Elon Musk is playing God with the crypto market. With a few tweets, he has been moving the price of bitcoin and dogecoin up and down! 2 months after promoting bitcoin, Musk tweeted that Tesla would not be accepting bitcoins over its nonsustainable energy use. Bitcoin dropped around 15% with this. He moved dogecoin up by around 30% after tweeting that he was working with dogecoin developers to improve its efficiency.
Cryptocurrencies ushered in an era of digital assets that eased the medium of exchange while ensuring secure transaction records. As a result, the entire supply chain of creation and transfer is transparent, secure, and verifiable, making cryptocurrencies a mainstay in Fintech. Bitcoin was released in 2009 as an open source software and a decentralized cryptocurrency. Following Bitcoin, multiple cryptocurrencies have been created with Bitcoin and Ethereum holding market leadership. In April 2021, the total market cap of cryptocurrencies surpassed the USD two trillion mark.
Cryptocurrencies bring transparency and speed. However, the lack of sovereign guarantees and central banking regulation has raised multiple governance issues. For example, the legality and taxation of cryptocurrencies vary by country and are still evolving. In addition, cryptocurrencies have been the target of speculation, fraud, theft, and darknet transactions that highlight the lack of central regulating authorities.
As per Tesla’s Q1 2021 earnings update, the company made 25% of its total profits selling its bitcoin holdings, while its core business of selling cars and solar panels lost $25 million before adjusting for regulatory emission credits. With this background, it is not clear if the tweets were posted for financial gain, but it does affect investors and raises questions about the stability of the crypto market.
kandi collection on Elon Musk Crypto Tweet Trackers provides you with free public libraries that help you review the impact of cryptocurrencies based on Elon Musk’s tweets, automate trades, and some fun projects.
elon_doge_tracker by rodgerbenham and TLSA-vs-Elon-s-Tweets by Joerg-ffs compare Elon Musk’s tweets to the Tesla stock price and dogecoin. bitcoin-bot-buy-if-elon-tweets by CyberPunkMetalHead, elonbot by vslaykovsky, tradoge by gschurck, Twitter_Activated_Crypto_Trading_Bot by jaimindp, moon-doge by antoinebaron-io and Elon-Alert by oguzdelioglu are automated trading bots that help you trade cryptocurrencies based on his tweets. Finally, if you care less for cryptocurrencies and are just looking for fun, RandomElon by thecookiemonsters and elon-bot by Macr0Nerd help produce random Elon Musk quotes.