Elon Musk’s Tesla Motors is following in the footsteps of MicroStrategy and other companies by allocating part of its balance sheet to Bitcoin (BTC). In Monday’s filing with the Securities and Exchange Commission, the company announced it had purchased an aggregate of $1.5 billion in Bitcoin, to be held as an investment and store of value for its excess cash. It is currently unknown what is the average purchase price and number of BTC the company acquired. Tesla's investment policy has been updated at an unspecified point in January 2021, which suggests that Tesla may be holding between 35,900 and …

Elon Musk, the billionaire founder of Tesla and SpaceX, has touted the revolutionary impact of cryptocurrencies – while seemingly poking fun at the concept in the same breath. In a video that was uploaded by Kevin Svenson, Musk can be heard saying, “there is a good chance that crypto is the future currency of Earth.” How ironic would it be if Dogecoin (DOGE), the coin invented as a joke, wins out in the end, Musk pondered. Elon Musk talks about $DOGE Coin (Released 4 Hours Ago)@elonmusk said "There is a good chance that #Crypto is the future currency of Earth …

Rapper Snoop Dogg and Kiss’ Gene Simmons have been both expressing their support for the “Doge Army” over the weekend alongside Tesla CEO Elon Musk. As a result, the cryptocurrency's price has rallied once again by 27% on Feb. 7. DOGE is the native cryptocurrency of Dogecoin, which has become a household name in recent months. So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF — Elon Musk (@elonmusk) February 7, 2021 Following the Gamestop and Robinhood saga, many traders rushed into the cryptocurrency market. DOGE was the first cryptocurrency that saw retail fear of missing out (FOMO), especially among …

GameStop and Twitter are both a mirage and an iceberg — but don’t try tweeting that. Not because you won’t own the tweet (because you won’t), but because the only completely true expression that Twitter is capable of delivering as a platform is unlocking the ugly truth about the internet itself. Or as Elon Musk recently tweeted: In retrospect, it was inevitable — Elon Musk (@elonmusk) January 29, 2021 Let me explain. In the midst of Robinhood halting trading for its supposed users, Jack Dorsey has been talking about decentralizing Twitter and social media in general. But other than a …

The effect of celebrity tweets on the cryptocurrency market has become a topic of study for researchers after a week in which Elon Musk triggered sizable price surges for both Bitcoin (BTC) and Dogecoin (DOGE). Blockchain Research Lab published a paper on Jan. 3 titled, How Elon Musk’s Twitter activity moves cryptocurrency markets. The paper looks at six occasions when Elon Musk tweeted about cryptocurrency and attempts to measure the resultant impact on the trading volume and spot price of the coins in question. “We investigate the impact of Elon Musk's Twitter messages on cryptocurrency markets. By applying event study …

Meme-based cryptocurrency Dogecoin (DOGE) gained 25% in minutes on Feb. 4 after a fresh endorsement from the world’s richest man. DOGE in new "Elon pump" Data from Cointelegraph Markets and TradingView showed DOGE/USD rebound past $0.05 per token on Thursday, edging towards new all-time highs. Musk, who is known for name dropping Dogecoin and Bitcoin on Twitter but just days ago said that he was taking a break “for a while,” returned to post a picture of a rocket and the moon. “Doge,” he added in a subsequent comment, with later tweet reading “Ur welcome,” accompanied by a doctored image …

Earlier this week, Elon Musk made history when he placed his full support behind Bitcoin (BTC) during a Clubhouse stream. When discussing Bitcoin and the GameStop debacle with Robinhood CEO Vlad Tenev, Musk said: “I am late to the party, but I am a supporter of Bitcoin.” This came a few days after Musk changed his Twitter profile, adding “Bitcoin” to his bio. Interestingly enough, Musk's public endorsement of Bitcoin comes at a time when legacy financial markets have been openly caught defrauding their own customers, and the Robinhood app is at the center of this fraud. Indeed, the richest …

Trading app Robinhood may have put its plans for an initial public offering on hold after public opinion turned against the company in the wake of its response to the short squeeze on GameStop (GME). According to Fox Business Network’s Charles Gasparino, sources inside Robinhood say the company’s only focus is surviving the fallout from the drama it currently finds itself engulfed in, and will pause its plans for an IPO launch for now. SCOOP: Ppl inside @RobinhoodApp tell @FoxBusiness plans for an IPO are on hold to focus on surviving the current drama over trading of stocks and settlement …

Robinhood CEO Vlad Tenev will reportedly testify before the United States House Financial Services Committee over the firm’s role in the volatile trading of GameStop and other volatile stocks. According to a report by the American political publication Politico, Tenev is expected to participate in a virtual hearing headed by Representative Maxine Waters (D-Calif.) on Feb. 18. Politico’s report cited anonymous people familiar with the matter. Waters officially announced the Financial Services Committee’s plans to hold a GameStop-related hearing on Feb. 18. Entitled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide,” the hearing …

Bitcoin (BTC) starts a new week with $30,000 intact and a message of support from the world’s richest man — what can we expect next? As trading resumes around the world, the largest cryptocurrency is still lacking decisive momentum up or down. Cointelegraph takes a look at five factors which could play a part in shaping Bitcoin price trajectory in the coming days. Stocks wary of "Reddit raiders" Equities began Monday with volatile behavior after seeing their worst performance since October last week. In what is likely to become a continued narrative, markets are still feeling the impact of a …

Bitcoin (BTC) is on the verge of seeing broader acceptance, Elon Musk, the CEO of Tesla, said in a Clubhouse conversation on Feb. 1. Clubhouse is an exclusive audio chat social media platform that is invite-only. Members can join various conversations, akin to an online private conference. "I am late to the party but I am a supporter of #Bitcoin." - Elon Musk — Dan Held (@danheld) February 1, 2021 Elon Musk publicly comments about Bitcoin During the conversation with Andressen Horowitz and other prominent investors, Musk was asked about his thoughts on Bitcoin. On Jan. 29, Musk put the …

The price of Bitcoin (BTC) is showing overall weakness as it struggles to establish $34,000 as a support level. Overall, BTC appears to be stagnating without signs of a short-term relief rally, leading traders to be cautious. One concerning trend is that the volume of Bitcoin has been stagnating along with its price, apart from the “Elon pump” on Jan. 29. This trend indicates that there is an overall drop in buyer demand since the $42,000 top despite BTC hovering in the low $30,000 region. Bitcoin gets choppy after revisiting $38,000 On Jan. 29, the price of Bitcoin rose to …