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Elon Musk's War in the Currency Circle



On May 6, 2019, a tweet was permanently nailed to the pillar of shame in the Chinese stock market. The then U.S. President Trump said on Twitter, "The 10% tariff imposed by the United States on $200 billion worth of Chinese imports in the past 10 months will be raised to 25% on Friday." The next day, China's Shanghai and Shenzhen Both cities opened lower, and the Prev Index lost 3,000 points. At the close of the day, the Shanghai Composite Index fell 5.58%, the Shenzhen Component Index fell 7.56%, and nearly 900 stocks in the two markets fell by the limit. For the first time, Chinese investors felt the fear of being dominated by Trump's "Twitter rule", and now, the same fear has come to Bitcoin investors. On May 13, Twitter's new understanding king Musk said, "Tesla suspends the use of bitcoins to pay for car purchases, but will not sell any bitcoins." The reason is: the use of fossil fuels in bitcoin mining and transactions Worrying about the rapid increase in frequency. Bitcoin's electricity will pollute the environment, Tesla's electricity is pure electricity, Yang Yongxin wanted to laugh when he heard it. Although, Cambridge University’s 2020 Global Cryptoasset Benchmark Study shows that 76% of cryptocurrency miners mine using renewable energy generation. Although, in April, Twitter CEO Jack Dorsey retweeted a paper titled "Bitcoin Incentives the Development of Renewable Energy", Musk actively praised and expressed his approval. As soon as Musk's face-changing remarks came out, Bitcoin fell sharply, and the 24-hour decline once expanded to 16%, falling below $46,000 per coin. In February, Musk suddenly wrote "Bitcoin" in the signature column; Tesla announced that it had purchased Bitcoin worth $1.5 billion, and then accepted Bitcoin as a payment currency. Three months later, the master of Sichuan opera, Musk, suddenly changed his face, tweeted and ruled currency, and played with cryptocurrency and fanatical believers in the applause. "Sell Tesla stock, cancel orders, sell car (Tesla)" Pepperstone Director: Elon Musk's response is a blow to Bitcoin: Chris Weston, head of research at Melbourne brokerage Pepperstone: Tesla La CEO Elon Musk's response was a blow to Bitcoin, but also acknowledged the cryptocurrency's carbon footprint. (Golden Ten) [2021/5/13 21:56:21] After Musk bombarded that Bitcoin was not "environmentally friendly" enough, several Bitcoin enthusiasts released screenshots of unsubscribing from the Tesla pickup Cybertruck, and posted on the investment agency The group denounced Musk as a traitor and called for the sale of Tesla shares. David Portnoy, an American Internet celebrity stock speculator and founder of Barstool Sports, released a video angrily accusing Musk of suppressing Bitcoin and raising Dogecoin. "This guy pulls the lever like the wizard of Oz, everyone is tracking his every move, he makes Dogecoin go up, he makes Bitcoin go down, shit!" In just a few months, Musk went from " Bitcoin Evangelist" to Public Enemy of the Industry, What Happened? In February, Musk said in an interview that he knew about Bitcoin as early as 2013. And said that he regretted not buying it at the time, and the price of bitcoin was less than $1,000. In the same month, Tesla announced that it had purchased $1.5 billion in Bitcoin. However, today, the market value of Bitcoin reaches trillions of dollars. Even though Musk was once the richest man in the world, in the Bitcoin world, he has always been a latecomer, the "taker" of the early Bitcoin Hodlers. Musk, who is used to being the protagonist, is naturally unwilling to just be the bearer of Bitcoin. Fortunately, he also has another identity-the former CEO of DOGE (Dogecoin). This is a MEME coin that was born to ridicule Bitcoin and was abandoned by the founder as a joke. Elon Musk: Bitcoin paid to Tesla will remain as Bitcoin, not converted to legal tender: Tesla CEO Elon Musk (Elon Musk) confirmed on Twitter, "It is now possible to use Bitcoin Tesla has purchased Tesla with Bitcoin. Tesla only uses internal and open source software to directly operate Bitcoin nodes. Bitcoins paid to Tesla will be retained in Bitcoin rather than converted into legal tender. Later this year in the United States Bitcoin payment is available in other regions.” According to previous reports, Tesla’s U.S. official website supports the use of Bitcoin for payment. According to the supporting documents, Bitcoin is the only cryptocurrency Tesla accepts, currently only supports Bitcoin payments for US customers, and will consider expanding to other markets in the future. [2021/3/24 19:13:22] Musk and Dogecoin met in 2019. On April 1, 2019, April Fool's Day, Dogecoin's official Twitter released a survey, asking who should be the next CEO of Dogecoin? (April Fool's Day joke, Dogecoin was already