While Elon Musk, founder of Tesla and SpaceX, praises the revolutionary impact of cryptocurrencies, he also seems to mock the concept.
In the video shared by Kevin Svenson “Crypto is likely to be the future currency of the world,” Musk said, “How ironic would it be if Dogecoin (born as a joke) eventually becomes the winner of this fight,” Musk said later in his statement.
Elon Musk talks about $DOGE Coin
(Released 4 Hours Ago)@elonmusk said “There is a good chance that #Crypto is the future currency of Earth … but which one is it going to be?” #Doge #DogeCoin #Bitcoin #cryptocurrency #cryptocurrencies #DOge pic.twitter.com/HDaf5jw3Xx
– Kevin Svenson (@KevinSvenson_) February 6, 2021
DOGE was at the center of the massive upswing triggered by Reddit investors who closely followed Musk’s posts.
Published by Blockchain Research Lab How Elon Musk’s Twitter activity drives the cryptocurrency market The report, named, reveals that the billionaire businessman has a positive impact on digital assets.
The report stated:
“We detected significant increases in transaction volume in all activities.”
Musk’s ability to mobilize markets via Twitter worries some investors, given the CEO’s turbulent history with the U.S. Securities and Exchange Commission (SEC).
Elon Musk’s support of the GameStop (GME) short position squeeze with his posts could have negative consequences for enthusiastic individual investors. GME, which rose above $ 500 at the end of June, fell below $ 70 immediately after.
Musk previously said he was considering closing Tesla to the public after the stock reached $ 420, so both he and Tesla paid the SEC a $ 20 million penalty.
After paying the fine, Musk declared, “I don’t respect the SEC.”