Cryptocurrency and Elon Musk are two inseparable factors. It is an unwritten yet widely accepted fact that the Tesla and SpaceX CEO is a major game-changer when it comes to cryptocurrency. The 20th of October was a sparkling day for Bitcoin as it hit an all-time high, crossing $65,000. The record high once again helped Bitcoin assert its position as the world’s biggest cryptocurrency. And how can this celebration of victory go without a single tweet from the tech mogul and tweet he did. Now, we know that all that high was just a “calm before the storm” because Bitcoin fell by a huge margin on Binance U.S and several other exchanges just hours after. Volatility is a characteristic innate to Bitcoin and any other cryptocurrency. However, let’s not let that rather dark haze cloud this appreciation tweet from Musk. Perhaps, this tweet might be Bitcoin’s way out of this maze. You never know.
A Meme to Applaud
The record surge of Bitcoin was celebrated by Elon Musk with a tweet. The tweet featured a simple meme of a couple in bed, gazing intently at the screen showing the price of Bitcoin and Ethereum, and another cryptocurrency. The meme could be interpreted in multiple ways and detailed analyses could be found in the thread of responses to this tweet. Let us take a look at the tweet.
— Elon Musk (@elonmusk) October 21, 2021
Here are a few responses to the tweet.
https://twitter.com/shibaa_token/status/1451050944339210242?s=20
Why are you manipulating the market?
— MMTÜRK(ALAYLI) (@MuratMmturk) October 21, 2021
It seems like Musk is polishing his skills to row two boats simultaneously.
Elon Musk, u are making crypto look like a sustainab!e p¤nzi scheme; One minute u are endorsing Bitcoin, the next minute u are aga!nst it stating environmental concerns. St¤p manipulat!ng the crypto market, u are hurting investors who lose whenever the prices fall. Tweet w!sely.
— Daniel Regha (@DanielRegha) October 21, 2021
It's still early days Elon.
— star.okx ⚛️ OKX CEO (@star_okx) October 21, 2021
Musk might not have, but somebody sure did!
Elon, don’t crash the market again like last time
— Alex Cobb (@AlexCobb_) October 21, 2021
Elon Musk and Bitcoin share a rather shaky relationship. Although it started off well, it hit rough tracks pretty soon. Tesla’s revelation that it had bought $1.5 billion Bitcoin in February had a positive impact on Bitcoin. However, this went downhill after Musk put a halt to accepting Bitcoin payments for car purchases stating environmental concerns. Following this announcement, Bitcoin prices fell by 10 percent. However, Musk maintained his stand that he was convinced about the potential of cryptocurrency to redefine the future. However, he wasn’t exactly in agreement about the impact it would have on the environment. Although Bitcoin fell out of favor with Musk, Dogecoin maintained its place as the tech mogul’s favorite and we are well aware of the impact this preference has had on the cryptocurrency. For the uninformed, Bitcoin prices faced an epic decline of up to 87 percent following the record high. Nobody saw the all-time low coming after the all-time high. Well, you never know when the Bitcoin roller-coaster will rise or fall.