You are at: Home » 3 Times Elon Musk’s Tweets Made Crypto Prices Skyrocket

3 Times Elon Musk’s Tweets Made Crypto Prices Skyrocket

Author
Last updated on:
Fact Checker's Full Profile
Fact Checker
Author's Full Profile

Elon Musk is a nutbag, we all know it (but love it for him anyway). His tweets, particularly about Bitcoin and Dogecoin, have created movements that could give any good cult leader a run for their money.

Buckle up, today we’re taking a trip down memory lane to recall the three times Elon influenced the crypto markets the most.

#1 From Critic to Advocate: Elon Musk’s Bitcoin Journey

(X)

Elon Musk’s Bitcoin journey kicked off in late 2020 with a tweet comparing it to fiat currency, sparking intense debate.

Though Jack Dorsey had already shown support, Musk’s move to add #bitcoin to his Twitter bio won him crypto community favor. And if that wasn’t enough, a few months later  Tesla would add $1.5 billion Bitcoin to their balance sheet (which we’re waiting for Nvidia to do next with all that cash!); this sent prices soaring and marked a significant crypto milestone.

#2 The Dogecoin Saga

(X)

While Bitcoin dominated news, Elon Musk adopted Dogecoin, a cryptocurrency born from humor.

In February 2021, he proclaimed it “the people’s crypto,” triggering a 50% surge. Musk’s tweets elevated Dogecoin to serious crypto status, but 2022 brought a $258 billion lawsuit for alleged manipulation. Legal troubles aside, Musk’s Dogecoin fervor often sent prices up, though his “SNL” remark branding it “a hustle” caused a nosedive.

#3 Environmental Concerns and Bitcoin’s Decline

Musk shook the crypto sphere in May 2021 by pulling Bitcoin from Tesla’s payment options, blaming its environmental toll. This decision triggered a Bitcoin price nosedive and stirred debate on crypto’s role in big business.

Though Tesla kept its Bitcoin initially, the stash has since shrunk. Today, Musk’s companies, like SpaceX, retain about 8,285 BTC, showing a cautious but ongoing engagement with digital currencies.

EXPLORE: Why BlackRock Chose Texas for a New Stock Market

Join The 99Bitcoins News Discord Here For The Latest Market Updates

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital. 99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Isaiah McCall is an ultramarathon runner and journalist for 99Bitcoins. He started at USAToday in 2019 and now has a Medium blog following of 30k+ and millions of views. Follow him at @AfroReporter

View all Posts by Isaiah Mccall

Free Bitcoin Crash Course

Learn everything you need to know about Bitcoin in just 7 days. Daily videos sent straight to your inbox.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
We hate spam as much as you do. You can unsubscribe with one click.
We hate spam as much as you do. You can unsubscribe with one click.
Scroll to Top