Popular billionaire and CEO of Tesla, Elon Musk, is in the news over a tweet he made earlier today. Elon Musk, a strong cryptocurrency believer, shared a meme in support of bitcoin via his Twitter handle. This comes only a few days after he affirmed his support and belief in Dogecoin. Musk had tweeted to support Mark Cuban after Cuban had argued that Dogecoin was the strongest coin for use as a medium of exchange. Dogecoin gained 2.18% against bitcoin to put over 70% of Doge holders in profit, a report said. Doge currently trades at $0.2443 as of press time.
Musk is one of the biggest voices in the crypto industry. He is often referred to as the “Doge father” and is among the few people whose single tweet or announcement can cause panic buying or selling. In May, Musk sent Dogecoin surging with a tweet that caused massive buying of the token. The influence he wields in the industry was further revealed after he criticized the use of non-renewable energy for bitcoin mining. According to musk, it is something that must be changed quickly to ensure the growth and stability of the crypto industry.
Tesla’s Bitcoin Gained $1 Billion
When Elon Musk announced in May that bitcoin would be accepted as payment at Tesla, the crypto world was agog. Musk characteristically kept to his words later when the bitcoin meltdown came in May. He famously announced that Tesla would keep most of its bitcoin and was only going to sell a portion of it to test liquidity. Musk has actively engaged in the struggle for cryptocurrencies to be adopted as official payment methods.
Tesla bought $1.5 billion worth of bitcoin and since the token began its bullish trend in August, Tesla has now made $1 billion worth of bitcoin in profits. Pushing Tesla’s stocks and Elon’s personal achievements higher.
Bitcoin Price Movement
Bitcoin is currently on a strong bullish run that has impacted altcoins. Bitcoin hit an all-time high price today. Bitcoin reached $66,925 before retracing to below $64,000 as of press time. The token is expected to hit higher prices as the months roll by into the close of the year. Notable players in the industry, specifically Binance Founder Chang Zhao, who recently alerted his followers to “expect high volatility in crypto over the next months”, have given insight into the power of bitcoin leading the altcoins to higher price levels. The development and launch of crypto projects including bitcoin-based ETFs will be among the most powerful factors impacting the future of the industry.
Altcoins are performing well on a general note. SHIB recently pulled off a wonderful bull run that got people wondering if whales were behind the move. Dogecoin has performed well since its launch and currently sits at number 9 on Coinmarketcap. Musk, a popular Doge fan, has been influential in its success in the market. Bitcoin would surely pull altcoins along as it seeks further bull movements.