Elon Musk, the billionaire founder of Tesla and SpaceX, has touted the revolutionary effect of cryptocurrencies – while apparently making fun of the concept at the same time.
In a video uploaded by Kevin Svenson, Mask can be heard sayThere is a good chance that crypto will be the future currency of the earth. How ludicrous would it be if the Dogecoin (DOGE) coin, which was invented as a joke, eventually won, Musk thought.
Talking about Elon Musk Doug Currency
(Released 4 hours ago)Embed a Tweet “There’s a good chance that is,” he said # Encrypt Is the future currency of Earth … but which currency will it be? ” #Dog #DogeCoin # Bitcoin #Cryptocurrency # Cryptocurrencies #DOge pic.twitter.com/HDaf5jw3Xx
– Kevin Svenson (@KevinSvenson_) February 6, 2021
“What’s the most ridiculous finding?” A coin that was jokingly invented actually becomes real currency.
DOGE has been at the center of a massive pump and dump push pushed by Reddit merchants and investors who are becoming more receptive to Musk’s tweets. The last camp isn’t young either.
A recent report from the Blockchain Research Lab titled, How Elon Musk’s Twitter Activity Moves Cryptocurrency Markets, Show that the billionaire has a positive effect on digital asset values and trading whenever he tweets about it.
The report said:
“In all events, we identify large increases in trading volume that are attributable to the events.”
Musk’s ability to move markets via Twitter has left some investors anxious given the CEO’s turbulent history with the U.S. Securities and Exchange Commission, or SEC.
According to CNBC reports, Musk’s tweets were behind the recent 12% increase in CD Projekt, which created the role-playing video game Cyberpunk 2077. Although Musk’s tweet had substance – that is, Tesla’s Model S Plaid would allow riders to play the game – it might have been The apparent shilling of GameStop’s short squeeze has negative consequences for hype-busting retailers.
After breaking above $ 500 in late January, GameStop’s stock price fell to the sub-$ 70 level.
Musk has clashed with the SEC in the past after he tweeted that he wanted to make Tesla special at $ 420 a share. He and Tesla had to pay a $ 20 million fine to the securities regulator to settle the fraud charges related to the tweet. The settlements have had dangerous repercussions on the corporate structure of the electric vehicle maker:
“The settlements, subject to court approval, will lead to comprehensive corporate governance and other reforms at Tesla – including the dismissal of Musk as Tesla chairman – and pushing Musk and Tesla into financial penalties.”
“I don’t respect the SEC,” Musk said after paying the fine.
Despite the regulatory backlash, Musk told 60 Minutes in an interview in December 2018 that his tweets would not be censored. It is to explain:
“The only tweets that should be said to have been reviewed would be if the Tweet had the potential to cause a share movement.”