Is Elon Musk Pro Bitcoin or Pro Dogecoin or Maybe He’s Just a Big Fan of Crypto?

News / 06.02.2021

Elon Musk, the Tesla CEO and the world’s richest man, has reportedly removed the world’s leading cryptocurrency from his Twitter profile. Musk added Bitcoin to his Twitter bio last week but is seemingly all over Dogecoin now.

He dropped a couple of Dogecoin tweets, even terming it the people’s coin, “Dogecoin is the people’s cryptocurrency,” he wrote.

The SpaceX CEO wrote in a separate tweet: “No highs, no lows, Just Doge.” The sudden support for Dogecoin has seen its price shoot by over 35% in a matter of minutes. The surge continues to prove Musk’s ability to influence the cryptocurrency market, given that even BTC price shot up by 20% after his endorsement.

Dogecoin is currently trading at $0.05. Even though Musk’s statement suggests that he was only making occasional jokes about Dogecoin, he is now rumored to be the man holding about 30% of all DOGE in circulation.

A Long Affiliation with DOGE

In his statement earlier in the week, Musk indicated that his tweets are just jokes, adding that Dogecoin only launched to mock cryptocurrencies. However, he noted that fate loves irony and that a friend of his and himself would find it the most ironic outcome if Dogecoin became the cryptocurrency of the earth in the future.

According to reports, a mysterious address has been accumulating Doge for two years now, scheduled to mark its second anniversary on Feb 6. The wallet holds about 40 billion of Dogecoin, currently valued at around $1.7 billion.

As of this writing, no one has claimed ownership of the mystery address that has received 300 transactions valued between 0.1 to 1 billion DOGE. These transaction amounts are now fueling rumors about Musk’s ownership of the address.

Musk’s May Not be in Favor of BTC

It remains unclear whether Musk has shifted his allegiance to the cryptocurrency king, Bitcoin. He seems not to take a permanent stand when it comes to cryptocurrencies.

His earlier statement had indicated his hopes in Bitcoin, saying that it was on the verge of gaining a wider acceptance. The statement came after criticizing the coin in December 2020, terming it as bad as the fiat currencies. At the time of his criticism, he had even changed his Twitter profile to ‘Former Dogecoin CEO.’

Therefore, Musk could only be out to bolster the prices of Dogecoin, although he has severally said that people should never take his tweets with weight. He also pulled the antics in traditional markets in the past, causing some stocks’ prices to surge whenever he throws his weight behind them.

For instance, in the recent spike of WhatsApp privacy concerns, the meme-happy CEO tweeted, saying, ‘Use Signal,’ a move that skyrocketed Signal Advance’s price.

All eyes are now on Dogecoin after Musk’s backing, and the crypto community is yet to know whether the billionaire was doing his free-wheel tweets.

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Kyle is a tech lover and a huge fan of Satoshi. He has a passion for cryptocurrency and the splendid technology behind it all - the blockchain. He could sound gullible, but he believes bitcoin will hit 100k before the next halving.