Bitcoin, the world’s most popular cryptocurrency, has been on a tear lately, reaching new all-time highs and smashing records. The digital currency has surged more than 300% in 2023, crossing the $50,000 mark for the first time in history. Bitcoin’s rally has been driven by several factors, such as increased institutional and retail adoption, regulatory clarity, innovation, and scarcity.
But what does Elon Musk, the world’s richest man and one of the most influential figures in the tech industry, think about Bitcoin’s epic surge? The Tesla and SpaceX CEO, who is known for his visionary and sometimes controversial opinions, has surprisingly reacted to Bitcoin’s rise with a mix of humor, skepticism, and curiosity.
Musk, who has over 60 million followers on X (formerly Twitter), has been tweeting about Bitcoin and other cryptocurrencies frequently in the past few months, often causing significant price movements and reactions from the crypto community. Here are some of his most notable tweets and comments on Bitcoin in 2023:
- On January 29, Musk added #bitcoin to his X bio, sending the price of Bitcoin up by 20% in a matter of minutes. He later removed the hashtag, saying it was just a joke.
- On February 8, Tesla announced that it had bought $1.5 billion worth of Bitcoin and that it would start accepting Bitcoin as a form of payment for its products. This was seen as a major endorsement and validation of Bitcoin by one of the most innovative and valuable companies in the world. The price of Bitcoin soared to a new record high of over $48,000 following the news.
- On February 20, Musk tweeted that Bitcoin and Ethereum, the second-largest cryptocurrency by market cap, “do seem high lol”. This was interpreted as a bearish signal by some investors, who sold their crypto holdings and caused a temporary dip in the market.
- On March 12, Musk tweeted that he would give a free Tesla to the person who could solve a complex math problem involving Bitcoin. He later revealed that it was an April Fool’s prank, and that no one had actually solved the problem.
- On April 1, Musk tweeted that SpaceX was going to put a “literal Dogecoin on the literal moon”. Dogecoin is a meme-inspired cryptocurrency that Musk has been promoting and joking about for a long time. The tweet boosted the price of Dogecoin by 35%, and also sparked speculation that Musk was serious about sending a Dogecoin-themed satellite to the moon.
- On May 12, Musk announced that Tesla had suspended its acceptance of Bitcoin as a payment method, citing environmental concerns. He said that Tesla was looking for more energy-efficient alternatives to Bitcoin, and that it would not sell any of its Bitcoin holdings. The announcement triggered a sharp sell-off in the crypto market, with Bitcoin dropping below $40,000 for the first time in months.
- On June 4, Musk tweeted a cryptic message that said “#Bitcoin”, followed by a broken heart emoji. He also posted a meme that implied a breakup with Bitcoin. The tweet caused another wave of panic and uncertainty in the crypto market, with Bitcoin falling below $37,000.
- On July 21, Musk revealed that he personally owned Bitcoin, Ethereum, and Dogecoin, and that Tesla and SpaceX also held Bitcoin. He also said that he supported Bitcoin and wanted it to succeed, and that he believed that Bitcoin was on the verge of a major upgrade that would improve its scalability and efficiency. He also hinted that Tesla might resume accepting Bitcoin as a payment option in the future, if the environmental impact of Bitcoin mining improved. The price of Bitcoin rebounded to over $32,000 after Musk’s comments.
As you can see, Musk’s reaction to Bitcoin’s epic surge has been anything but predictable. He has shown both enthusiasm and criticism, both support and doubt, both humor and seriousness. He has influenced the price and sentiment of Bitcoin and other cryptocurrencies, both positively and negatively. He has also demonstrated his curiosity and interest in the technology and innovation behind Bitcoin, and his willingness to learn and experiment with it.
What will Musk do or say next about Bitcoin? No one knows for sure, but one thing is certain: he will keep the crypto world on its toes, and he will keep us entertained and intrigued.
