Statements made by Elon Musk have affected the price of cryptocurrency a number of times before, not just with the popular dogecoin but also with the most popular cryptocurrency ever, Bitcoin. Once again, the prices of Bitcoin have shrunk and a lot of fingers are pointing towards Elon Musk's recent statements about Bitcoin.
Mark Cuban Comments on Tesla Bitcoin Perspective
The Tesla CEO has just announced that the company is planning to move away from Bitcoin due to the environmental effect that it reportedly has. However, other known investors like Mark Cuban commented that Bitcoin is actually safer to the environment compared to gold.
A recent tweet by Bitcoin Archive noted that Bitcoin prices have shrunk by 20% following Elon Musk's earlier remarks regarding Bitcoin. Quite surprisingly, Elon Musk himself replied to the tweet clarifying that Tesla has not actually sold any Bitcoins at all.
Elon Musk on Bitcoin
Despite the reply by Elon Musk, Bitcoin Archives replied telling him to "act responsively" due to a lot of people being confused regarding what the Tesla CEO's statements are regarding cryptocurrency, especially Bitcoin. Elon Musk, however, has been very vocal about his fondness with another cryptocurrency, $DOGE.
Elon Musk has previously tweeted about dogecoin for the longest time now even announcing that SpaceX will be accepting dogecoin as payment. Despite his recent remarks about Bitcoin, the Tesla CEO still paints dogecoin in very bright colors.
Elon Musk Backlash
It is still unclear, however, what Elon Musk's true intentions are when it comes to cryptocurrency. Despite his popularity for Tesla, SpaceX, and more recently, his involvement in cryptocurrency, the Tesla CEO has still been receiving backlash for his recent statements regarding cryptocurrency.
With cryptocurrency becoming even more popular than ever, a lot of different coins or cryptocurrencies reportedly experienced all-time highs after all-time highs. $BTC has been around for quite a while now and although $DOGE is new, the skyrocketed prices have made millionaires overnight.
Is Dogecoin Reliable?
Unlike Ethereum and Bitcoin, however, $DOGE does not actually have a market cap. This technically means that there is an unlimited supply of dogecoins in comparison to $BTC or $ETH. The unlimited supply of dogecoins generally means that people can buy more and more dogecoins without ever reaching an end.
Bitcoin and Ethereum, however, act like real currencies as they have market caps wherein if every single coin is bought, there can be no more new coins produced. The number of coins in circulation will only be limited to the cryptocurrency's market cap.
Dogecoin was created as a meme coin or a cryptocurrency that supposedly makes fun of cryptocurrency itself. The coin, however, has become a very popular cryptocurrency that has even caused the popular trading platform Robinhood to crash down due to the trades being made on $DOGE, according to the article by Finance.Yahoo.com.
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Written by Urian B.