Elon Musk Is Fueling The Crypto Boom

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In case you haven’t seen the news, Bitcoin is once again on a roll. The price jumped over $40,000 once again after a few weeks of relatively no new developments. This time, however, the price jump was influenced by an outside factor. It was all Elon Musk’s ‘fault’, after the famous investor and the man behind Tesla announced that the company has bought $1.5 billion worth of BTC. Musk also said that Tesla will start accepting crypto payments shortly, setting off a frenzy in the crypto community.

This comes just days after he started a campaign that caused a significant price jump for Dogecoin. The value of cryptocurrencies rose by $1 trillion in the past month, and Musk had a big role in it.

The Support That Matters

Everyone knows that public support plays a big role in Bitcoin’s price jumps. Whenever celebrities tweet or shout out cryptocurrencies officially, the price goes up. However, no one could have expected such a significant price jump as the latest one fueled by the Tesla magnate. Musk is known for officially supporting cryptocurrencies, but has never added them to the list of his company’s payments.

A few days ago, Elon Musk tweeted a reply to one of his rockets going up that simply said Doge. This sent the market in a frenzy, with Dogecoin’s price going up over 1,000%. In the following days, Musk tweeted more support for Dogecoin, with rapper Snoop Dog joining with a meme of his own. Doge rose sharply in price to the delight of many owners, but that’s not where Musk stopped.

In the next days, Musk tweeted his support for Dogecoin and cryptos in general. Just a few days ago, he officially announced that Tesla has bought $1.5 billion worth of Bitcoin and that the company will start accepting crypto payments. Imagine buying a Tesla Model S with nothing but Bitcoins? His support has added fuel to the crypto fire, and the crypto industry is loving it.

More Price Jumps?

Experts are adamant that such tweets and official support from celebrities can get Bitcoin over $50,000 and possibly up to $100,000. Bitcoin has been on a roll lately. From more Bitcoin online casinos to governments putting their faith in it, the cryptocurrency has overcome all expectations. It really is incredible to see it jump so high after the lows it hit in late 2019/early 2020.

With traditional currencies failing to hold their ground, cryptocurrencies may be the next generation of money. Sure, the price is not that stable right now, but things are expected to improve. A single tweet managed to cause price jumps people still can’t believe which could be an essential ‘weapon’ in Bitcoin’s arsenal.

If you’ve ever wanted to invest in something like stocks, cryptos are the obvious choice at the moment. They’ve become easier to buy than ever and some, like Bitcoin, are worth more than gold. It’s time to embrace the future. Elon Musk certainly did, so why not follow?