Elon musk cryptocurrency bitcoin

Elon Musk doesn't mind expressing his opinions on anything from cannabis to space exploration. The Tesla CEO is rarely without a view on whatever the hot topic of the moment might be. You don't have to agree with him. In most cases, there's no compelling need to even pay attention to Musk's comments and tweets.

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WATCH RELATED VIDEO: Warren Buffett: Why You Should NEVER Invest In Bitcoin (UNBELIEVABLE)

The Elon Effect: How Musk’s Tweets Move Crypto Markets

Gavin Brown is a co-founder and Non-Executive Director of a start-up digital assets fund that will not benefit directly from this article. Fast-forward a few short weeks and the situation has changed entirely.

As has been well reported , this is the equivalent usage of a medium-sized country — currently Egypt — and the power consumption can be followed in real-time here. Worse, much of this mining relies on coal-fired power in China, although many in the crypto industry contend that the impact is far more moderate than suggested.

Read more: Bitcoin isn't getting greener: four environmental myths about cryptocurrency debunked. Either way, it is difficult to believe that Musk and Tesla were not aware of these issues at the start of the year.

A rising tide lifts all boats but the opposite can also be true. The concern for cryptocurrency investors is whether the downward shift in price marks the beginning of the end for the current bitcoin bull run, which has seen the price rise roughly fivefold since October Alternatively, is this simply another of the many historical bumps in the road as the new currency on the block aspires to become one of the largest in the world?

The contradiction with bitcoin is that it is comparatively old tech but still the market leader. Slow, energy-inefficient and often expensive to use, it is diesel power in an age of electrification. Nonetheless it boasts a huge network of users, who are bullish on potential slated upgrades such as Taproot , which aims to improve privacy and may also improve transaction efficiency, and the Lightning Network , which aims to make transactions faster and cheaper.

There are numerous alternative coins with far stronger sustainability credentials, including big names like stellar, ripple and cardano. But first-mover advantage still counts for a lot in tech.

This is especially true in crypto, where currencies rely heavily on rates of adoption and faith in a product that is only as strong as the collective belief of the user base. Above all, bitcoin has two big selling points: it is hardwired to only ever amount to 21 million coins with over 18 million already mined , and it is not dominated by any single organisation but is decentralised among thousands of large owners.

At a time when centralised nations are debasing their currencies by creating more and more money through quantitative easing , and keeping interest rates so low that it is difficult for investors to make money, a currency with a finite supply is likely to remain very attractive. This is why so many corporates and individuals have been dipping their toes in the choppy crypto waters in recent months.

Crypto investors can console themselves that Tesla is not selling its bitcoin holdings. Dogecoin is certainly low-energy , albeit neither scarce nor decentralised. So it is possible that Tesla may pivot to dogecoin as a treasury asset and functional currency to supplement its existing bitcoin holdings. Whether Musk gives them what they want or backs some other cryptocurrency like ethereum or ripple, all eyes will certainly be on him to see what happens next. As for bitcoin, analysts will be scouring the earnings statements of the biggest companies to see if any have moved the cryptocurrency into their treasuries.

Edition: Available editions Global. Become an author Sign up as a reader Sign in. Gavin Brown , University of Liverpool. Events More events.

Elon Musk says SpaceX holds Bitcoin, ribs Jack Dorsey at conference

Thanks for contacting us. We've received your submission. The joke crypto, referencing their purple mascot shaped like a tastebud, parodied an earlier request by Elon Musk during a light-hearted Twitter exchange. Just hours later, the tweet had spurred the creation of nearly 10 grimacecoins on the Binance Smart Chain BSC network alone. Dogecoin, which was initially started as a joke in , is currently in the top 10 by market value for cryptocurrencies.

Despite the turmoil he's created in the crypto world recently, Musk said he is "a supporter of bitcoin and the idea of cryptocurrency in general.

