How seriously should investors consider the impact of Musk’s tweets on cryptos?
Elon Musk has a love-hate relationship with cryptocurrencies. Although he keeps throwing hints of his undying love for cryptos, his flip-flops affirm that the relationship is ‘complicated’. We deconstruct how this love affair leaves already volatile crypto currencies hyper-volatile
Bitcoin was created in 2009 and in the next 11years, Elon Musk did not show any interest in the virtual currency. Then one fine day in early February 2021, he announced that Tesla bought coins worth $1.5 billion. This helped the cryptocurrency go through the roof, making it reach historical highs soon afterwards. This is now known as the ‘Elon Musk’ effect in the virtual currencies market.
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