Elon Musk Pumps the Crypto Market, Bitcoin, and Decentralized Finance

Elon Musk Pumps the Crypto Market, Bitcoin, and Decentralized Finance

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Elon Musk once again tested his influence on the crypto market. After he added the hashtag #Bitcoin, two coins soared at once – bitcoin itself and Dogecoin (DOGE). But perhaps Musk’s goal is to pump the entire market.

Elon Musk constantly needs funds to implement his expensive innovative projects. It has already been noticed several times that Musk makes verbal interventions and researches how the crypto market reacts to them. This mainly concerned the king of cryptocurrencies and the meaningless cryptocurrency Dogecoin (DOGE). Finally, in an interview with the newest hyped social network Clubhouse, Musk admitted that everything he said about DOGE was nothing more than a joke. But he is serious about bitcoin. The billionaire stresses:

– I do at this point think Bitcoin is a good thing and so I am a supporter of bitcoin … And I think bitcoin is really on the verge of getting broad acceptance by the conventional finance people.

Musk also repeated that DOGE was meant to be a joke to make fun of cryptocurrencies. “But fate loves irony!”. The supermanager summed it up philosophically:

– The most ironic outcome is the most likely … And the most ironic outcome would be that Dogecoin becomes the currency of Earth in the future!

Later, Elon Musk tweeted that he could take part in the transition from a traditional financial system to a decentralized system. He highlighted several DeFi projects that could facilitate such a transition and provide an alternative to central banks, investment, and asset management.

Musk’s attention to cryptocurrencies and bitcoin can no longer be called ironic or accidental. Two years ago, he already called bitcoin brilliant, but then made a reservation that, as the owner of Tesla, he had no business plans for BTC. A year ago, he discussed the legality of cryptocurrency transactions:

– There are transactions that are not within the balance of the law.

And in December last year, he already boldly stated that it was impossible to ignore bitcoin and hinted that he intends to use it to move capital.

It is obvious that the billionaire and entrepreneur number 1 in the world is ready to become a stakeholder in the crypto industry and at least participate in the promotion of bitcoin. The market takes these signals positively.