pretty decentralized at the time). In the end, Musk won with 54% of the vote. After being informed on Twitter, Musk readily accepted the "position" and changed his Twitter profile to "CEO of Dogecoin" (Dogecoin CEO), but later, he seemed to feel something was wrong, and then Changed to "Former Dogecoin CEO". Since then, Musk seems to have fallen in love with Dogecoin, "It (Dogecoin) is so cool, it may be my favorite cryptocurrency." Dogecoin developer Nicole recently said in an interview that they have been working with Musk since 2019. Musk offered "a lot of advice and input" and shared his vast network, but the development team turned down his offer of funding. Elon Musk: Decided not to sell previously released music works related to NFT: On March 17, Tesla CEO Elon Musk tweeted, "Actually, I don't feel comfortable selling this work." That’s right, (the sale) is not going to be done.” Earlier reports, Musk tweeted a music work about NFT on March 16, saying that he would make the song into an NFT for sale. [2021/3/17 18:51:25] That is to say, from 2019, Musk began to deploy Dogecoin, and until 2021, he officially entered the stage, from the former CEO of Dogecoin to Dogecoin godfather. In February 2021, Musk sent 3 consecutive tweets for Dogecoin, shouting that Dogecoin is the currency that belongs to the people and the cryptocurrency that belongs to the future. Since then, it has even been stated that Space X will bring a Dogecoin to the moon. Under Musk's flag-waving, the MEME token, which dispelled the authority, quickly moved from the humor of the niche circle to the public, and then the price skyrocketed. It has increased by more than 200 times in a year, and its market value once exceeded 80 billion US dollars. The popularity of Dogecoin on social platforms even exceeds that of Bitcoin. Musk brought Dogecoin to fire, and Dogecoin has also become Musk's ticket to enter the cryptocurrency world. All of a sudden, the skyrocketing Dogecoin ignited the enthusiasm of the public to invest in cryptocurrencies. From China to the United States, from Robinhood to TikTok, there are yellow dog heads everywhere, but behind the carnival of dog heads is the loneliness of another group of people. Compared with the $50,000 bitcoin, young people and new entrants seem to prefer this yellow dog head. Dogecoin has increased by more than 200 times a year, while Bitcoin has only 4 times. Driven by Dogecoin, Shiba Inu, Corgi, Husky and other animal MEME coins have become hot spots for hype, and air coins are popular. Elon Musk launched a vote on "Future Earth Currency" on Twitter: Tesla CEO Elon Musk launched a vote on "Future Earth Currency" on Twitter, and the options were "Dogecoin to the moon" With \"All other crypto combined", more than 120,000 people have participated in voting. As of press time, the voting rate of "Dogecoin to the moon" reached 77.1%, and the voting rate of "All other crypto combined" reached 22.9%. [2021/2/6 19:03:44] As for Bitcoin, its rise is weak, and its market value in the cryptocurrency market has fallen from 70% to below 40% within a year. Many Bitcoin bigwigs can’t sit still. On May 2, Mike Novogratz, the Bitcoin tycoon and the founder of the cryptocurrency commercial bank Galaxy Digital, advised investors not to buy Dogecoin, but to sell Dogecoin. For this reason, Galaxy Digital even wrote 22 page of the report, slamming Dogecoin. On May 8, Barry Silbert, the founder of Grayscale Investment, couldn't sit still anymore, and tweeted: "Okay, DOGE (Dogecoin) guys, it's very interesting. Welcome to the encrypted world! But now it's time for you Dogecoin has been converted into Bitcoin. Barry also said that he has begun to short Dogecoin. Grayscale Investment, the "bright banker" of Bitcoin, its Bitcoin Trust Fund holds more than 650,000 Bitcoins, worth more than 32.2 billion US dollars, but life has not been easy recently. Since March, the number of Bitcoins held by Grayscale has decreased by more than 50,000, and the issued GBTC has continued to have a negative premium, which once exceeded 20%, indicating insufficient demand and heavy selling pressure. Dynamic| Elon Musk's startup company accepts cryptocurrency payments: According to ethereumworldnews, the startup company Boring Company founded by Elon Musk recently announced plans to launch a flame generator for the second time. This time, the future flamethrower Buyers will be able to use BTC, BCH, ETH, LTC to pay for crowdfunding activities. [2018/10/19] It is in line with their position and interests to call on investors to sell Dogecoin and restore the glory of Bitcoin However, "short Dogecoin", this may be the word Musk hates to hear the most. Tesla has been short-sold on a large scale before, and Musk hates short-selling institutions. As early as 2018, Musk told the famous Hedge fund manager David Einhorn sent a "short box" full of shorts because