Elon Musk pokes fun at Bitcoin (BTC)

Sat 20 Nov 2021 ▪ 11h35 ▪ 4 min read — by Hugh Renolds

An engineer, a billionaire, one of the largest Bitcoin hodlers and the most famous crypto dog lover in the world, Elon Musk is making headlines again. This time, in his Twitter account, the head of Tesla and SpaceX poked fun at the first cryptocurrency.

The tweet in question

A genius, an engineer, and one of the richest people on the planet (also known among his followers as the “richest troll”) is back in the spotlight, Coingape reports. This time, Musk entered into an exchange with one of his subs, the reason for which was a meme published by the billionaire.

It all started when the head of Tesla shared a meme about the olden days with the caption: “Not a cellphone in sight… Just people living in the moment.”

One of Musk’s followers replied with a snide remark: “Bitcoin fixes this,” to which the billionaire himself replied: “Bitcoin cures cancer.”

Of course, the meaning of the statement by the head of SpaceX was that BTC is not a panacea, and it certainly is not capable of solving all world problems. However, the statement caught on among some of the more engaged users, and someone even concluded that Musk is an anti-Bitcoin sceptic who’s openly laughing at the first cryptocurrency.

Elon Musk’s controversial social media image

And they have every right to think so. The billionaire is well-known in the crypto sphere for his attempts (at times successful) to manipulate the market with his tweets. Recall the story of how Musk first announced accepting Bitcoin as a means of payment at Tesla earlier this May and, after buying $1.5 billion worth of BTC, the company took a sudden u-turn and quickly abandoned this endeavour, instantly bringing the market to its knees. So it shouldn’t be a surprise that some readers are sceptical and sarcastic of all his posts.

Among them are many who, in the comments to Elon’s tweets, repeatedly accused him of the devastating financial losses they’d suffered following oh-so-many of his tweets. Also, recall that at one point, thanks to his controversial statements, the billionaire even managed to become the target of the famous hacker group Anonymous. And that’s not to even mention various sorts of lawsuits and fines he incurred alongside other measures from the authorities, the sole purpose of which was to keep Musk from rocking the market with his right thumb.

Some consider the billionaire to be anti-Bitcoin. However, don’t forget that Tesla is one of the largest holders of the first cryptocurrency in the market. The tech giant currently holds over $1 billion worth of BTC, so calling the head of Tesla and SpaceX anti-, in this case, wouldn’t exactly hit the spot. The more accurate vision of Elon’s ever-shifting attitude towards the first cryptocurrency is anti-Bitcoin-maximalist, meaning that he doesn’t embrace the idea of seeing Bitcoin as a cure for all of the world’s ills. 

Whatever the reasons, it does look at this point that the sway Elon Musk has held over the crypto sector has been weakening over the past few months, ironically enough, for the same reasons he became so influential in the first place. The crowd are now becoming more aware of the possibility of market manipulation by the ‘biggies’, and are hopefully becoming more prudent and less reactive with their trades. After all, it’s the traders who steer the boat, not the tweets. 

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Hugh Renolds avatar
Hugh Renolds

I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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