Elon Musk is the Tesla CEO and SpaceX boss. When he’s not doing his official roles, he’s also a part-time meme poster on Twitter, and manipulator of cryptocurrency markets. Musk is so notorious for his ‘movement’ of cryptocurrency markets, he has an Internet term named after him: ‘The Musk Effect.’ Elon Musk has been very public with his support of cryptocurrency, with Tesla buying Bitcoin (even though he changed his stance later), and actively tweeting about the meme-cryptocurrency, Dogecoin. Musk even went as far ahead as saying that meme-cryptocurrency could well be the future - if it wasn’t going to be Bitcoin.
In an interview, he says that “There is a good chance that crypto is the future currency of the world. Then the question is which won is it going to be? It could be multiple," he said. He then explains the origins of how Dogecoin was invented as a joke, essentially to make fun of cryptocurrency, and that’s the irony, explains Musk. “That the currency that began as a joke, becomes the real currency." In the video, he does add that, “Don’t invest your life savings into cryptocurrency. That’s unwise."
Musk’s movements have been met with both positive, and negative reinforcements. While some have branded Musk ‘The Dogefather,’ some have started a new cryptocurrency, $StopElon, to get him to stop tweeting. But Musk doesn’t appear to be stopping - he only appears to be getting wiser. Early on Tuesday, Musk ‘roped in’ Warren Buffet to help with his crypto cause. Posting a tweet saying ‘Found on the Internet’ Musk shared a photo of Warren Buffet with a quote underneath. The quote reads “Find as many coins as you can. And fast!" The quote is also attributed to the ‘best financial advice’ Buffet has.
Did Buffet actually make the attributed quote? Probably not. Buffet has been very open about his dislike of Bitcoin. Back in 2018, Buffett described Bitcoin as “probably rat poison squared." Buffet believes Bitcoin (or any crypto, by that logic) isn’t intrinsic in value. “If you buy something like Bitcoin or some cryptocurrency, you don’t have anything that is producing anything," Buffett said a few years ago. He told Yahoo Finance in an interview. “You’re just hoping the next guy pays more. And you only feel you’ll find the next guy to pay more if he thinks he’s going to find someone that’s going to pay more."
He’s also gone on to say, “Bitcoin has no unique value at all," and “Stay away from it. It’s a mirage, basically…The idea that it has some huge intrinsic value is a joke in my view," the Motley Fool website quotes him saying.
Dogecoin started as a joke, and for almost seven years it continued being a joke. Until 2021, when meme and cryptocurrency lovers, coupled with the GameStop surge, decided to rally behind the meme-cryptocurrency. The cryptocurrency jumped several times in value, first reaching ten cents, then thirty, and finally on April 20, it was supposed to reach 69 cents - the highest ever. There were coordinated groups in what can only be called a valiant effort to manipulate the price of the cryptocurrency. But it failed. As of July 6, 8:26 IST (+5:30 GMT) the value of Dogecoin is at $0.233914, recording a -3.61% slump in the last 24 hours.