I would like to agree that most people across the globe are familiar with Elon Musk, who is considered the second richest man in the world as of now, having an estimate of about $153 USD billion.
In recent times, there have been a lot of controversies against him, most especially in the cryptocurrency market. He is known for having a good influence on the crypto market due to his love for cryptocurrencies. However, in this guide, we will be taking a look at him and how he has greatly influenced cryptocurrency, and the controversies against him. So, stay tuned.
Who is Elon Musk?
Elon Musk is a South African-born American visionary entrepreneur and businessman who is known to be one of the richest men in the world. He is also known as the co-founder and CEO of Tesla Motors and PayPal, as well as the CEO and founder of SpaceX. He became renowned in 2012, when his firm, SpaceX, intended to launch a rocket that would transport the first commercial vehicle to the International Space Station. Meanwhile, Musk didn’t stop there. He expanded his portfolio and solidified his position as an industry leader by serving as one of the advisers to President Donald Trump in the early days of his presidency in the United States.
Musk was born on the 28th of June in Pretoria, South Africa. Maye Musk, his mother, is known to be a Canadian model and she is the world’s oldest woman to ever appear in a Covergirl advertisement while his father, Errol Musk, is known to be a rich South African engineer. During his days in South Africa, he lived his early years with his brother Kimbal and sister Tosca. However, when he was ten years old, his parents had a divorce.
At the age of 17, he moved to Canada where he later earned himself Canadian citizenship. Thereafter, he came to the United States as a transfer student and earned a bachelor’s degree in physics and economics from the University of Pennsylvania. Musk then went to Stanford University in California to study energy physics for a PhD. However, he couldn’t complete his education there due to some underlying issues.
Though Musk is a very influential person, he has had a series of divorces with his former spouses. Despite all that, his current partner is Grimes, who is known to be a popular Canadian celebrity. In all ramifications, Elon Musk is considered to be among the most respected men in the world because of what he has achieved.
Elon Musk’s, a late Cryptocurrency investor
Elon Musk is often regarded as the world’s most generous cryptocurrency benefactor. Musk has long been a proponent of cryptocurrencies, assisting in multiple market rallies for digital currency, including bitcoin, during the past year. His cryptocurrency tweets and comments frequently send prices flying or plummeting. He is constantly portrayed as a character who has the ability to influence cryptocurrency. Because of his interest in cryptocurrency, his firm, Tesla, used to take Bitcoin as payment.
Elon Musk appears to be concentrating his efforts on Dogecoin, a popular cryptocurrency that was created in 2013 as a joke and is branded with jaunty images of a Shiba Inu dog. His support towards the coin has caused the coin’s market capitalization to increase over the recent months placing it among the most valuable cryptocurrencies currently.
Meanwhile, Musk startled the crypto-world a few weeks ago when he announced that Tesla will no longer accept Bitcoin as payment, causing most cryptocurrencies to fall. Because of this, many cryptocurrency traders and investors lost a large amount of money. This caused a lot of panic around investors.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Elon Musk was the latest target of Anonymous, a well-known hacker group. This was because of how he influenced the cryptocurrency market to plummet. Anonymous made a video issuing a warning shot to Elon Musk, detailing his wrongdoings, and accusing him of damaging the lives of many cryptocurrency investors with his tweets. Musk’s latest tweets, according to the video, demonstrate a clear contempt for the regular working person out there, and his public temper tantrums have shattered the ambitions of many industrious people.
It also singled out a number of recent acts by him, stating that the decisions were done just for his company’s profit, with no regard for the future of cryptocurrency in general. According to Anonymous, it is widely assumed that Tesla was pushed to reject this payment option. Furthermore, the majority of the company’s revenue comes from the green carbon tax credits offered by the governments of the nations in which it operates. Their statement further indicated that the use of Bitcoin has been halted in order to keep the government’s revenue stream flowing.
Meanwhile, Anonymous’s accusations did not stop with Elon Musk affecting Bitcoin’s valuation. According to the hacker group, Elon Musk has had one of the most favorable reputations of anyone in the billionaire class for several years by capitalizing on the public’s enthusiasm for electric vehicles and space exploration. Musk appears to have taken notice of the warning video. Since the video’s release, Musk responded with a tweet that reads, “Don’t kill what you hate, instead save what you love.” Based on the threats he got, this is a good response.
How Bitcoin, Dogecoin, and other Cryptocurrencies Has Affected the Global Market
Cryptocurrencies have many advantages in terms of frictionless transactions and inflation control, but many investors are adding them to their varied portfolios as assets. The non-correlated character of the market, in particular, makes cryptocurrencies, like precious metals like gold, a viable risk hedge.
For this reason, many cryptocurrencies exchange-traded instruments (ETFs and ETNs) have emerged.
Some analysts, on the other hand, believe that a cryptocurrency fall will have a negative influence on the overall market, similar to how mortgage-backed securities started the global financial crisis. However, it’s pertinent to note that the total market capitalization of all cryptocurrencies is usually less compared to that of many public companies which implies that it may not have a relevant impact on global markets.
Meanwhile, since cryptocurrencies can easily be manipulated, one needs to do proper analysis before making any investment in cryptocurrencies. We could see that since the period when Elon Musk had tweeted that his company won’t accept payment in Bitcoin again, the cryptocurrency’s value has greatly depreciated.