Why Elon Musk Tweets Affect On Crypto?

Why Elon Musk Tweets Affect On Crypto?

BY ANGELA CRUZ

Elon Musk dominated the cryptocurrency industry in 2021.

Elon's tweets regarding Dogecoin boosted prices by 50%. The Bitcoin price action was once influenced by the world's richest man.

Three of Musk's most influential tweets

tweets about DOGE, propelling the price up 10% in an hour and 50% in a day.

“You can now buy a Tesla with bitcoin”

Musk stated that Tesla will accept DOGE for items on Dec. 14. The price soared 43% in two hours.

Tesla ultimately joined the bitcoin discourse, and Tesla influenced the spring price movement.

Tesla's BTC purchase, acceptance as payment, selling of BTC holdings, and termination as a payment mechanism damaged the market, aggravating crypto volatility.

Musk stated in 2018 that he would take his electric car venture private and had "money secured."