Elon Musk Has Changed the Fate of Humanity — Once Again
It’s Never a Dull Moment with the Person Who Wants to Put a Roller Coaster in His Office
Ioannis Dedes
This is the same man who claims to have negotiated a price for Russia’s missiles and plans to throw thermonuclear weapons to make Mars a hospitable place for humans.
Yesterday, as you may or may not have noticed, Elon Musk, Tesla’s CEO, decided to invest $1.5 billion on Bitcoin and shocked the world.
The company announced that the reason behind this move was for better flexibility to diversify further and maximize cash returns.
Nevertheless, this move should not come as a surprise, and your financial advisor should have warned you about Elon Musk’s love for cryptocurrencies, which has been expressed multiple times in the past.
This interview will help you understand the mind we are talking about
Elon’s Impact on Bitcoin and Dogecoin
This move has now raised some questions about Tesla’s CEO’s recent behavior on social media platforms like Twitter, where he is considered responsible for raising the price of other cryptocurrencies, such as Dogecoin.
When the whole world is waiting for your take and can change the entire market just by posting a positive tweet or reacting to some events, just like the Gamestop incident, you can be considered responsible for various ups and downs of the investing world.
This time it was Bitcoin. With his recent investments and posts, he has managed to boost Bitcoin’sBitcoin’s price above $44.000.
He achieved something similar to his non-stop tweets about another cryptocurrency, Dogecoin, which is considered a meme. Still, as we can see, it has some potential severe too.
The Clubhouse Effect
After this big move from Elon, it’s worth taking a closer look at his opinions on Bitcoin and other cryptocurrencies that he regularly tweets about.
We can safely say that Musk is a big supporter of Bitcoin. He confirmed that in a discussion on Clubhouse, a popular audio chat app.
More specifically, he said: “ I’ve got to watch what I say here because some of these things can really move the market.”
He also admitted that many of his friends have tried to convince him to get involved in Bitcoin for a long time.
On top of that, he admitted that he regrets not buying at least some Bitcoin eight years ago. “Talk about being late to the party,” he said.
Elon believes that Bitcoin is really on the verge of getting broad acceptance by conventional finance people.
Regarding Dogecoin, a cryptocurrency that has gone up 800% in the past weeks, he said: “Occasionally I make jokes about Dogecoin, but they are really just meant to be jokes. Dogecoin was made as a joke to make fun of cryptocurrencies.”
Lastly, he jokingly added that fate loves irony and that the most entertaining and ironic outcome would be that Dogecoin becomes the currency of the Earth sometime in the future.
The World is Changing
The main reason behind Tesla’s move in investing one and a half billion us dollars in Bitcoin is their plan to start accepting the cryptocurrency as a form of payment in exchange for its products.
This move would make Tesla the first major automaker to take this step forward. The Bitcoins invested will provide Tesla with liquidity when they finally decide to start accepting it as a payment method.
Elon’s decision, however, had yet numerous other effects. It also made Tesla shares go up more than 2% on Monday, February 8th. It should also be noted that in its recent SEC filing, Tesla warned investors of the volatility of Bitcoin’s price.
It is not a secret that Elon Musk has got into big trouble for his tweets in the past, but it is not sure how this will affect his recent tweets about Bitcoin and Dogecoin.
However, let us not forget that in 2018, the Securities and Exchange Commission had sued Elon Musk for fraud. The reason behind that was that Tesla’s CEO had issued false and misleading statements about taking the company private when it reached $420 per share.
This article is for informational objectives only, and it should not be regarded as Financial Advice. This text is a personal opinion, and I would encourage you to consult a financial expert ere executing any financial decisions.
References
https://www.cnbc.com/2021/02/01/elon-musk-on-clubhouse-i-am-a-supporter-of-bitcoin.html
https://www.cnbc.com/2021/02/01/elon-musk-on-clubhouse-i-am-a-supporter-of-bitcoin.html
https://www.cnbc.com/2018/09/27/tesla-falls-4percent-on-report-elon-musk-sued-by-sec.html
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Ioannis Dedes
Experienced Freelance Writer with a demonstrated history of working in the online media industry. Skilled in Communication, English, Training, Research, and Human Resources. Strong media and communication professional studying at McGill University, Bachelor of Arts - BA focused in Political Science and Government, History.
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