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How influential is Elon Musk on the crypto market?

How influential is Elon Musk on the crypto market?

Elon Musk is well known for airing his views on social media. With more than 59.8 million Twitter followers, this entrepreneur has a huge platform to share his views. His tweets on cryptocurrencies have caused the markets to skyrocket or plummet in the past.

Elon Musk is the infamous boss of Tesla and co-founder of SpaceX.

The billionaire entrepreneur is no stranger to social media as his regular posts are lapped up by his fans.

And Mr Musk’s latest tweet has sent prices of cryptos soaring once again.

Folk Inu, an obscure, meme-inspired cryptocurrency is the latest crypto to see its prices hit an all-time high.

READ MORE: Elon Musk invited for a chat and cup of tea with Russia’s space chief

The Wall Street Journal described Mr Musk as “bitcoin’s biggest influencer”.

Dr Pooja Lekhi, Professor at University Canada West told Express.co.uk: “Elon Musk’s tweets and public statements have had a huge influence on the crypto market, mainly bitcoin and Dogecoin prices.”

Dr Lekhi explained: “Back in February 2021, Musk announced that Tesla had invested $1.5 billion in bitcoin and the company would be accepting it as payment, pushing the price up by 16 percent to a record $44,795.

“A few months later, in May, when Musk tweeted that Tesla would no longer accept Bitcoin as payment, due to the large carbon footprint of digitally mining for Bitcoin, the value of the cryptocurrency declined sharply dropping from $54,700 to a low of $46,000 within two hours of Musk’s tweet.”

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But it seems it’s not just Mr Musk who has the power to sway the cryptomarkets.

Certain cryptos have changed in price after being promoted by other A-listers.

But can other celebs influence the markets in the same way Mr Musk can? Dr Lekhi doesn’t seem to think so.

She said: “There is no comparison between Elon Musk and Kim Kardashian when it comes to influencing the crypto market.

“Even after Kim Kardashian’s significant efforts to promote Ethereum Max (EMAX), the token lost around 32 percent of its value within 24 hours of her Instagram story.”

She added: “When it comes to influencing financial markets, we cannot compare the world’s richest tech entrepreneur, who can launch his own crypto, with a TV personality and beauty brand owner, who can best influence the public by endorsing beauty products and cosmetics.”

Mr Musk’s influence on the cryptomarkets has been dubbed the “Elon Musk Effect.”

This phenomenon continues to rock the crypto ecosystem.

Every single tweet from the Tesla boss so far no matter how cryptic has sent cryptocurrencies skyrocketing or falling.

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