Bitcoin and Ethereum, which have the highest market value than Elon Musk, have seen a stir in cryptocurrencies since the war between Russia and Ukraine broke out in a tweet.
Elon Musk, the world’s richest man, frequently expresses his views on cryptocurrency, which often leads to major upheavals. Bitcoin, Ethereum and Dogecoin are in turmoil after Musk tweeted that the current cryptocurrency environment is sluggish.
Bitcoin was trading down 2.9 percent before Elon Musk tweeted, but it was up one percent after the tweet. Similarly, Etherium rose 2.3 percent intra-day and Dogecoin 3.8 percent.
Elon Musk said in his tweet that when inflation rises, it is more advisable to invest in stocks of physical goods such as buildings as well as companies that make good products than in currencies.
He also wrote that he has investments in Bitcoin, Etherium and Dogecoin and has no intention of selling them at present. Tesla CEO Elon Musk tweeted in May 2021.
Notably, the token was created in 2013 as a joke, with a hefty surge in favor of Musk. In October 2021, Musk tweeted that he had investments in Bitcoin, Etherium and Dogecoin.
The cryptocurrency surged after Musk’s Tesla announced it would accept payments in Bitcoin. Shortly afterward, however, Musk retweeted another tweet.
Notably, Bill Gates recently warned the world against cryptocurrency and its pro-Elon Musk. “Investing in cryptocurrencies can be risky for those who do not have enough money,” Gates said.
While Elon Musk is the richest man in the world, Bill Gates indirectly advised people not to invest in cryptocurrencies.
Bill Gates has previously stated that he is not interested in cryptocurrencies. He believes that cryptocurrencies lack transparency and are being used for illegal purposes.
In India too, there is a provision of 30 percent tax on profits made in cryptocurrency trading, but it is not legally recognized. On the other hand, the risky ups and downs of cryptocurrency can also make investing risky.
Elon Musk jumped 60 percent from a tweet on Dogecoin, while writing Bitcoin, which included a Broken Heart emoji with a 7 percent bang, is a recent example.