Elon Musk: The Ultimate Influencer of the Cryptocurrency Market

The cryptocurrency market is very much accustomed to the most popular multibillionaire entrepreneur known as Elon Musk. It is said that Elon Musk is the driving force of cryptocurrency prices across the world. He is the ultimate influencer of the cryptocurrency market due to a huge following of his cryptic tweets on Bitcoins, Dogecoins, or even CumRocket. The investors experience a sudden rise or drop in prices immediately after his viral tweets. It is heard that Elon Musk controls the cryptocurrency market as well as the digital wallets of interested investors. Let's look at how Elon Musk acts as the ultimate influencer in the digital world.

One of the tweets of Elon Musk in March announced, that Tesla had invested in US$1.5 billion of Bitcoin and the automotive company would accept payments of vehicles in cryptocurrency. Since he has a huge fanbase, more new investors were instigated to invest in the cryptocurrency market. This tweet increased Bitcoin prices to the level of US$58,000. But in May, he again tweeted that Tesla would not accept payments in Bitcoin due to the high energy consumption in the mining process. That being said, it is observed that Elon Musk has a very complicated relationship with cryptocurrency. This heart-broken tweet caused a massive drop in Bitcoin prices to US$30,000. Recently in June, he again announced that Tesla will only accept Bitcoins if the crypto-miners use 50% clean energy to protect the planet. Thus, the Bitcoin price rose to US$40,000.

Investors know that the cryptocurrency market is highly volatile and it consists of potential risks of incurring a massive loss. But is it highly volatile because of Elon Musk? He is a big influence to control the prices of Bitcoin, Dogecoin, and CumRocket. His tweets on Dogecoin triggered memes on social media and it helped this Dogecoin to become the fourth-largest cryptocurrency with a market cap. Elon Musk approached people to shift to Starbase and encourage friends as SpaceX was in utter need of engineers, technicians, builders, and essential support personnel. Soon after this tweet, Starbase Token became a popular cryptocurrency that surged approximately 6000% in the market. He is the primary reason for experiencing calamity in cryptocurrency prices and again he is the one who lifts the price with only one tweet.

The activities of Elon Musk on Twitter make him the ultimate cryptocurrency influencer in the whole world where he can easily create a massive impact on the prices just with one cryptic tweet.