30s Summary

Elon Musk’s involvement in the crypto world has resulted in significant market shifts. His notable moves include tweeting critical remarks on Bitcoin, investing $1.5bn in the digital currency via Tesla, and boosting Dogecoin by calling it “the people’s crypto”. Notably, he faced a hefty lawsuit in 2022 accusing him of manipulating Dogecoin for personal gains. Also, mixed feelings about Bitcoin led to Tesla discontinuing its acceptance for car purchases. Additionally, Musk’s appearance on SNL disappointed Dogecoin fans and Tesla’s decision to accept Dogecoin only for merchandise failed to retain the steady value of the coin.

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Elon Musk can’t keep his hands off the crypto world, stirring up a storm with his tweets and bombshell announcements.

He’s been a big supporter of Bitcoin (BTC) and a loud cheerleader for Dogecoin (DOGE). His influence has caused major shifts in the crypto market, leading to record highs and shocking lows.

Let’s look at some of the biggest impacts Musk has made on the crypto universe so far.

1. When Bitcoin became as BS as fiat

Many crypto enthusiasts got quite a shock in December 2020 when Musk tweeted that Bitcoin was “almost as bs as fiat money.” On the other hand, Jack Dorsey, the then CEO of Twitter (now X), had just added #bitcoin to his Twitter bio and was cheering for the cryptocurrency.

Despite his harsh words, Musk surprised everyone the next month when he updated his Twitter bio to “#Bitcoin.” This left many people scratching their heads, wondering if he’d decided to join the crypto community or was simply stirring the pot.

2. Tesla’s $1.5 billion Bitcoin investment

In early 2021, just two weeks after Musk had joined the #bitcoin party, Tesla announced it had invested a whopping $1.5 billion in Bitcoin. This caused the price to shoot up to an all-time high, turning Musk into a crypto superhero.

3. Dogecoin becomes “the people’s crypto.”

While Bitcoin was Musk’s new shiny thing, he’s always had a soft spot for Dogecoin. So, when he tweeted in February 2021 that DOGE was “the people’s crypto,” its value surged by 50% almost instantaneously.

However, not everyone was happy about Musk’s influence on Dogecoin, and in 2022 he faced a $258 billion lawsuit. He was accused of manipulating the Dogecoin Pyramid Scheme for personal gains, but he ended up winning the case in August 2024.

4. Mixed feelings about Bitcoin

Musk made hearts pound in May 2021 when he announced that Tesla would stop accepting Bitcoin for car purchases due to environmental concerns. He even suggested Tesla might sell off all its Bitcoin unless Bitcoin mining went green, causing the cryptocurrency’s value to drop by another 5%.

5. The disappointment of DOGE lovers on Saturday Night Live

Musk’s appearance on Saturday Night Live in May 2021 was a letdown for Dogecoin fans. They were expecting him to send DOGE to the moon, but instead, Musk called Dogecoin “a hustle,” causing its value to drop sharply.

6. When Tesla accepts Dogecoin… sort of

In December 2021, Musk announced that Tesla would accept Dogecoin for merch but not for cars. This felt like a missed opportunity and quite a disappointment for Dogecoin fans, who had hoped it might step into Bitcoin’s shoes. The move failed to sustain the excitement, and Dogecoin’s value quickly started to tumble.

While Musk remains a powerful actor in the crypto stage, his influence might be wearing thin. It appears he isn’t interested in being the poster boy for crypto, but rather a casual fan who just loves stirring things up.

Source: Cointelegraph