Elon Musk tweet drives cryptocurrency market

Elon Musk tweet drives cryptocurrency market

The Tesla chief executive posted several tweets centred on crypto over the weekend

Elon Musk was busy on Twitterverse yesterday with his active posts on cryptocurrencies. In the past, his tweets about cryptocurrencies have caused significant trading value and volume shifts in the market.

The business magnate posted a tweet about Dogecoin (an altcoin that was launched as a meme) resulting in a 25% gain for the coin.

“One word: Doge”, he tweeted.


Musk has previously talked about Dogecoin and the last time he posted a tweet about it, the altcoin’s price increased by 14%. Yesterday’s post sparked off Dogecoin’s market as the altcoin trended on the social platform. He went ahead to change his account’s bio to ‘Former CEO of Dogecoin’ after posting the tweet.

Crypto analysts believe the altcoin’s price surged as many people became interested in it following Musk’s tweet. The crypto space is typically sentiment-driven and as such, it is not surprising that celebrity attention sparks users’ interest. The SpaceX chief also sent a tweet about Bitcoin (BTC) probably as a sally.

The leading crypto by market cap has enjoyed a field day after breaking record highs and crossing $24,000. The billionaire entrepreneur posted a cheeky meme illustrating that he was trying to lead a normal life but Bitcoin was a huge distraction in his quest for a quiet life.

MicroStrategy’s chief executive Michael Saylor replied to the post saying, “If you want to do your shareholders a $100 billion favour, convert the $TSLA balance sheet from USD to #BTC.  Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favour”.

Musk responded by asking if it was possible to convert Tesla’s funds to Bitcoin.  The tweet was met with several replies from the crypto community. Saylor commented in response, “Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline—from one rocket scientist to another”.

Morgan Creek’s Anthony Pompliano also joined the bandwagon and tweeted, “The internet will break if Elon Musk converts any of Tesla’s balance sheet into Bitcoin”.

Bitcoin critic Peter Schiff commented on the subject, warning Musk not to pursue Saylor’s play.

“Michael, like all involved in the Bitcoin pyramid scheme, must recruit new buyers into the scheme to keep it going”, he said.

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