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I remember a few months ago how Elon Musk posts were saturating PUBLISH0X article feed. I personally thought a lot of the articles were short-signed as they were people reacting to what he had tweeted and how it had impacted the price. While I will be the first one to say that no one should have the type of price power that he had over crypto I think it is safe to say at this point that his influence has diminished significantly. Going back over what he did say though while it was unpopular I think really did do a lot of good over the long haul and below I want to highlight things he said and how they ended up helping in the long run. While he was the center of this all as well he was really running against the establishment and even with his power over the crypto market waning he still continues to fight the establishment.
Tesla Purchases
The price of Bitcoin soared when Musk announced that people could purchase Tesla's with Bitcoin. This was a short-lived thing Tesla did purchase $2 billion in Bitcoin and became the second major public company behind MicroStrategy to put a sum this large into cryptocurrencies. While the reasons for the suspension of accepting it as a form of payment was iffy at best this inital acceptence spurred huge interest in Bitcoin and others accepting it as a form of payment. It also drove more companies to invest part of their cash reserves in it like Square ended up doing! Thi
Blockchain Power Consumption
No long after Tesla announced the ability to purchase its vehicles in Bitcoin people against crypto came out hammering home Bitcoins power consumption which spilled over into all proof of work (PoW) blockchains. Due to the vast energy consumption I wont pretend and say it is not an issue because it is something we all should be aware of and it brought attention to how places like China were using cheap coal to generate power. Since this has come out a ton has been done about using renewable power to run these machines and this is great for two separate reasons. One thing is that the companies creating these renewable systems have a new customer to purchase their products helping to bring them to market. This then leads to the second big thing that results in renewables being used more widespread as these minners and other industries tack onto renewable energy generation.
Tweeting About Crypto/ Doge Love
Elon also has previous had an uncanny amount of power to swing the price of a crypto with just one tweet. Now this has really waned in recent months for a while the amount of power that he had was crazy. It really could have gone wrong if someone else had that type of power and was against crypto especially with his following but Elon did not. It allowed the community to see an issue and now it is something that does not happen all that much. It is much more distributed and while some names still hold immense power no one has the type that Elon had at his height. He also was a huge proponent of Doge and this was met with a ton of criticism but I would argue it was really good for adaptation and people learning about it. Doge was and still is really dirt cheap compared to the main cryptos. His attention to it brought a ton of people I am friends with who had no interest in Crypto into the realm so again I have to give credit where credit is due.
Continuing to Fight the Establishment
Honestly Elon might be one of only a handful of people in the world who has and continues to battle back against the Establishment and seems bulletproof in his ability to. One example that comes to mind immediately was when the United Nations World Food Programme director called for billionaires to give them money to prevent a catastrophe due to mass starvation. For $6 billion the director heavily inferred that world hunger could be solved. Elon called him out on this and while the WFP has since released a plan for the $6 billion that Elon said he would pay to solve it the plan doesn't stop it from happening in the future. Instead its a huge investment of getting food now to the people and not addressing or solving underlying issues.
Lastly I am just going to drop this little Twitter exchange here..... it gave me a good laugh!
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it!
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