In the midst of the collapse of the crypto market in 2022, the billionaire who owns several companies such as Tesla and Space X, namely Elon Musk, is still seen supporting crypto this year, even though at the beginning of this year Musk had made a lot of people excited.
However, Musk's 'rule' in crypto is not as big as in the past year, where he can be called a supporter of Bitcoin and 'Dogefather' a term that indicates that Musk is a pioneer of the Dogecoin token.
At the beginning of last year, Musk through Tesla invested US$ 1.5 billion (around Rp. 22.5 trillion) in Bitcoin. The electric car maker described the investment as the digital currency's "long-term potential".
But in the middle of this year, last July to be precise, Tesla sold Bitcoin as much as three-quarters of all Bitcoin assets in Tesla.
"By the end of Q2-2022, we had converted approximately 75% of our Bitcoin purchases into fiat currency," Tesla said in its second-quarter earnings statement, quoted by CNBC International. The company said the sale added US$936 million (around Rp.14 trillion) to their cash register.
The sale is seen as a setback for Tesla and Musk, who were big supporters of the crypto during last year's upswing. Musk frequently tweets about various digital currencies. The fair market value of his Bitcoin holdings reached US$2.48 billion in the first quarter of 2021 and ended the year at around US$2 billion.
Musk said that the reason he was selling his Bitcoins at Tesla was to maximize the company's cash position. Uncertainty due to the Covid-19 lockdown in China at that time was also the reason Tesla sold Bitcoin.
This made the price of Bitcoin immediately corrected more than 1%, responding to the news of the sale of Bitcoin by Tesla. The price of Bitcoin at that time sank 1.7% to US $ 23,300.
Even though Tesla has sold its Bitcoin, they still own Dogecoin. After last July Tesla sold Bitcoin, a few months later, in early November to be precise, Musk again made a splash with many people, but this time it was not directly related to crypto.
Musk officially became the supreme leader of the social media company Twitter on November 2. As a result, Musk, who officially signed the US$44 billion (Rp688 trillion) acquisition of Twitter on the same date, officially took over as CEO of Twitter.
Although not directly related to crypto assets, Musk, who had held the position of CEO, made the price of his favorite token, Dogecoin, skyrocket again, after several months of languishing due to the fall of several crypto companies.
The price of one Dogecoin, which previously cost US$ 6 cents in early October, in early November the price more than doubled to more than US$ 13 cents.
In fact, Dogecoin's market capitalization immediately overtook Cardano and Solana's market cap at the time, where its market capitalization in early November 2022 was US$ 18 billion.
The skyrocketing price of Dogecoin resulted in 62% of holders making multiple times the profit at that time. As a result, they are happy with this incident.
As for Dogecoin, Twitter seems to be connected because Musk plans to integrate Dogecoin as a means of payment to get exclusive content on Twitter, whether to get blue or yellow check accounts, or other interesting content.
However, in mid-December 2022, the issue of Musk's departure from Twitter also made a scene again and also affected the Dogecoin token.
After Musk held a poll for his position as CEO of Twitter, the price of Dogecoin plummeted. Based on the Decrypt report, the price of the world's first 'memecoin' fell by more than 10%, after a poll conducted by the CEO of Twitter.
Musk on Sunday (18/12/2022) then opened a poll on his Twitter account, asking "should he step down as chairman of Twitter?"
At the time of writing, out of approximately 17.50 million respondents, more than 57% answered "Yes."
What worries Dogecoin supporters is that, in the poll Musk also said that he would abide by the results of the poll. That means, if the final results are still dominated by "Yes," then Musk will actually step down as CEO.
Dogecoin supporters may be concerned that the potential adoption of their beloved crypto on the blue social media platform is becoming less and less likely. This was the factor that triggered the violent sell-off in Dogecoin around Sunday two weeks ago.
In the midst of the collapse of the crypto market in 2022, the billionaire who owns several companies such as Tesla and Space X, namely Elon Musk, is still seen supporting crypto this year, even though at the beginning of this year Musk had made a lot of people excited.
However, Musk's 'rule' in crypto is not as big as in the past year, where he can be called a supporter of Bitcoin and 'Dogefather' a term that indicates that Musk is a pioneer of the Dogecoin token.
At the beginning of last year, Musk through Tesla invested US$ 1.5 billion (around Rp. 22.5 trillion) in Bitcoin. The electric car maker described the investment as the digital currency's "long-term potential".
But in the middle of this year, last July to be precise, Tesla sold Bitcoin as much as three-quarters of all Bitcoin assets in Tesla.
"By the end of Q2-2022, we had converted approximately 75% of our Bitcoin purchases into fiat currency," Tesla said in its second-quarter earnings statement, quoted by CNBC International. The company said the sale added US$936 million (around Rp.14 trillion) to their cash register.
The sale is seen as a setback for Tesla and Musk, who were big supporters of the crypto during last year's upswing. Musk frequently tweets about various digital currencies. The fair market value of his Bitcoin holdings reached US$2.48 billion in the first quarter of 2021 and ended the year at around US$2 billion.
Musk said that the reason he was selling his Bitcoins at Tesla was to maximize the company's cash position. Uncertainty due to the Covid-19 lockdown in China at that time was also the reason Tesla sold Bitcoin.
This made the price of Bitcoin immediately corrected more than 1%, responding to the news of the sale of Bitcoin by Tesla. The price of Bitcoin at that time sank 1.7% to US $ 23,300.
Even though Tesla has sold its Bitcoin, they still own Dogecoin. After last July Tesla sold Bitcoin, a few months later, in early November to be precise, Musk again made a splash with many people, but this time it was not directly related to crypto.
Musk officially became the supreme leader of the social media company Twitter on November 2. As a result, Musk, who officially signed the US$44 billion (Rp688 trillion) acquisition of Twitter on the same date, officially took over as CEO of Twitter.
Although not directly related to crypto assets, Musk, who had held the position of CEO, made the price of his favorite token, Dogecoin, skyrocket again, after several months of languishing due to the fall of several crypto companies.
The price of one Dogecoin, which previously cost US$ 6 cents in early October, in early November the price more than doubled to more than US$ 13 cents.
In fact, Dogecoin's market capitalization immediately overtook Cardano and Solana's market cap at the time, where its market capitalization in early November 2022 was US$ 18 billion.
The skyrocketing price of Dogecoin resulted in 62% of holders making multiple times the profit at that time. As a result, they are happy with this incident.
As for Dogecoin, Twitter seems to be connected because Musk plans to integrate Dogecoin as a means of payment to get exclusive content on Twitter, whether to get blue or yellow check accounts, or other interesting content.
However, in mid-December 2022, the issue of Musk's departure from Twitter also made a scene again and also affected the Dogecoin token.
After Musk held a poll for his position as CEO of Twitter, the price of Dogecoin plummeted. Based on the Decrypt report, the price of the world's first 'memecoin' fell by more than 10%, after a poll conducted by the CEO of Twitter.
Musk on Sunday (18/12/2022) then opened a poll on his Twitter account, asking "should he step down as chairman of Twitter?"
At the time of writing, out of approximately 17.50 million respondents, more than 57% answered "Yes."
What worries Dogecoin supporters is that, in the poll Musk also said that he would abide by the results of the poll. That means, if the final results are still dominated by "Yes," then Musk will actually step down as CEO.
Dogecoin supporters may be concerned that the potential adoption of their beloved crypto on the blue social media platform is becoming less and less likely. This was the factor that triggered the violent sell-off in Dogecoin around Sunday two weeks ago.
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