We’ve all wondered about Elon Musk’s recent u-turn on Bitcoin and tweets about Dogecoin. But how do we know if he’s really pulling out of the Twitter deal? What is driving this shrewd businessman to do such a U-turn? We’ll explore his tweets and speculate on what he may be fearing most – the ban on crypto in China.
Elon Musk’s U-turn on Bitcoin
Elon Musk’s recent U-turn on Bitcoin came at a time when environmentalists are making inroads into the corporate world. The Tesla CEO declared himself a believer in Bitcoin earlier this year and even invested hundreds of millions of dollars in it. The price of Bitcoin skyrocketed after Musk announced that his company would accept payment in Bitcoin for electric vehicles. But the price has since fallen dramatically. What happened?
Elon Musk’s tweets about Dogecoin
It seems that the cryptocurrency market is getting a lot more attention these days, thanks to Elon Musk’s constant tweets about Dogecoin. Since last Wednesday, Dogecoin has been trending downward, reaching a low of $0.1107 on Wednesday. On Monday, the currency spiked to a five-day high of $0.119, but then fell back to $0.1142. This week, Dogecoin has lost 27% of its value since hitting a 30-day high of $0.1574 on Feb. 13. Elon Musk’s tweets about Dogecoin have also made the cryptocurrency an interesting investment for many.
Elon Musk’s shrewd businessman
Tesla’s CEO Elon Musk has been called a troll. The billionaire actively agitates against anything that might interfere with his businesses. He is not without legal representation, though. And his business model is not necessarily good for society. He has been sued before, and the Justice Department’s decision to block his patent application may be a case of double-standard.
Elon Musk’s concern about Chinese ban on crypto
Earlier this year, Elon Musk made headlines after he announced Tesla would no longer accept Bitcoin for payment. The reason behind his move was environmental concerns tied to Bitcoin mining. Bitcoin’s price plummeted from more than $60k on May 10th to around $42k on May 16th. Then on May 18th, Tesla announced it would no longer accept bitcoin payment for its vehicles. Musk’s response to the Chinese ban was a bit different. After all, it is illegal for a Chinese banking institution to issue any cryptocurrency-related financial product in that country.
Elon Musk’s concerns about Twitter
Elon Musk’s concerns about Twitter have raised questions about the role of tech companies in the global political arena. As a billionaire, Musk’s interests are not the best for the future of the social media giant. China’s government has long sought to monitor public discourse, and it is demanding that tech companies retain records of all their users. But despite his concerns, Twitter is still a thorn in the side of Beijing.