Elon Musk and cryptocurrencies
The words and deeds about crypto assets (virtual currency) by CEO Elon Musk of US electric car maker Tesla have attracted a lot of attention and have influenced the market.
In August 2018, he said on Twitter that he “secured funds for the privatization” of Tesla’s shares. There is also a history of being sued by the US Securities and Exchange Commission (SEC). In the same year, April Fool’s Day (April 1st) posted a tweet saying “Tesla went bankrupt”, which has been controversial.
In addition, the above-mentioned trial settlement proposal included that Tesla’s board of directors monitors Mr. Musk’s words and actions on social media, but Tesla’s financial situation, merger absorption, production results and new business Limited to undisclosed information about Tesla, including fields.
On February 26, 2021, he also gave a provocative response to rumors that the SEC was investigating Dogecoin meme posts, saying, “I hope it does. It’s great.”
I hope they do! It would be awesome 🤣🤣
— Elon Musk (@elonmusk) February 25, 2021
Mr. Musk, who is the owner of a major US listed company and has 56 million followers on Twitter, is extremely influential and often affects the virtual currency market such as Bitcoin and Dogecoin. The statements made so far are summarized below. (* Excerpts of high importance)
Tweet by CEO Elon Musk
|21/01/29||BTC price soared by putting “#bitcoin” in the profile column of Twitter. The first involvement made me wonder. (Related article)|
|21/02/01||He said that he would support Bitcoin on the new voice SNS “Clubhouse”. There have been meme posts about Bitcoin in the past, but this is the first time that we have stated our support for Bitcoin. (Related article)|
|02/04||Posted a dogecoin-related meme and won 1 million likes, DOGE price increased by 60% from the previous day. (Related article)|
|02/08||It turns out that Tesla had bought Bitcoin for $ 1.5 billion. In response to this, Bitcoin (BTC) soared, setting a new record high. (Related article)|
|02/24||Post an image depicting a doge exploring the moon. The moon is used in the metaphor “To The Moon”. Mr. Musk commented, “It means literally.”|
|02/25||A provocative remark, “I hope it will happen,” in response to rumors that the SEC is investigating Dogecoin’s meme posting.|
|03/24 03/24||Tesla begins introducing Bitcoin payments. BTC price hit a record high for the first time in two months. (Related article)|
|04/01||“SpaceX (US space development company) intends to put Bitcoin on the moon literally,” posted on April 1.|
|04/27||It turns out that Tesla had sold Bitcoin worth 30 billion yen. “We haven’t sold any of our own Bitcoin. Tesla has sold 10%, but as an alternative to holding cash, to prove Bitcoin’s liquidity on its balance sheet,” Musk explained. .. (Related article)||
|05/08||Appeared in the popular American variety show “Saturday Night Live”. Although he mentioned virtual currencies such as Bitcoin and Dogecoin, it fell sharply during the program appearance due to the reactionary surge. (Related article)|
|05/11||Posted a questionnaire asking “Do you want Tesla to accept DOGE?” Temporary DOGE price soared 15% by suggesting that Tesla will accept Dogecoin payments. (Related article)|
|05/12||BTC price plummeted due to Tesla’s announcement of Bitcoin settlement cancellation. Environmental problems have reignited by citing the use of fossil fuels for mining as a factor. (Related article)||
|05/13||He said he was interacting with developers over improving DOGE’s transaction efficiency. Ethereum’s Vitalik Buterin pointed out the problem with Musk’s proposal for Dogecoin scaling.||
|05/17||“I want to clarify the speculation. Tesla hasn’t sold Bitcoin,” he replied to an analyst’s tweet.||
|05/19||“Tesla has diamond hands,” he posted. Diamond Hands means to keep assets in any market and can be interpreted as a statement of intention not to sell Bitcoin. (Related article)||
|05/21||“Doge hasn’t sold and has nothing to do,” tweeted. He once again showed his support for Dogecoin.||
|05/22||In the form of a reply to other users, he posted, “The real battle lies between fiat currencies and crypto assets. Overall, I support the latter.” Attention was paid to the remarks that supported the entire crypto asset (virtual currency).||
|05/25||MicroStrategy CEO holds a meeting with top North American mining companies and Mr. Musk. It was decided to report data on energy use in mining in the future, and he mentioned that it was a “promising move.” (Related article)|
|06/04||Posted a meme image with the hashtag “#Bitcoin” and a broken heart emoji. The lyrics quote of the popular band Linkin Park was a “breakaway” content, which was a factor pushing down the market. (Related article)|
Is the focus on the environment?
Elon Musk has been supporting cryptocurrencies since late January this year, but in April this year he announced that he would stop using Tesla’s Bitcoin payments. The debate on environmental issues has rekindled. Since then, he has repeatedly said and acted critically about Bitcoin and as if he was buying Dogecoin.
In late May, we participated in a meeting with Michael Sailor, CEO of MicroStrategy, which has the largest BTC holdings among the top mining companies in North America and listed companies, and decided to establish the “Bitcoin Mining Council”. did.
An agreement was reached on a policy of disclosing information on the sources of electricity used for cryptocurrency mining, but some criticized the closed decision that could affect the entire crypto community. ..
Relation:“Bitcoin Mining Council” established by North American mining companies, why the community is worried
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“Cryptocurrency” means “cryptographic assets”