Elon Musk’s tight grip on crypto volatility

• After poking fun at the crypto space, Elon had a change of heart and decided to revive and support Dogecoin.
• Elon tweeted on May 13 2022 that Tesla was no longer accepting Bitcoin payments. As a result, Bitcoin’s value dropped from $54819 to $45700, losing 17% of its value
• A change in Elon’s Twitter profile to Bitcoin supporter increased its sales by 20%

Crypto volatility has considerably plagued the crypto space since its debut. The constant shift in the value of a single token has significantly slowed the progress of many crypto traders and miners. Although what precisely causes crypto volatility?

Most google searches and experts claim the supply and demand for any crypto coin affects its value. The more people purchase Bitcoin or Ether, the less the store, leading to higher demand and increasing its value tenfold. Yet, despite this, one man can ultimately shift the dynamics and value of crypto coins. How has Elon Musk, Ceo of Twitter, obtained such influence?

How did Elon acquire such influence

Elon Musk is a name to reckon with for anyone and everyone in the tech world. After being declared the richest man the world, Elon Musk continued to strive to accomplish his goal. Unlike most successful business people or even corporate big leagues, Elon dedicated his life to furthering the future of humanity.

He has pioneered various elements we know today, such as mobile money, self-driving car and even eco-friendly cars. All these are but a few aspects Elon has presented to the world. The title of the wealthiest man in the world is not for show. He has launched the all-famous SpaceX, a company dedicated to space exploration and the creation of rockets. This is his most significant achievement and life’s work.

This is because SpaceX is a private rocket company meaning the government can’t get its hands on it. The main goal was to eventually create an ecosystem enabling individuals to thrive in a more advanced environment. His recent venture into Tesla, the self-driving car, has earned him millions, and at the end of the day, he has loyal followers.

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People who seek to emulate and become like Elon become fanatics. Most of the time, his followers wait to gobble up any financial or even general advice Elon has, and sometimes it might be an absolute joke. Unfortunately, his overachievement cloud many, and they think that whatever he says goes.

Elon Musk’s on-and-off feud with cryptocurrency

The new CEO of Twitter is known for his inconsistency in cryptocurrency. When the concept first arrived, and crypto coins were the talk of the town, Elon never really saw the use of any of it. At first, like the rest of the world made fun of crypto traders and miners. He even went as far as creating a new crypto coin and termed it Ratcoin. As expected, his followers lined up significantly, boosting its value.

After poking fun at the crypto space, Elon had a change of heart and decided to revive and support Dogecoin and, in a tweet, helped Bitcoin’s goal of economic empowerment. Like clockwork, the value significantly increased; a simple change in Twitter profile to Bitcoin supporter increased its sales by 20%. Currently, Doge is the 6th largest cryptocurrency globally, overtaking Cardano by a landside, all thanks to the efforts and the mere support of Elon Musk ad Telsa.

The inconsistency in Elon’s stance on the crypto space is still up for debate, but his endless support of Dogecoin is a positive remark for now. Some even think it’s his schedule to make what started as a joke(Dogecoin) eventually overthrow Bitcoin.

Twitter Influence on crypto volatility

Things are about to get worse, especially after Elon purchased Twitter, further solidifying his influence on the crypto space. In recent news, NFT will now be available on Twitter, a feature known as Tweet Tiles. 

To fully grasp his sheer dominance over people’s minds is when he tweeted on May 13 2022, that Tesla was no longer accepting Bitcoin payments. As a result, Bitcoin’s value dropped from $54819 to $45700, losing 17% of its value. During Elon’s campaign for Dogecoin, a mere tweet increased Dogecoin’s value by 300% in 4 hours. Their servers needed help keeping up with the sudden influx of activities. 

These are a few examples to indicate how a simple tweet from the wealthiest man in the world can mean the end of the rise of any venture. His new position on Twitter now allows him to introduce crypto coins to social media, making them more available to users in hopes of stabilizing crypto volatility.

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Conclusion

The crypto space has had several highs and lows this year, and as we close the year, there are many indications of improvements by 2023. It is without a doubt that Elon Musk had some level of control over crypt volatility. Now that he officially owns Twitter, more and more adoring fans will flock around his tweets.

Despite this, Elon believes in the works of cryptocurrency and is an avid supporter of blockchain technology. Mainly since it represents what innovation can do to help humanity progress. He has given several positive remarks on Web3 and its application to the current world. His influence over crypto volatility is real; hence, it is often good practice to keep your ear on Elon Musk’s notifications since they might affect the crypto coins you hold.