Many cryptocurrency investors are aware of the significant influence that Elon Musk, the world’s richest man and CEO of Tesla and SpaceX, has over cryptocurrency markets. While his outrageous comments have been known to cause significant market fluctuations in the past, he seems to have calmed down for the time being. With that having been said, he still finds plenty of opportunities to speak his mind on crypto.
Elon Musk Has a Seeming Change of Heart on Dogecoin
Musk is well known within the cryptocurrency community for his support of Dogecoin, a coin that began as a joke and skyrocketed in value once Musk tweeted about it. While Musk’s support brought the coin to unheard of all-time highs, a major crash saw DOGE lose over half its value in a few short days. Many cite the Dogecoin fiasco as the prime example of Musk’s irresponsible crypto antics.
However, he doesn’t seem to support Dogecoin nearly so much now, with a recent tweet supposedly taking a jab at the cryptocurrency’s supporters. Musk retweeted a meme apparently mocking the concept of Dogecoin’s use as a viable currency, specifically tagging McDonald’s as a supposed reference to the past discussion around the fast-food chain potentially accepting Dogecoin.
It’s also interesting that there are numerous get-rich-quick schemes like the latest Bitcoin Motion trading app which is being promoted excessively online these days. Fake advertisements use Musk’s name and reputation for promotional purposes, and this ads additional disdain for the currency as well as Tesla’s CEO.
Musk Confronts Ethereum Creator Vitalik Buterin
A recent tweet from Elon Musk appears to mock Vitalik Buterin, the creator of the world’s second-largest cryptocurrency Ethereum. The image tweeted by Musk shows professionally photographed images of Google and Facebook founders captioned “Web 1.0” and “Web 2.0”, and then an image of Buterin in a strange costume on-stage at an event captioned “Web 3.0”.
Web 3.0 is considered to be the ongoing change towards blockchain integration in more widespread web applications. Ethereum serves as an integral component of many such applications through smart contracts on the Ethereum blockchain. Musk’s jab seems to be mocking the potential utility of these kinds of Web 3.0 applications, essentially calling the entire concept nonsense.
Cryptic Message Spurs Speculation Among Crypto Enthusiasts
Cryptocurrency communities around the world place significant weight on what Elon Musk has to say, as can be clearly seen in the response to a seemingly nonsense tweet from the world’s richest man. On February 22nd, Musk tweeted a single character that closely resembled a lower-case “h,” but with a line through the top. The character is used in the International Phonetic Alphabet.
Supporters of the SHIB cryptocurrency that takes its name from the type of dog that Musk owns rapidly developed the theory that this obscure phonetic character was, in fact, a reference and endorsement of that cryptocurrency. SHIB saw an increase of over 10% that day, although it’s not clear if a definite link can be drawn in this case.
Musk-Inspired Crypto Ads Banned From London Underground
Many short-lived cryptocurrencies derive their names from Elon Musk and his Shiba Inu, named Floki. Among these is Floki Inu, a cryptocurrency that has been seen in advertisements on the London underground. However, the Advertising Standards Authority has put an end to this campaign, stating that it did not adequately explain risks and exploited fear of missing out.
Another Musk Weighs in on Tesla and Bitcoin
One of the most recent updates on Tesla’s Bitcoin holdings actually came not from Elon Musk but from his brother Kimbal Musk. In addition to being Elon’s brother, Kimbal Musk is also a member of Tesla’s board of directors. He spoke recently at the Ethereum Denver conference about Tesla’s considerable Bitcoin holdings.
Much of what he said was in response to numerous criticisms of Tesla for investing in Bitcoin, specifically regarding the environmental impact. Kimbal stated that Tesla simply wasn’t aware of the extent of the problem at the time of their $1.5 billion investment in Bitcoin. The company has since back-peddled on Bitcoin, eliminating plans to accept Bitcoin payments for their vehicles in the future.
Laila Azzahra is a professional writer and blogger that loves to write about technology, business, entertainment, science, and health.