Bitcoin as a new digital currency has been slowly gaining ground over the years. It is open-source software. The most significant advantage of this type of currency is that it cannot be affected by inflation and could not be counterfeited or hacked into. Visit The https://yuan-paygroup.com/ for more information on bitcoin trading.
Sometimes, it has been influenced by a single person’s thoughts. Elon Musk is one such influential person who can affect the value of bitcoin. In this article, you will look at why his opinion matters and how he affects the value of bitcoin.
7 Positive factors that affect bitcoin due to Elon Musk
Here’s how Elon musk affects the price of bitcoin positively:
1) Tesla is an electric car company that has an impact on bitcoin
Elon Musk is the CEO of Tesla. It’s a technology firm that designs, develops, and manufactures electric cars. So naturally, such a person’s presence in the industry will positively affect bitcoin. If people trust his company, they might start investing in cryptocurrency too.
2) Electrek website
Elon Musk is the CEO of SpaceX and Tesla. He is also serving as a chairman at SolarCity, a solar panel provider for residential homes. These companies have been improving from time to time which has been reflected in their stock prices.
3) His thoughts about decentralized currency
Elon Musk said that he believes in the power of the decentralized currency. There are lesser chances of corruption when it is decentralized. This kind of open-source software has many advantages, attracting techies and familiar people towards bitcoin. These people might also bring their families to invest in cryptocurrency.
4) His tweet about Ethereum
The CEO of Tesla is a fan of Ethereum. He believes in the technology that helps with the creation of decentralized apps. This kind of endorsement can impact bitcoin value in the coming days too.
5) Expected to launch own digital currency
Elon Musk has not revealed much about the cryptocurrency he plans to launch. It could be another coin that meets Etherium standards or a token with a decentralized currency. His involvement in this process might positively impact bitcoin value as well.
6) Collaboration between Musk and Dogecoin
This is believed to be the case since Dogecoin has been tweeting a lot about the collaboration with Tesla. This will have a positive impact on bitcoin value in the coming days.
7) Working towards sustainable energy
Elon Musk has been working to improve renewable sources of energy. He is a proponent of the clean and non-pollution version of solar, wind, and biofuels, including hydrogen power. The more people are aware of these sources, the more they think about using decentralized currency.
Elon Musk has been associated with many companies, including SolarCity and Tesla, which impact the stock market and the cryptocurrency industry.
His thoughts about decentralization power can have a positive impact on bitcoin value.
3 Negative impacts on bitcoin due to Elon Musk
1) Hyperloop One is in the works
Elon Musk’s team is developing a hyperloop commuting network. It is a train that will move via air to reduce pressure and cost. This can be another reason why bitcoin will not be able to meet its earlier values in the future because the company might produce more tokens which will lead to an inflation of prices.
2) Relationship with Trump
Elon Musk has been seen as a supporter of President Donald Trump. Their relationship might impact bitcoin value as the government might take strict measures to regulate cryptocurrency in the future.
3) Reducing water and air pollution can harm miners who use these resources for mining
If he is successful in making clean fuel, water, and air, the production cost of bitcoin will increase, which will lead to inflation in the future. But, of course, it depends on whether he is successful with his plans for cryptocurrency.
Conclusion:
It can be concluded that Elon Musk is among the most influential people in cryptocurrency. His companies have been improving with time, and their influence on digital currency’s value has also increased. Therefore, the future of bitcoin might depend on him in the coming months or years.