Is Elon simply messing with us over DOGE?
Elon Musk, the billionaire founder of Tesla and SpaceX, has touted the revolutionary impact of cryptocurrencies – while making fun of the concept.
In a video uploaded by Kevin Svenson, Musk can be heard saying, “There’s a good chance that crypto is the future currency of the earth.” How ironic it would be if Dogecoin (DOGE), the coin invented as a joke, wins in the end, musk mused.
Elon Musk talks about $ DOGE Coin
(Posted 4 hours ago) @elonmusk said, “There’s a good chance #Crypto is the earth’s future currency … but which one will it be?” #Doge #DogeCoin #Bitcoin #Cryptocurrency #Cryptocurrencies #DOge pic.twitter.com/HDaf5jw3Xx
– Kevin Svenson (@KevinSvenson_) February 6, 2021
“What would be the most ironic result? That the currency that was invented as a joke is actually becoming a real currency, ”he said.
DOGE has been the center of a massive pump-and-dump propelled by Reddit traders and investors who have become very receptive to Musk’s tweets. The latter camp is not small either.
A recent report from the Blockchain Research Lab, titled “How Elon Musk’s Twitter Activity Is Moving Cryptocurrency Markets,” showed that the billionaire had a positive impact on the values of digital assets and trading when he tweeted about them.
The report said:
“Across all events, we see significant increases in trading volume that can be attributed to the events.”
Musk’s ability to move the markets on Twitter has worried some investors, given the troubled history of the enigmatic CEO at the U.S. Securities and Exchange Commission (SEC).
As reported by CNBC, Musk’s tweets had lagged behind the recent 12% surge on CD Projekt, which gave rise to the role-playing game Cyberpunk 2077. Though Musk’s tweet had substance – namely, that Tesla’s Model S plaid car would allow passengers to play the game – his obvious shilling of the GameStop Short Squeeze could have negative ramifications for retailers embroiled in the hype.
Musk has violated the SEC in the past after tweeting his desire to take Tesla private for $ 420 per share. He and Tesla each had to pay the securities commission a $ 20 million fine to pay the fraud fees.
“I don’t respect the SEC,” Musk said after paying the fine.
Despite the regulatory backlash, Musk shared in a December 2018 interview with 60 Minuten that his tweets will not be censored. He explained:
“The only tweets that would need to be checked would be if a tweet had a chance of causing a movement in the stock.”