{"id":905,"date":"2022-05-06T10:54:00","date_gmt":"2022-05-06T10:54:00","guid":{"rendered":"https:\/\/digitalcoinprice.com\/blog\/?p=905"},"modified":"2023-03-29T12:30:38","modified_gmt":"2023-03-29T12:30:38","slug":"musk-effect-for-dogecoin-and-bitcoin","status":"publish","type":"post","link":"https:\/\/digitalcoinprice.com\/blog\/musk-effect-for-dogecoin-and-bitcoin","title":{"rendered":"Musk Effect\u201d &#8211; What Twitter Deal Means For Dogecoin And Bitcoin"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #223c50;color:#223c50\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #223c50;color:#223c50\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/digitalcoinprice.com\/blog\/musk-effect-for-dogecoin-and-bitcoin\/#Twitter_Deal_And_Cryptos\" title=\"Twitter Deal And Cryptos\">Twitter Deal And Cryptos<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/digitalcoinprice.com\/blog\/musk-effect-for-dogecoin-and-bitcoin\/#Musk_Effect_And_Cryptos\" title=\"Musk Effect And Cryptos\">Musk Effect And Cryptos<\/a><\/li><\/ul><\/nav><\/div>\n<p>The crypto community is buzzing about Elon Musk&#8217;s $44 billion bid to acquire Twitter. It has the potential to have a major impact on digital assets. As a long-time proponent of cryptocurrencies, Tesla (ticker: TSLA) CEO Elon Musk has now placed his money where his mouth is. As of the end of March, Tesla had $1.3 billion in digital assets on its books after revealing last year that it had purchased Bitcoin.<\/p>\n<p>SpaceX, the firm founded by Elon Musk, also owns Bitcoin. There has been a lot of conjecture about how Twitter (TWTR) may evolve and embrace digital assets under the leadership of Musk, a prominent member of the crypto community. &#8220;[Musk&#8217;s takeover] has certainly aroused the imagination of crypto investors and crypto aficionados,&#8221; Strahinja Savic, the head of data and analytics at FRNT Financial (FRNT.Canada), told Barron&#8217;s. Like with Tesla and SpaceX, he might make a huge step by encouraging Twitter to invest in Bitcoin as an alternative treasury asset.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Twitter_Deal_And_Cryptos\"><\/span>Twitter Deal And Cryptos<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It would be a major thing for Twitter to acquire Bitcoin to store on its balance sheet because of its prominence in American politics and society,&#8221; Savic added. In terms of the Bitcoin market, the acquisition of billions of dollars in Bitcoin might influence the price of the currency.<\/p>\n<p>If Musk reshuffles the corporate hierarchy, this may all be put to rest. Additionally, it should be mentioned that <a href=\"https:\/\/www.cnbc.com\/2022\/04\/25\/dogecoin-jumps-more-than-20percent-after-twitter-agrees-to-elon-musks-buyout-deal.html\" target=\"_blank\" rel=\"nofollow noopener\">Dogecoin surged more than 20 percent<\/a> when the Twitter partnership was announced. Since its inception in 2013, Doge has been closely linked to Tesla CEO Elon Musk, who has played a crucial role in the coin&#8217;s ascent. &#8220;SpaceX is going to place a literal Dogecoin on the literal moon,&#8221; Musk tweeted in April 2021 when Dogecoin was trading for 5 cents.<\/p>\n<p>Because of the Twitter deal, the value of Dogecoin and BTC has grown significantly. As a result many people who are involved in several industries, like online gambling, that embrace cryptos started to have dramatic profits. In the case of gambling, this is because online casinos allow customers to generate digital currencies in a very short period of time. Consequently, many people nowadays search for <a href=\"https:\/\/bitcoincasinosreviews.com\/\" target=\"_blank\" rel=\"noopener\">crypto casino reviews<\/a>, in order to find a proper online casino, which will allow clients to pay with digital currencies and get an enjoyable and unique gambling experience.<\/p>\n<p>In the following days, the price of dogecoin rose to 75 cents, and on Wednesday, it was trading at roughly 14 cents. A digital asset broker analyst at GlobalBlock (ticker: BLOK.Canada) said to Barron: &#8220;The recent Twitter deal has prompted some investors to purchase dogecoin due to Elon Musk&#8217;s fervent interest in cryptocurrencies. This could lead to greater adoption of dogecoin on one of the largest social media networks if Elon succeeds.&#8221;<\/p>\n<p>Sotiriou said he felt it was probable that Musk will incorporate crypto payments on Twitter in some fashion. Late last year Twitter announced a tipping mechanism enabling users to contribute artists&#8217; Bitcoin, while in early 2022 Tesla started taking dogecoin for product transactions on its website. Dogecoin supporters may be expecting more of the same on Twitter from Elon Musk. As a whole, the crypto community is eager to see how a reinvented Twitter might contribute to decentralization initiatives in the larger community.<\/p>\n<p>Bluesky, a Twitter-initiated initiative aimed at establishing a decentralized standard for social media, is the subject of this article. Another proponent of cryptocurrency, former Twitter CEO Jack Dorsey, is on the board of this company. MicroStrategy co-founder Michael Saylor, an ardent Bitcoin supporter, tweeted on Tuesday that the social media platform could also be used to combat fraudsters and spambots.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Musk_Effect_And_Cryptos\"><\/span>Musk Effect And Cryptos<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Bitcoin was first launched in 2009, and Elon Musk had no interest in it for the following 11 years. When he revealed that <a href=\"https:\/\/www.bbc.com\/news\/business-55939972\" target=\"_blank\" rel=\"nofollow noopener\">Tesla had purchased $1.5 billion in coins<\/a> in early February 2021, everyone was stunned. After this event, cryptocurrencies surged to new highs, bringing the market to a new all-time high. In the virtual currency market, this is known as the \u201cElon Musk effect\u201d.<\/p>\n<p>In the past, Elon Musk&#8217;s tweets have frightened crypto investors. &#8220;I&#8217;m buying a Shiba Inu,&#8221; Musk said in March 2021. Floki, his Shiba Inu puppy&#8217;s name, was announced on Twitter on June 25. A thousand-fold increase in sales was achieved as a consequence of these tweets. As a consequence of Elon Musk&#8217;s post, the currency increased by ten times in a matter of three days.<\/p>\n<p>The price of Dogecoin increased by 50% in one day after he said, &#8220;Dogecoin is the people&#8217;s crypto.&#8221; Elon Musk&#8217;s backing for Dogecoin has resulted in a 15,000% increase in the cryptocurrency&#8217;s value over the last year. When Elon Musk revealed in March 2021 that Tesla will accept bitcoin as payment, the currency shot up to a record high of $64,000 the following month. When he began to accept bitcoins, he stated his hatred for them before he discovered love with Floki, which was a surprise to everyone.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto community is buzzing about Elon Musk&#8217;s $44 billion bid to acquire Twitter. It has the potential to have a major impact on digital assets. As a long-time proponent of cryptocurrencies, Tesla (ticker: TSLA) CEO Elon Musk has now placed his money where his mouth is. As of the end of March, Tesla had [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":906,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin"],"_links":{"self":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/comments?post=905"}],"version-history":[{"count":2,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/905\/revisions"}],"predecessor-version":[{"id":2504,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/905\/revisions\/2504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media\/906"}],"wp:attachment":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media?parent=905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/categories?post=905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/tags?post=905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}