Cryptocurrency

Is Elon Musk Still A Bitcoin ‘Supporter’

Elon Musk has been interested in a lot of things. The CEO of SpaceX and Tesla is quite active on Twitter and often inquires about people’s interests. The very first talk he had about cryptocurrencies was in a podcast in 2019. He was asked about his interest in crypto and bitcoin. To which he replied by saying that the structure of bitcoin is quite interesting. However, he was not positive about using it in Tesla.

Although on a personal level, he showed interest in it. He further said that it would be a good choice to shift to digital currencies instead of paper ones. However, he did not want to use Tesla’s resources on it.

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His first tweet

The first statement that Elon Musk made was in a podcast. However, the first tweet that he did was about “Dogecoin”. He said that Dogecoin might be his favourite cryptocurrency as he finds it pretty cool.

Furthermore, later on, JK Rowlings tweeted something negative about bitcoin. She said that people are telling her about bitcoin and all but it doesn’t seem reliable. To this Elon replied that the involvement of the central banks is making this digital currency solid.

July 17, 2020

Despite all the hype about Bitcoin, Elon seemed pretty interested in Dogecoin. On the 17th of July 2020, he shared a meme that shows how dogecoin is going to cover the whole global financial system. He wrote “it’s inevitable” as a caption to the meme picture.

About Bitcoin

Though Elon was pretty much interested in cryptocurrencies, he seems to have some biased against Bitcoin. In his first podcast, he said that Bitcoin was not environmentally friendly as it consumes a lot of energy.

Later in December 2020, Elon shared his changing views. He shared a meme that depicts how we are unable to resist the temptations of Bitcoin while living our normal lives.

To this post of him, the CEO of MicroStrategy responded. He said that if Elon was to convert some of Tesla’s balance sheet to Bitcoin, he would be doing a favour to all his shareholders. He further stated that only if Tesla was to convert its balance sheet to Bitcoin, a lot of other companies will follow the lead. Thus, the market value of BTC will increase dramatically. It will be beneficial for everyone.

Source: shacknews.com

The profits might increase to 1 trillion dollars only for Tesla.

However, things seem pretty good theoretically but there are variables in practical life. Elon Musk was also not sure about all this and therefore, he asked another question. Elon asked Michael Saylor if such large transactions were even possible.

This showed a positive signal to the crypto community and everyone was eager to inform Elon that it was possible. This might be a good surprise for him because, after that, he changed his Twitter bio to #Bitcoin.

He became positive about bitcoin and said many positive things about this aspect. This was a good thing for BTC too. As Elon Musk himself is a big name, so if he is interested in something that might be profitable. Thus, it encouraged a lot of other people too.

Apart from encouragement, Elon Musk took things quite seriously. As a result of all this, we saw many of his statements that had a strongly positive view of cryptocurrencies.

Then what was all that about Dogecoin?

Previously, Elon has been showing interest in Dogecoin by sharing memes and stuff. Because of this a lot of people actually thought that he was serious about Dogecoin. However, this was not the case.

As he showed a positive response to BTC, it was normal for people to ask about Dogecoin. Elon said that it was just for the sake of fun. One of his clubhouse chats showed that he took Dogecoin just for the sake of fun and jokes nothing serious.

The big moment – was when Tesla bought BTC

Source: forexlive.com

We saw a big move when in December of 2020 Elon Musk said that Tesla has bought BTC. And it was not a small number but 1.5 billion dollars worth of BTC. This was not big but a huge thing.

Consequently, the prices of BTC started to increase rapidly. This was the case until March of 2021. In March, Elon Musk tweeted that people can now even buy a Tesla car by paying in BTC. This was another hit and it raised the mark value of bitcoin.

People started investing more and more and the crypto did a huge business.

The downfall

Although it is not actually a downfall, things get messier with time. Because of the huge demand for bitcoin, environmental concerns also rose. The debate about the high energy demands was a topic of debate.

Mining bitcoin requires a lot of energy and all of this energy was coming from non-renewable energy resources. This was something that Elon Musk was aware of from the beginning.

However, after this being the hot topic, on the 12th of May, 2021, Elon took a back step. He said that people can no longer buy Tesla by paying through BTC.

Final words

Although Elon said that people cannot buy Tesla with BTC, he is still a supporter of cryptocurrencies. In one of his statements, he said that he owns Ethereum and a lot of his employees own Doge.

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