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Elon Musk, CEO of Tesla, got the cryptocurrency world upset this weekend with a series of tweets about Bitcoin and a lesser-known currency called Dogecoin. His remarks caused the price of the latter, This is based on a meme about Shiba Inu dogs, fly up.
The episode began in the early hours of Sunday morning when Musk responded to a racy tweet in which a woman was wearing Tesla brand shorts – a piece of clothing the company created earlier this year to mock those who cut its share price. In response to the tweet, Musk billionaire answered “Bitcoin is my safe word.”
Soon after, the eccentric and apparently sleepless billionaire tweeted a number of other messages about Bitcoin. This culminated in an exchange with the CEO of a software security company named Microstrategy, Michael Saylor, who recently invested $ 250 million the treasury in Bitcoin.
The exchange started at Musk tweeted A rough picture indicated that he was trying to resist the urge to buy bitcoin. This prompted Saylor to urge the Tesla CEO to place a big bet on the cryptocurrency and Musk to ask him if such large transactions are possible.
Musk’s question was likely insincere as buying large amounts of Bitcoin is relatively easy and someone with even a passing knowledge of the cryptocurrency – like Musk – would be aware of it. Meanwhile in an earlier one TweetMusk declared Bitcoin “almost as bad as Fiat Money”.
The Tesla CEOs Twitter The gossip took another turn when he started praising Dogecoin. The dog-themed cryptocurrency has been around since 2013, but beyond its novelty value is essentially worthless because, unlike Bitcoin, it is inflationary and spits out 10,000 new coins every few minutes. (Look at this capital overview from Dogecoin for the whole strange story)
Despite the inherent silliness of Dogecoin, it is price rose 40% from $ 0.003 to $ 0.005 after Musk tweeted:
To end his prank, Musk put the “Come for the comments, stay for the memes” message at the top of his Twitter feed. He also changed his biography on the website so that his title did not reflect his current jobs – CEO of Tesla and the rocket company SpaceX – but rather a fictional previous role.
And so ended a strange episode – or what many consider a typical weekend – for both musk and cryptocurrency.