FX.co ★ One tweet by Elon Musk enough to inflate crypto market

Elon Musk has rattled the crypto market with his comments on the number cryptocurrency bitcoin and less popular dogecoin. In other words, the billionaire entrepreneur attracted more retail investors to the crypto market by means of his Twitter account in recent weeks. He is also active on other social media. “Bitcoin is a good thing,” Tesla CEO gave his thumbs-up to the most popular digital asset. However, he also added that he was “late to the party” in getting serious about bitcoin. The second richest man in the world admitted he should have bought bitcoin 8 years ago. In fact, investment in this cryptocurrency last year could have already yielded fat profits. BTC has soared almost 200% since October 2020.

Interestingly, some experts come to a conclusion that Elon Musk enjoys watching the impact his posts make on the market. For instance, in January 2021, Tesla chief put the #bitcoin hashtag on his Twitter account. As a result, the world’s most traded cryptocurrency surged from $32,000 to $37,000 in just 15 minutes. Later, Elon Musk who has 46 million followers on Twitter confessed that he should be careful with what he posts as this could move the market.

The hi-tech mogul has been termed a Twitter troll for a few years. Perhaps, he wants to send a message that the crypto industry is still at the dawn despite its large market capitalization and avid fans. One tweet is enough to inflate the market. Curiously, "Bitcoin is almost as bullshit as fiat money," he wrote in another tweet.