Elon Musk has been a constant name in the crypto space this year. The billionaire and CEO of Tesla went from supporting Bitcoin to criticizing it before jumping ship to the camp of Dogecoin, the popular meme coin which saw over a 4000% rise in value within months thanks to Musk’s social media endorsements. Elon Musk who has somewhat been the face of Dogecoin this year has had some of his influence in the finance world, rub off of the crypto market.
Musk’s Dogecoin campaign has yielded great results and so has his antics. The CEO of Tesla has been accused by many of manipulating the crypto market with seemingly cryptic decisions and messages.
Earlier this year, Tesla, Musk’s electric automobile company purchased $1.5 billion worth of BTC, a move that increased the wave of institutional interest in Bitcoin. Many experts believed at that time that the billionaire CEO had doubled down on his words and was ready to go all out for Bitcoin but that wasn’t the case as even though he revealed that his company wasn’t going to sell off the BTC, he continued his social media theatrics which was centered on Dogecoin.
Fast forward to May, Musk announced that his electric automobile company was dropping Bitcoin as a payment method due to environmental concerns about its mining. This announcement sent Bitcoin into turmoil as its price dipped, losing almost half of its value within a few weeks after touching its all-time high of $64,000. Bitcoin however slightly recovered and has been hovering around the $38K-$39K mark before another Elon Musk tweet sent its price into a downward spiral again.
Bitcoin’s price fell in the early stages of June 4, after Elon Musk tweeted a meme about a couple breaking up over the male partner quoting Linkin Park lyrics, and added the hashtag #Bitcoin and a broken heart emoji.
The crypto space interpreted the tweet as a falling out with the biggest cryptocurrency. Some experts also believe Elon Musk and Tesla are creating a Bitcoin dip to buy as demonstrated by many hedge funds during the cryptocurrency’s recent woes.
Chris Burnikse, an author, a crypto asset manager, and a pioneer in crypto has however doubted such claims, stating that the whole Bitcoin dip purchase is far more than what we see on the surface.
In a series of tweets on the social media app Twitter, Burnikse explained how Mr. Musk has trolled every Tesla slip with the help of viral and affluent metaverses and not buy its successes.
Burnikse added that the odds of Musk creating a Bitcoin dip together with his company are very low, stating that although it could be profitable, there is far too much risk associated with it, but still says “we’ll find out when $TSLA shares balance sheet updates”.