Elon Musk has been on the crypto hype train over the last few weeks. He’s been publicly showing support on his Twitter page for Doge. This has led to large increases in the value of the coin. While his constant mentioning of the crypto has obviously been a driver of the price increase, the number of people investing in Doge because of his support has also helped to drive the price even higher.
It’s not just his mentions of Doge in, pun not intended, cryptic tweets that have caused a stir though. He’s also made mention of buying Doge for his youngest son. This sudden outspoken interest in crypto is something that Musk seems to find amusing. This is despite there being rumours that his lawyers have warned him to stop trying to influence the price of crypto.
Of course, it’s not just Doge that Musk has been influencing recently. His company, Tesla, announced that it had bought $1.5 billion worth of Bitcoin. This helped push BTC up to an ATH of over $48,000. It equated to a rise of around 7%. While the actual BTC was purchased a while ago, the announcement was only made recently as the company accounts were made public. It shows that the price of BTC can increase significantly when there is support from trusted public entities.
Is Musk Playing a Game with Doge?
There are some people that feel Musk is playing a game with Doge at the moment. By consistently mentioning the crypto he has helped to bring the price to an ATH. It’s also had an impact on the price of BTC, with Musk mentioning Bitcoin earlier in the year and it triggering a price short squeeze. This, of course, follows on from Musk getting involved in the Gamestop short squeeze as well. This all shows that Musk regularly gets involved with playing games. Doge and Bitcoin games are just the latest games he is playing.
Musk Risks Lawsuit with Doge Promotion
While there is often random behaviour associated with what Musk is doing, there is a lot of belief that he is trying to manipulate the markets for his own benefits. This has led to his lawyers warning him that the SEC could begin to ask questions about his behaviour. Despite this warning, Musk has continued with his latest Doge related tweet being linked to Lord of the Rings and the character of Frodo in particular.
No Limit to BTC Growth?
What this newest ATH is showing to investors is that BTC has the potential to keep smashing through its ceiling. While the influence of Musk and Tesla shouldn’t be ignored, the level of support for Bitcoin is currently at unprecedented levels. As more acceptance for using BTC as a payment method is introduced to the world, then there is potential for even higher levels of growth to come into force. With BTC hitting around 350% growth for 2020, there is the opportunity for hodlers to significantly increase the value of their BTC over the course of the next few years. One thing is for certain, whether Elon Musk decides to stay in the crypto game or not, there is a lot to be positive about in the long term.