As you know, it has not been long since Bitcoin reached $40,000 channel. The CEO of Tesla Motors has significantly increased its value by supporting this crypto. As you may have heard on social media, he has recently been recognized as the richest man on earth.
Extensive wealth has provided this person with an excellent financial capacity for economic activities. Therefore, this person can have a significant impact on the digital currency market. The second example we can give you from Elon Musk supports Cryptocurrency is Dogecoin.
He said: “there is too much centralized among the crypto Dogecoin’s primary holders. If the holders of this currency sell their coins, they will contribute significantly to its expansion.” But it would be best if you kept in mind that Elon Musk support also includes encrypted memes. Follow us in this article to answer some interesting questions about cryptocurrencies and Elon Musk.
If we want to say what we want to cover in this article, we must first declare that we must introduce this article’s main character, Mr. Elon Musk. Then, by examining this rich person’s relationship with Bitcoin, we enter into more specialized discussions about cryptocurrencies. At this point, some users may wonder why Elon Musk supports cryptocurrency and even buy Bitcoin.
We will comprehensively buy a significant amount of Bitcoin made by Tesla and examine its various aspects, including its volume. But then comes the Dogecoin currency. So we will end this article by reviewing Dogecoin and Elon Musk’s support for this cryptocurrency. We hope you enjoy this article and follow Antidolos to the end.
Who is Elon Musk?
Elon Reeve Musk is an engineer, industrial designer, inventor, and well-known business figure in the advanced American industry and one of the ten most influential technology figures. Elon Musk supports Cryptocurrency and is one of the wealthiest people in the world. (At the time of writing, he is the richest man in the world). Elon is the founder of companies such as Tesla Motors, PayPal (now owned by eBay), and SpaceX. He is currently the CEO and Chief Technical Officer of SpaceX. Mr. Musk is also developing a high-speed transport system (Hyperloop).
Iron Man director Jon Favreau has named Elon Musk as the role model for Tony Stark (played by Robert Downey Jr.). In January 2021, with $209 billion in registered assets, Elon Musk surpassed Jeff Bezos to become the richest man.
Elon Musk was the second entrepreneur (James H. Clark to be the first) in Silicon Valley to create three companies worth more than $ 1 billion (People, SpaceX, and Tesla Motors). Elon Musk has dedicated his working life to space technologies and alternative energies. He implements various ideas, and almost all of them are quite successful. His personality traits include critical thinking, perseverance, meticulous analysis, and hard work (he works between 80 and 100 hours a week).
Elon Musk and Bitcoin
Elon Musk has been one of the most marginalized people in the digital currency market in recent days. From his tweets about the Dogecoin that led to the sudden rise in the price of this digital currency to the news of Tesla buying Bitcoin, it all shows that he is influential in the community and the global market.
Elon Musk always buys Bitcoin and supports altcoins. The reason for the media’s attention to him is Musk’s support for ambitious and future-oriented projects and helping them develop. Musk’s support for digital currencies quickly boosted investment in those currencies. His investment in Bitcoin shows the future of this digital currency.
Justin Sun, the founder of TRON
Justin Sun, the founder of TRON, has recently claimed that Elon Musk is the creator of Bitcoin. He wrote on his Twitter page: Elon Musk is the same as Satoshi Nakamoto (creator of Bitcoin).
So far, Elon Musk has not reacted to Justin Sun’s claim, but his recent actions supporting Bitcoin have raised many speculations and rumors that Elon Musk created Bitcoin.
According to the New York Times, he has repeatedly supported Bitcoin cryptocurrencies and recently used the hashtag “Bitcoin” in his Twitter account to attract public opinion. He also increased the price of BTC (nearly $50,000) worldwide by buying the equivalent of $1.5 billion in Bitcoin.
There have been claims that Elon Musk is the creator of Bitcoin, but he has denied all of them.
According to Investopedia, Elon Musk, known as the CEO of Tesla Automotive and SpaceX, explained in a tweet in 2018 that he only has a small fraction of a Bitcoin password.
How much did Tesla invest in Bitcoin?
