A few days ago, when Elon Musk gave an interview on the App “Clubhouse” he talked about Bitcoin cryptocurrency. He said that “he is open to being paid in bitcoin” and then the fight begins. The social media platforms including Twitter and Reddit become a battleground.
There was restriction on the trading of shares and after reading the interview of Elon they started a battleground on Wallstreet Bets Forum and Wall Street Hedge.
Elon Musk, the chief Executive of Car-making company Tesla said that “cryptocurrency bitcoin is on the verge of broad acceptance” and breaking into traditional finance.” After it, the market against cryptocurrency started taking action against him and they really wanted Elon to take his words back.
On the other hand, Musk makes fun of dogecoin who is a rival of Bitcoin from the very first day. This fun and the favor of bitcoin started a serious battle in between people of dogecoin and cryptocurrency.
Some of the points that put him at odds:
- Declaring bitcoin, The Verge of Broad Acceptance
- His full favor for it instead of Dogecoin
- He doesn’t believe in other cryptocurrencies and trust in the bitcoin only
- One of the big supporters of it
- The sudden increases in prices have created a big problem for him
Even he was facing harsh comments from people but he tweeted by using a hashtag of bitcoin #Bitcoin
“In retrospect, it was inevitable.”
The global bankers and regulators have recently warned cryptocurrency and said that “it is illegal and used for money laundering.” When Musk talks about it these global bankers and regulators go against him. They never wanted Elon to talk about their rivals and which they declared ad illegal.
After all this he made a statement that “He has to be careful what he says, it can affect the market.” through Clubhouse this interview went viral and reached up to 45 million people. Although he made this statement, he also said that he is a supporter of bitcoin.
According to Elon Musk “Bitcoin is a good thing and I don’t have a strong opinion on other cryptocurrencies.” His comments have raised the rates of bitcoin in the market and it increased up to 20%.
Not only this but one more than that we have come to know is that he wanted to change his billions into bitcoin. In December, he declared that his company can add bitcoin to its balance sheet. He asked, “whether it was possible to convert billions of Tesla’s dollars to bitcoin.”
When he made fun of dogecoin the supporter of it started mocking him. Elon said in an interview “I make jokes about dogecoin, but they are really meant to be jokes. Dogecoin was made as a joke to make fun of crypto, but fate loves irony.”
In 2013 people tried to involve him in Bitcoin but he never paid attention to it. In the past, the cryptocurrency was worth a fraction of what it is now. But, when the rates of the coin increased and soared around 200% surge to over $40,000 per bitcoin before falling back slightly.
The fight ends when the prices of bitcoin fall and Musk’s latest Clubhouse comments have failed to move the bitcoin price higher and it decreases after some time. But, still, social media is discussing this issue and wanted to know the decision of Elon whether he will convert his money into bitcoin or not.
Conclusion:
The fight begins when the CEO of Tesla shares his reviews and comments about Bitcoin. It would never happen if he had not made fun of the dogecoin. He not only made fun of it but he also said “Dogecoin was made as a joke to make fun of crypto.”
The sudden rise of 20% in cryptocurrency because of Elon’s post put him at odds. The global bankers mock him and they want him to take back his words. But, all of these issues were resolved when the prices decreased and everyone calmed down. According to Elon Musk, he must be careful before speaking because his words affect the market. The post on Twitter shows that he is in the favors of Bitcoin which said “In retrospect, it was inevitable.”
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