The whole world is just having a big shock right now, that the relationship from Elon Musk to Bitcoin had been broken up following the concern of environment by mining cryptocurrency.
Right after that, he announced the promise to switch back to Dogecoin instead of Bitcoin as their alternative cryptocurrency payment.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Although, it is still urging everyone else to keep mining cryptocurrency despite the value of Dogecoin still under $1, which uses less power consumption comparing the value of Bitcoin right now is around $60.000.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
However, Elon used to call Dogecoin was born to be a joke from Bitcoin and adviced everyone to invest at our own risk on it.
Notwithstanding, seems like other investors were still putting in more after he mentioned about it and turned out it becomes a “real” coin for them and especially for Elon.
But here is the thing, since he is known as one of the wealthiest person on earth, so we bet he already know he is the centre of media to control the trading market however he wants by just tweeting on Twitter.
From praising Bitcoin is the future of cryptocurrency, buy $1.5 billion of it, accept it as a payment into his Tesla company and then dumping it to replace with Dogecoin, which turns the market turbulence and many investors are losing a tons of money. That’s why we should not invest all the money in since it is a very fluctuation market.
Fun facts, he earned more profit selling Bitcoin in a couple months than selling his own cars for years.
At this time, everyone is calling him a “Dogefather” since he hyped dogecoin up and would you think that he might dump Dogecoin like he did to Bitcoin? He could get us one more time to earn a double time profit once again.
In general, Elon is aiming for short-term investment that drives us crazy and remember that if we are aiming for long term investment no matter what the market is crashing soon or later, it is all about the patience game and if we hold it long enough, the outcome always leave a milestone in life.
*Not financial advices and only for entertaining purposes*