was facing a serious decline.
Later in 2017, when he was asked if he created Bitcoin to which he commented by posting a link to an article that mocked cryptocurrency. Till the year 2018, cryptocurrency was facing a serious decline, and news outlets released headlines like “Bitcoin is Dead”.
But, in 2019, a major shift in Elon Musk’s view on cryptocurrency can be seen. This year, he took a serious interest in this digital asset and said that its structure was ‘quite brilliant’. Still, Tesla did not get involved with the crypto space. In 2021, the scenario changed completely and Musk edited his Twitter bio and added #Bitcoin.
This tweet alone caused an exponential growth in cryptocurrency value to almost 20%. A few weeks later, Tesla made a huge announcement that it has purchased $1.5 billion worth of Bitcoin and had decided to permit the use of cryptocurrency in exchange for its products. But, due to concerns over Bitocin’s energy consumption, Tesla stopped accepting cryptocurrencies.
Elon Musk And Dogecoin
Just like Bitcoin, Musk has been much interested in the meme coin, Dogecoin. It was in April 2019 that Musk tweeted about Dogecoin for the first time and his tweet goes, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” Immediately, the value of this coin went up to $0.004. Since then, he has been praising dogecoin and even said that it is a ‘people’s coin’.
Every time he mentions this digital asset, it experiences a movement. In the coming year, he stated that he collaborated with the Dogecoin developer in 2019. Later, he even tweeted about his plans to put Dogecoin on the moon. Currently, Dogecoin has been accepted as a payment method for all Tesla goods and services.
Musk’s Twitter Comments And The Frenzy Surrounding It
It is evident that Elon Musk’s comments and tweets have the ability to shake the entire crypto market. His interest in crypto or the growing popularity of the digital asset, whatever is the cause of the success of cryptocurrency, the fluctuations happening indicate the immaturity within this industry.
The presence of Elon Musk has actually caused a frenzy surrounding cryptocurrency. So, beware of scams imitating Musk and his involvement in crypto crossing your path.