As explained in the previous sections of the article, Elon Musk supports cryptocurrency. The company has also bought $1.5 billion worth of Bitcoin. At the time of writing, the company has made a profit of $ 1 billion. In fact, when Tesla was buying these Bitcoins, it predicted that the price of this cryptocurrency would rise sharply. That’s why he made this investment. Not to mention that there are speculations that Tesla is going to produce and market its cryptocurrency backed by Bitcoin.
How much BTC did Elon Musk buy?
As part of its new investment policy, the American automaker Tesla, while buying about $1.5 billion in Bitcoins, announced that shortly, customers of the company’s products would be able to pay for transactions in this digital currency.
TThe company wanted to be flexible about the trades in the market. The purchase of Bitcoin caused, in addition to increasing the value of Tesla shares, the value of Bitcoin to grow up to forty percent. This increase is a new record in the history of fluctuations in the value of digital currencies. Tesla had caused the value of Bitcoin to grow 14% in 5 hours.
Why Elon Musk interested in Dogecoin?
The price of each Dogecoin currency unit more than increased ten times in just two weeks, from $0.0075 to $0.08. Dogecoin was launched in 2013, and by the end of 2017, the price per unit was between $0.0001 and $0.0003. Its first price jump occurred in January 2018, which caused its price to reach $0.0117. After that, until the end of November last year, its price fluctuated between $0.002 and $0.003. But will Dogecoin be as profitable as it seems? Read “Ideaology Blockchain Project, The best Crypto IEO investment in 2021” article in this regard.
As the price of Bitcoin began to rise, which started last December, the cost of each Dogecoin also increased to $0.0075 on Jan 27, 2021. The stock rose to a record low of $0.0821 on Feb 8 and fell to $0.0635 as of Feb 12. But a tweet from Elon Musk, the world’s richest man and owner of Tesla, halted its decline for a few days.
He believes Dogecoin is currently trading below its right price.
Dogecoin traded at $0.0577 on Monday, up six times from $0.095 a month earlier (January 15).
Will Dogecoin ever reach $1?
As you know, with every tweet from a significant economic figure like Mr. Musk, we see severe fluctuations in the digital currency market. A couple of days ago, Mr. Musk tweeted that Bitcoin’s price seemed to be rising. Reducing the cost of this digital currency by 10%.
Therefore, if Dogecoin should have a higher price, we will probably see this increase shortly. Mr. Musk has both financial resources and a strong psychological impact on the cryptocurrency market.
It seems that his opinion is of great importance in determining the rate of this cryptocurrency. Since Mr. Musk believes that this cryptocurrency will be traded below the price, it seems that in 2021 we will see this increase. In other words, Dogecoin can be considered as a clear example of Elon Musk supports Cryptocurrency. Many experts believe that buying this currency can be a good investment in the short term. But is Dogecoin the “Best Cryptocurrency Investment” in 2021 or not?
Top competitors for Dogecoin
If we want to tell you about alternatives or strong competitors of Dogecoin cryptocurrency, we must emphasize that we do not recommend buying or not buying any of these currencies. In this section, we also want to inform you by introducing four cryptocurrencies.
One of these cryptocurrencies is Cortex. This established in 2018 and had significantly welcomed. The second cryptocurrency is Atomic Loans.
This project was launched privately in the digital currency market in 2019. The third digital currency we want to introduce to you Antidolos users is Stox, which is based on an open-source platform. But the last cryptocurrency that we are going to introduce to you in this article is Ideaology.
The project was launched in 2020 in Switzerland and the United Arab Emirates. Ideaology is a Blockchain-based startup known as IDEA. Besides, the token was listed on top Crypto exchanges in February 2021 and was able to double in price in less than two weeks. You can read the full rating and review of the Ideaology Blockchain Project here.
What do you think about the future of Bitcoin, Dogecoin, and top market tokens like IDEA and Cortex? Besides, Are they really reaching their true value or are all these jumps just a short-lived pump? Share your comments with us. Thank you for reading Elon Musk supports Cryptocurrency to the end.