Elon Musk's Buy Bitcoin Tweet 6 Years Ago Catalyzed for Bitcoin Price Rises 1000%

Bittime - Six years ago, Elon Musk tweeted about buy Bitcoins. Interestingly, since then, the Bitcoin price has risen 1000%. 

However, even though Bitcoin price rose significantly, Elon Musk didn't talk much about Bitcoin after the post. 

Elon Musk and Buy Bitcoin Tweet

In 2018, Elon Musk made a post asking his followers if they wanted to buy Bitcoin, which immediately attracted attention. 

Although there is some doubt whether Elon Musk really supported Bitcoin at that time, it cannot be denied that the price of Bitcoin experienced a tremendous increase after the tweet.

Since the tweet was published, the Bitcoin price has risen around 1000%. This means that if someone bought Bitcoin back then, they would have now enjoyed huge profits. 

Read Also: Bitcoin MACD Indicator Bullish, Bitcoin Price Will Break $70,000?

Buy Bitcoin Tweet, Elon Musk Remains Neutral

Interestingly, even though the buy Bitcoin tweet had a big impact on the price of Bitcoin, Elon Musk didn't talk much about Bitcoin after that. He even said that he was not promoting Bitcoin. 

However, despite his rather neutral stance towards Bitcoin, Elon Musk's companies, such as Tesla And SpaceX, are known to hold large amounts of Bitcoin. 

Tesla even had $760 million worth of Bitcoin, which was then transferred to several unknown wallets. Meanwhile, SpaceX reportedly still holds 8,285 BTC worth $558 million in public wallets.

Influence Elon Musk on Cryptocurrency

Even though Elon Musk doesn't openly support buying Bitcoin, he is well-known as a fan of Dogecoin (DOGE), a popular meme coin. 

During the 2021 bull run, Elon Musk frequently mentioned Dogecoin in tweets, which led to a huge spike in the price of Dogecoin. Its influence on Dogecoin was very large, even causing the price of DOGE to rise sharply in a short time.

Elon Musk's involvement in the crypto world shows that he has a big influence on the market. Therefore, whenever Musk makes a statement about crypto, it is often followed by a significant price movement. 

The Right Time to Buy Bitcoin?

So, with the rising of Bitcoin prices dramatically since 2018, is now the right time to buy Bitcoin? The rise in Bitcoin prices in recent years shows that this asset remains an attractive option.  

Some analysts believe that there is still potential for Bitcoin prices to rise even higher. Widening institutional adoption, as well as the increasing use of Bitcoin as a hedge asset, could continue to push prices to higher levels. 

Read Also: Bitcoin Dominance Rises Up to 58%, Altcoin Season Hasn't Happened Yet!

How to Buy Crypto di Bittime

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Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.