Elon Musk's Connection To The Dogecoin And Bitcoin Cryptocurrencies Part Two
How Did That Happen?
Over the past few months, a real internet cult has flared up around Dogecoin. This was mainly fueled by tweets from Elon Musk in the run-up to his appearance on the US show Saturday Night Live.
Many expected that he would continue to fuel the course there. Instead, he called the Dogecoin "Hustle" ("rip off") in front of the camera. And the investors sold en masse.
The topic is complex, especially since Bitcoin per se is not listed on the stock exchange. It also has no owner. The originators of Bitcoin are still anonymous.
In addition, Musk did not influence the course of his own company but the development of an external asset.
And he himself argues that he does not sell Bitcoins himself but that the company Tesla sold ten percent of the portfolio. It is mainly to demonstrate the liquidity of the asset and its suitability as an alternative to cash on the balance sheet.
Bitcoin and Elon Musk Effect
In the summer of 2018, Elon Musk announced via Twitter that he wanted to take Tesla off the stock exchange at $ 420 per share. This information turned out to be incorrect.
The US Securities and Exchange Commission located attempted price manipulation. Musk then had to give up his role as chairman for three years but was allowed to remain CEO of Tesla.
In terms of Bitcoin and Dogecoin, the stock exchange supervisory authority has left him alone for the time being.
However, Bitcoins are heavily criticized by climate protectors because the production of virtual currency consumes a lot of electricity.
A recent study by Bank of America attempted to relate the CO2 emissions of Bitcoin investments to cars with internal combustion engines. It results in Tesla's most recent Bitcoin purchase corresponds to the annual CO2 emissions of 1.8 million conventional cars.