Elon Musk's Twitter posts send sparks through the cryptoverse

  • 22. December 2020 at 18:00

Our team of reporters will only send you the most relevant and accurate news so that you don’t have to search them

Tesla’s CEO posted several tweets focusing on cryptomimeeda over the weekend

Elon Musk was busy on Twitterverse yesterday with his active postings on cryptomorphs. In the past, his tweets on cryptomorphs have caused significant changes in trading value and market volume.

The business tycoon posted a tweet about Dogecoin (an altcoin that was released as a meme) resulting in a 25% gain for the currency.

“One word: Doge”, he tweeted.

Musk had previously talked about Dogecoin and the last time he posted a tweet about it, the price of altcoin increased 14%. Yesterday’s post triggered the Dogecoin market with the altcoin trend on the social platform. He changed his account biography to “Ex-CEO of Dogecoin” after posting the tweet.

Cryptomoeda analysts believe that the price of altcoin has risen as many people became interested in it after Musk’s tweet. The crypt space is typically driven by feeling, and as such, it’s not surprising that celebrities’ attention arouses users’ interest. The head of SpaceX also sent a tweet about Bitcoin (BTC), probably as a sally.

The leading crypt by market capitalization broke records and exceeded $24,000. The billionaire businessman posted a cheeky meme illustrating that he was trying to lead a normal life, but Bitcoin was a great distraction in his quest for a quiet life.

MicroStrategy CEO Michael Saylor responded to the post by saying, “If you want to do your shareholders a $100 billion favor, convert your balance sheet from $TSLA to #BTC. Other companies in the S&P 500 would follow his lead and in time it would grow to become a $1 trillion favor.

Musk responded by asking if it was possible to convert the Tesla funds into Bitcoin. The tweet was received with several responses from the crypto community. Saylor commented in response, “Yes. I have bought over $1.3 billion in #BTC in the last few months and would be happy to share my manual with you offline – from one scientist to another.

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

Bitcoin critic Peter Schiff commented on the matter, warning Musk not to proceed with Saylor’s move.

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