Bitcoin surges past $32,000 after Elon Musk says he owns the coin

On Sunday, Elon Musk helped Shiba Inu vault up the ranks of the largest cryptocurrencies by market value by tweeting a photo of his puppy. Musk, world's most wealthiest man, calls it "people's crypto. Musk acknowledges that he has invested in three cryptocurrencies, Bitcoin, Ethereum, and Dogecoin. As of a. Never miss a story! Stay connected and informed with Mint. Download our App Now!! It'll just take a moment. Looks like you have exceeded the limit to bookmark the image.

Elon Musk says dogecoin is better to buy things with than bitcoin

elon musk cryptocurrency bitcoin

This site uses cookies to deliver website functionality and analytics. If you would like to know more about the types of cookies we serve and how to change your cookie settings, please read our Cookie Notice. By clicking the "I accept" button, you consent to the use of these cookies. While bitcoin only managed to return

Musk is far from the only person to move the crypto market for no apparent reason other than making an endorsement.

Cryptocurrency scams: You must beware of these common crypto frauds

That kind of money is certainly not to be laughed at. Many crypto experts see as a fluke year for memecoins — or cryptocurrencies based on internet culture — and the days of such incredible returns may no longer be realistic. But many analysts remain bullish on Dogecoin. EGC was only launched in September but already has over , coin holders. EverGrow Coin is part of a new breed of cryptocurrencies aiming to make the market accessible to laypeople — specifically with regards to passive income.

Opinion: Elon Musk a liability for Bitcoin

A long-time proponent of cryptocurrencies particularly bitcoin and dogecoin, Musk was speaking at the annual Code Conference on digital technologies in California. The bill is now likely to be brought to the floor in the coming days. Also read: Crypto craze: Wealth managers, institutional investors set to invest in Bitcoin, others for first time. Earlier this year, Musk had tweeted that Tesla would stop accepting Bitcoin from customers for its electric cars amid concerns over the environmental impact of the virtual currency. Financial Express Online does not bear any responsibility for their advice. Like us on Facebook and follow us on Twitter. Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Bitcoin fell more than 7% on Friday, with tweets by Tesla boss Elon Musk that appeared to lament a breakup with the cryptocurrency again.

Fake crypto Grimacecoin rockets 285,000% after McDonald’s Tesla joke

We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. In addition, Musk disclosed that he owned Ethereum and — unsurprisingly — Dogecoin.


Tesla, the electric carmaker headed by billionaire Elon Musk, has started to allow people to buy brand merchandise using Dogecoin, a cryptocurrency initially started as a joke. Mr Musk announced the development on Twitter on Friday, a month after hinting of the plans. The news sent the value of Dogecoin soaring, though it fell back later. Comments by Mr Musk have frequently moved the prices of digital currencies, including Dogecoin and Bitcoin. Dogecoin, which was started in as a parody of the cryptocurrency craze, was once obscure.

Interested in investing on crypto? Read this first.

Tesla CEO Elon Musk said Wednesday that the car company would no longer accept bitcoin to purchase its vehicles, citing concerns about the environmental impact of the cryptocurrency. Musk later added a chart based on data from the University of Cambridge Centre for Alternative Finance showing what he called the cryptocurrnecy's "insane" energy usage trend. The announcement comes a little more than three months after Tesla first announced it would begin accepting bitcoin as payment. Musk, one of the world's richest people , said in the statement Wednesday that the company would not be selling any of its bitcoin and intends "to use it for transactions as soon as mining transitions to more sustainable energy. Bitcoin and other cryptocurrencies rely on computing power for their distributed networks , creating a decentralized system to create and track digital assets.

Camila Domonoske. Musk tweeted on Wednesday that Tesla would no longer accept cryptocurrency Bitcoin for car purchases. Months after Tesla embraced Bitcoin, CEO Elon Musk said on Wednesday the auto maker would no longer accept the cryptocurrency for car purchases due to its environmental impact. Bitcoin is very energy-intensive.

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