How Elon Musk went from crypto hero to crypto hated - Dispatch Weekly

Business

June 9, 2021 - Reading time: 2 minutes

Elon Musk, the CEO of SpaceX and Tesla, proved his influence on the world in the last few months. Everyone knows that Musk has a lot to do besides electric cars and space – JUST one tweet and cryptocurrencies would shoot into the stratosphere!

Back when Elon Musk tweeted that Tesla will be accepting Bitcoin as a payment, it rose to its all-time high of 60,000 dollars. Musk didn’t stick to Bitcoin and promoted Dogecoin – an altcoin that has been rooted on a meme without any serious base.

Musk called himself ‘Dogefather’ and hinted that SpaceX will be accepting Dogecoin as a payment to go to space in 2022. It all started on 1st April when Musk tweeted, “To the moooonnn!” and Dogecoin increased its price by 10,000 percent. However, netizens are still confused if Musk was being serious or was making the entire world “April fool”.

However, May 2021 took Elon Musk from crypto hero to crypto-hated. He appeared on SNL and announced his Bitcoin suspension and gave his remarks on energy usage. Furthermore, Tesla announced that it will not be accepting Bitcoin as payment anymore. This lead to the largest crash in the history of bitcoin and all the major coins loss 50 percent of their value.

The market dip was also catalyzed by the closure of crypto mining companies in China. Most of the huge mining companies finally had to relocate themselves to continue their business.

Do Elon Musk’s tweets cost him?

In October 2020, Awario – a web-monitoring company – researched to monitor public opinion about Elon Musk. According to them, the positive and negative opinions about Elon Musk were equal in January 2021. However, the current stats say that 66 percent of the opinions are neutral, with 19.2% and 14.9% being negative and positive, respectively.

American Rugby player also launched a movement where he carried a billboard advising Elon Musk to avoid Bitcoin and instead focus on Space. Ross Gerber believes that it is causing people loss who will eventually turn out to be against him and eventually Tesla.

DW Staff

David Lintott is the Editor-in-Chief, leading our team of talented freelance journalists. He specializes in covering culture, sport, and society. Originally from the decaying seaside town of Eastbourne, he attributes his insightful world-weariness to his roots in this unique setting.

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