Elon Musk, a businessman and individualist, has used Twitter to voice his opinions which have had a profound impact on price movements; there has been a special relationship with Cryptocurrency.
Elon Musk, the owner of SpaceX/Tesla, was announced as the new president.
Twitter's sole owner, Dogecoin, saw its price rise and other major coins such as Bitcoin and Ethereum.
Dogecoin has seen a lot of interest from Elon Musk over the years. He tweets about it often and the price of Dogecoin rockets whenever he does. Consider this: a tweet could cause a price rise for a coin. How much would that affect the price of Dogecoin now that he owns it?
Dogecoin saw a 20% price rise and reached a record high of USD 0.1675 shortly after the announcement. The price of this social media platform is likely to rise more now that Elon Musk is the largest supporter. Musk entertained the possibility of DOGE being accepted as a payment method for Twitter Blue, a premium subscription service. He commented while talking to an Argentinian user on Twitter about his monthly subscription to Twitter Blue, which costs USD 3.
Dogecoin wasn't the only token to see a rise. Elon Musk has always been a man of his word.
Active support for Cryptocurrency and the underlying technology. His purchase of Twitter led to the lifting of many cryptocurrencies.
According to CoinMarketCap data, Ethereum and Bitcoin saw an increase in 4.73 c/o respectively and 3.47% respectively. Small price increases have been experienced for other
cryptocurrencies like Solana and Cardano.
Elon Musk, Tesla's electric car company, has held BTC above USD 1.211 Billion for a while. Musk stated that he supports Bitcoin even though he was late to join. He also said that Bitcoin is still on the verge of being accepted by mainstream finance professionals.
Twitter also added Bitcoin tipping last year, allowing users to share their insights with other crypto users. Ethereum has now got the tipping feature after a few months. One Twitter spokesperson said they were thrilled to combine Ethereum and Bitcoin to make tips payments. This would allow more people to participate in the digital economy without any friction. This move could also be good for Bitcoin and Ethereum.
Many people in the cryptocurrency industry voiced their opinions about the deal and how it will affect the future of crypto. Many industry veterans and prominent figures supported this deal. Most crypto users viewed it positively.
Gemini's crypto exchange forum owner, the Winklevoss twins, stated that it was inevitable that Musk would buy Twitter. They also questioned whether he would make a deal to purchase Twitter in DOGE.
Michael Saylor, a well-known Bitcoin whale and CEO of Microstrategy, has congratulated Musk. He also mentioned the first amendment of the Constitution of the United States while talking about the freedom of speech that Musk promised on Twitter. He said that Congress would not pass any law that would respect the establishment or stop the free exercise of religion, reduce freedom of speech and press, or allow people to gather to petition the government to address grievances peacefully.
Dogecoin founder Billy Markus also tweeted, asking if Elon Musk could buy SEC. It was about SEC gradually approving different Bitcoin ETFs. Musk received funding from various sources, including Morgan Stanley and other lenders. He also took loans against Tesla stock.
Elon Musk previously commented on the lack of freedom that Twitter offers.
The user of the platform and promised to reform the gap once he had control over the company. He stated that he would focus on eliminating spam and trolling accounts from Twitter.