Trillions of dollars have gone down the drain as a result of the global cryptocurrency market crash. Most of the major crypto companies have shifted their focus from growth to survival nowadays. Despite all of that, many crypto enthusiasts are still advocating buying the dip as they argue that many bigwigs, including Elon Musk, are quite confident about the future of Cryptocurrency. Undoubtedly, Musk is a huge proponent of cryptocurrency.
However, Musk’s latest statement on the crypto currency may leave many such enthusiasts and promotors stunned. While countering a similar question during the recent Qatar Economic Forum Elon Musk stated that he had never suggested people invest in crypto.
“In the case of Tesla, SpaceX, myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets,” he said.
Musk’s statement has come at a time when more than $2 trillion has been wiped off the global cryptocurrency market and almost every leading cryptocurrency has lost nearly 60% – 70% of its peak value. Bitcoin is trading at $20,174, down by nearly 70% from its peak value of US$67,553 in November last year.
Technically, Musk’s statement seems to be correct. Neither Musk ever said “people should invest crypto”, nor did he ever makes any other straightforward investment recommendation related to cryptocurrency.
So, why do crypto enthusiasts keep referring to Elon Musk to win the argument against the bleak future of cryptocurrency?
Musk certainly has been quite vocal about cryptocurrency for the last two years. In fact, some of his statements have been very promotional to a level where a person could easily misunderstand them as investment advice. Perhaps, at the very least, hinting at this.
Musk is well known to make the stock and crypto market dance on his tweets. With close to 100 million followers on Twitter. he has that rare influencing power that changes the perspective of millions of users towards a product/brand overnight. Cryptocurrency is no exception, and Musk did tweet about it at regular intervals.
Here are a few of the most notable things Musk has tweeted about cryptocurrency on Twitter.
Let’s begin with Elon Musk’s announcement; In early last year, Musk announced that Tesla would accept Bitcoin as a payment for vehicle purchases. This seems a bit promotional, considering that you must buy Bitcoin to spend it. Another way to say “buy” is to “invest in”.
However, Musk soon reversed his decision and stopped vehicle sales via Bitcoin, citing the negative environmental consequences of Bitcoin mining that only later appeared to him.
Musk felt the need to remind everyone that he believed in crypto even after he decided to stop Tesla purchases using Bitcoin.
Tesla isn’t the only company that Musk owns to indirectly promotes cryptocurrency.
Musk had previously stated that SpaceX would launch a satellite named after Dogecoin, a meme-inspired cryptocurrency.
People are well aware of Musk’s love for Dogecoin. He’s promoted it more than any other cryptocurrency either directly or indirectly.
In January this year, Musk once again put his weight behind Dogecoin by stating that he would eat a happy meal on TV if McDonald’s starts accepting Dogecoin. This can be attributed as another way to say that people must buy the token.
Here’s his latest plug for Dogecoin. It was tweeted during the huge crypto crash that brought down the value of Dogecoin to its lowest point of around five cents. This occurred when Elon Musk made an appearance on Saturday Night Live.
Musk didn’t limit himself to his own investment in cryptocurrency. In one of his tweets, he indirectly portrayed cryptocurrency as a direct competitor of flat currency.
On one hand, Musk was seen admitting that there were better investment options, on the other hand, in the same tweet, Musk once again felt the need to hedge and share his bullish view on cryptocurrencies such as Bitcoin and Dogecoin.
However, Musk does seem to be right if you look at his Twitter history. Musk has never explicitly told anyone to invest in cryptocurrency. Who else better than him knows how to play with words, and say something without saying it.
He can always hide behind his other tweets which suggested people be mindful while investing in cryptocurrency.
Remember, the loss of a few hundreds of millions of dollars due to the crypto crash will hardly make a noticeable dent in the fortune of people like Elon Musk. But losing even one-tenth of that amount could be disastrous for millions of people out there who quickly get influenced by the moves of people like Elon Musk. Musk can now easily deny that he never suggested anyone invest in crypto, but his many tweets paint a different picture altogether.