Source: medium.com

7 Reasons Why Elon Musk Is the King of Cryptocurrency

If you are a keen observer of the crypto market, you must have seen how Elon Musk has influenced the rise and fall of cryptocurrency in recent times. With just a tweet, Elon Musk has made the crypto market fluctuate. Elon Musk is an entrepreneur, business magnate, and founder and CEO of SpaceX. A couple of weeks ago, Elon set the crypto stage on fire with his clueless tweets and unclear predictions.

A lot of investors traded and started transacting their assets. That raises a few questions like “Is Elon Musk a knowledge hub of cryptocurrency?” or “Is Elon Musk the king of cryptocurrency?”
Your questions will be answered here. Despite being a media and public personality, Elon Musk is an investor himself. He invests actively in the stock market and crypto markets as well. Elon always has something to say about cryptocurrency. He has always supported crypto investing while it himself in the first place.

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Why is Elon Musk the king of cryptocurrency?

1. Elon and his companies like Tesla and SpaceX too, hold significant shares of cryptocurrencies in their wallets. Also, he and his entities are active participants in crypto markets, which naturally leaves them in an advantageous position. In April this year, Tesla sold almost 10% of its Bitcoin assets. If you remember correctly, there was much panic in the public sphere.

Following price rise speculations, people invested heavily and hurriedly in Bitcoin and other cryptocurrencies as well.

Right after this incident, Elon Musk literally set Twitter on fire with his speculative tweets further giving rise to uncertainty around bitcoin.

Source: bbc.com

2. The same thing has happened in 2014 as well. With the help of Twitter and his random tweets and speculation game, he amassed a lot of crypto wealth back then.

In 2019 too, he repeated the same game. However, for the first time, he announced for the first time that he hit an all-time high with his crypto investments.

3. Elon changes his mind as quickly as possible and doesn’t just stop there. He tries to share his mind shifts and speculations as well on public platforms like Twitter. Recent times are a great example to support these statements. Each time Elon shared something about cryptocurrency, there was a drastic shift and fluctuation in the crypto market.

In 2020 and 2021 alone, similar incidents happened numerous times. While some investors reaped millions of profits, some gullible ones lost their lives, just because of Elon’s tweets.

Source: thetimes.co.uk

4. Elon changes profile pictures: Besides tweeting and sending speculations across the globe, Elon uses his profile pictures too to influence the markets. Elon uses avatars and bitcoin or other cryptocurrency symbols to edit them to come up with funny and intriguing avatars that tend to influence people.

After so many changed profile pictures, he has recently changed his picture back to his earlier one to avoid hatred and controversy. After each of his avatars, there used to be a hassle-bustle activity in the crypto market. But, he has received extreme backlash on social media platforms and hence, finally budged into the pressure to not update anymore.

If that had not happened, the game would have continued on and on.

5. There are rumors that Elon Musk does this to reap his own profits. They say that whenever he buys or sells cryptocurrency, he starts his speculation game. This ultimately benefits him because he strategizes the speculation the way he wants.

Although the rumors haven’t been proven yet, a significant amount of people believe it is the truth.

Source: unsplash.com

6. Although Elon was not a great advocate of bitcoin earlier, he eventually began to support and back the global adoption of cryptocurrency. Some say that Elon has seen the potential in crypto, while some say that it’s for his own benefit. Whatever might be the reason, Elon is indeed a great advocate of cryptocurrency. He himself is an active investor, and his companies too proactively engage in crypto markets.

7. Elon believes cryptocurrency supports a sustainable future. He himself has said this on numerous platforms and on a number of other occasions too. He has repeatedly called for people to adopt and normalize crypto investments. He has also pitched the governments to tap into the potential of crypto markets. However, much of his efforts went deaf ears. But, it seems like his skills worked for normal people.

Source: unsplash.com

With such a great amount of influence, he is surely referred to as the king of cryptocurrency. But, can he remain to be one? Can he make his speculations survive? Will he continue the game for the years to come? or do they continue to be as successful as they are now? If that happens, Elon will be crowned as the king of crypto.

Elon Musk is a famous person and reliable public personality when it comes to the Crypto market. He is believed by worldwide investors because he has amassed so much wealth with his knowledge in the market. However, a number of people have lost so much of their savings too. Although he never provoked or encouraged people to either buy or sell or invest in crypto, his cryptic tweets surely did send viral trends and speculations that gave rise to uncertainties in the crypto market.

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About Jeanette Iglesias