March 9, 2021

Musk's Crypto Influence: is the World's Richest Man Endorsing Cardano?

If you're a follower of the crypto community on Twitter, there's a possibility you'd have noticed Elon Musk’s recent tweets about these cryptocurrencies. While some find it surprising that the richest man in the world according to Forbes is tweeting endlessly about cryptocurrencies, others do not.

Musk's love for Bitcoin and other cryptocurrencies is coming years after his 2013 interview where he described Bitcoin as a “new invention” that will most likely be used for illegal transactions. Albeit refusing to speak about the underlying technology, one could not simply draw a conclusion on his stance on digital currencies until recently.

Via his Twitter account, Musk told the world that Bitcoin was not his “safeword” after initially tweeting it was a couple of hours ago. While no one understood what he meant, he continued to hint through his tweets his interest in Bitcoin vaguely, until it was announced that NASDAQ TSLA (Tesla) would buy a couple of  BTC. 

While most people would expect an advanced and tech-savvy entrepreneur like Musk to know so much about cryptocurrencies and blockchain, it looked like he needed tweets from Michael Saylor a renowned Bitcoin guru and enthusiast, to buy BTC as part of his company’s future hedging strategy. 

Armed with sufficient information of these digital currencies, Musk began singing the praise of Dogecoin, a relatively unpopular crypto. After going back and forth with Dogecoin-themed memes and learning that Doge isn't distributed fairly, Musk had to reevaluate his stance. His recent tweets prove the relationship with Doge worked out fine as he announced that he and his kids all mine and own Doge. 

Cardano happens to be the newest crypto on the billionaire's radar. His Twitter profile picture was changed recently to a “fork stabbed into a road”. In addition to that, Musk’s Twitter bio was changed to “meta for K”. 

While there are no clear reasons for this change, most experts speculate that this recent bio and profile picture change was in reference to the hard fork expected to take place on the Cardano network.

All Eyes are on Cardano

While speaking to reporters about this current interest in Cardano by the billionaire, Charles Hoskinson Founder of Cardano, reveals that while his (Elon Musk) interest in these cryptocurrencies may be a “lightning rod” for future SEC scrutiny, Musk is capable of generating a lot of engagement from prospective crypto investors. 

“Thanks to Elon Musk, all eyes are on Cardano”. 

“Having the world focused on one person who seems to be well versed not only in memes but in cryptocurrencies can have a positive effect for cryptos now and in the future”, the Founder stated. 

The question now is; will the billionaire do for Cardano what he has done for Doge and Bitcoin? While signs seem to be pointing in that direction, only time will tell what effect this “speculated” endorsement will have on not only Cardano but on the crypto space in general. 

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Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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