David had shorted Tesla stock a lot. In the GME short squeeze at the beginning of the year, Musk stood On the side of the retail investors, they support the short squeeze and call themselves "MEME, the Destroyer of the Air Force". Now, when the "son" Dogecoin is shorted by the Bitcoin boss, as the godfather of Dogecoin, Musk resolutely stepped forward , Jumping camp, attacking Bitcoin. On Tuesday, Musk asked his fans on Twitter whether Tesla should start accepting Dogecoin as a payment method. Voting is now closed, with nearly 4 million people participating , 78.2% of the people expressed their support, which means to replace Bitcoin and support Dogecoin. On May 16, Musk tweeted that, ideally, Dogecoin can speed up the block time by 10 times, and the Increase the block size by 10 times and reduce the transaction fee by 100 times, and then it will win easily. Musk's "ambition" is obvious; who does Dogecoin want to beat? Everyone is tacit. From Musk in 2019 Starting with Dogecoin, this split and confrontation will come sooner or later, but Barry ignited the fuse in advance. This is a war between the ambitious Musk and Wall Street tycoon Barry Silbert, and it is also the battle between the Bitcoin community and the Dogecoin community. The civil war in the currency circle is related to positions and interests. Long before Twitter ruled the currency, Musk was familiar with how to influence the stock price through Twitter. Tesla and other companies' stocks were the prey under his keyboard. 2018 On April 1st, April Fool's Day, Musk tweeted that "Tesla is bankrupt" and "completely Land, completely bankrupt", Tesla's stock fell 7% in response. On May 1, 2020, history repeated itself. Musk tweeted that "Tesla's stock price is too high in my opinion." As soon as the words fell, Tesla's stock price plummeted by more than 11%, and its market value evaporated by $14 billion . Others cannot short Tesla, but Musk himself can. In 2021, the liquidity frenzy brought about by the Federal Reserve's release of water will make Musk a "Twitter stock god". At least six companies, including e-commerce platform Shopify and game maker CD Projekt, are all beneficiaries of Musk’s tweets. On January 7 this year, Musk tweeted with only two short words: Use Signal. Unexpectedly, as soon as the tweet came out, the Texas-based Signal Advance medical equipment company rose sharply. The stock price rose by 1,500% within 24 hours. From the 7th to the 11th, the cumulative increase in three trading days was 6,350%. climbed to $480 million. Although, what Musk’s tweet refers to is actually recommending a communication software called “Signal”. Under the fanaticism of Musk's admiration, who can stop Musk from continuing to "Twitter stocks"? On March 12, a Tesla shareholder took Musk to court, accusing him of violating a Twitter posting agreement with the U.S. Securities and Exchange Commission (SEC). The plaintiffs allege that Tesla investors suffered billions of dollars in economic losses due to Musk's erroneous posts on Twitter and the failure of Tesla's board of directors to discipline him as required by the SEC. Since then, Musk has turned more attention to cryptocurrencies. In the relatively unregulated currency circle, Musk is like a fish in water. One sentence and one expression can make investors crazy about it. Zoo air coins such as shiba (shib) skyrocketed a hundred times because of the casual sentence "I'm looking for a shiba dog". Overwhelmed by the rain, he became the crypto emperor on Twitter. Luo Xiang, a well-known law teacher, said that if freedom cannot be restricted, it will inevitably lead to the exploitation of the weak by the strong. At this time, Musk seems to be indulging in becoming the religious leader of the Dogecoin community, and is being sought after by everyone. In 2016, former General Motors vice president Bob Lutz called Musk and his followers "a fanatical religious group" in a news interview. There is a group organized by Musk fans on Linkedin called Musketeer, they pay attention to everything and exchange news about Musk, Tesla and so on. In the eyes of some Muskteers, no negative news about Musk is allowed. Once there are doubts about Musk or his company's finances, members will attack him. Since the death of Jobs, no one is more suitable than Musk to be the next leader of the religion of technology, because everything Musk has done seems to be summed up as the grand ideal of religion: embrace Mars for the future of mankind. So, why promote Dogecoin? What is Dogecoin worth? "Let Dogecoin become the currency of Mars" has become a legitimate and imaginative answer. On May 10, SpaceX will accept Dogecoin as an exclusive payment method for launching the lunar satellite DOGE-1. Interestingly, Musk has previously announced that Mars will not be bound by the laws of the earth..


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