Elon Musk’s impact on the cryptocurrency market was once again felt as he sent Bitcoin, Dogecoin, and Ethereum values plummeting with a series of tweets. Musk’s public relation with cryptocurrencies has been an ongoing rollercoaster ride, with each of his tweets having the potential to significantly sway the market.
In a recent tweet, Musk shared a meme featuring a split couple discussing lyrics from Linkin Park’s hit song “In the End.” The meme was captioned with “Her: I know I said it would be over between us if you quoted another Linkin Park song but I’ve found someone else. Him: So in the end it didn’t even matter?” along with the hashtag #Bitcoin and a broken heart emoji. This seemingly innocent post had a substantial impact, causing a six percent drop in Bitcoin’s value. The repercussions were also felt by other cryptocurrencies, with Ethereum experiencing a seven percent decrease and Dogecoin plummeting by eight percent.
Following the initial post, Musk continued with another tweet featuring a meme of a woman facetiming a man, adding further speculation and uncertainty to the market. As a result, Twitter was flooded with backlash from users, including the co-creator of Dogecoin, Billy Markus, expressing his dismay at Musk’s actions.
In response to the criticism, Musk continued to stoke the flames with yet another controversial tweet, stating, “Dogecoin is just made up money with an infinite supply.” These tweets have visibly shaken the cryptocurrency market, triggering reactions from individuals and entrepreneurs.
This recent event follows Musk’s earlier announcement that Tesla would no longer accept Bitcoin payments for its electric cars due to concerns about the environmental impact of Bitcoin mining. Musk highlighted the increasing use of fossil fuels for Bitcoin mining and transactions, particularly coal, which has the highest emissions of any fuel.
As a result, Musk emphasized the need for a more sustainable approach to cryptocurrency, stating that Tesla would not be selling any Bitcoin and intended to utilize it for transactions as soon as mining transitions to more sustainable energy sources. Furthermore, he expressed a willingness to explore alternative cryptocurrencies with lower environmental footprints.
Musk’s tweets and actions have once again underscored the influence he holds within the cryptocurrency market, serving as a reminder of the susceptibility of digital currencies to external factors. Despite the market turmoil, this series of events has reignited discussions about the environmental impact of cryptocurrencies and the need for sustainable mining practices. It also highlights the importance of considering the broader implications of influential figures’ actions on the market.