Musk's revelations about Bitcoin raised the price.
In July last year, a Twitter user asked Elon Musk for some Bitcoin (BTC). The request was, of course, a joke, and Musk also responded gently, pointing to a more unknown digital presence: “Excuse me, I'm just selling Doge!”
Elon Musk and Dogecoin
Dogecoin (DOGE) was released as a joke coin and was never intended to actually raise any value or solve any problems. In fact, people expected the Doge to disappear from the market after a while. Indeed, DOGE, which was launched in 2013, has disappeared among crypto units such as Bitcoin and Ethereum that both have a purpose and solve problems. ,
But because Elon Musk started sending tweets about Dogecoin and put Dogecoin in an important place, the DOGE began to be valued. “Dogecoin is my safe word,” Musk has previously used the words " dogecoin is my safe word."
Elon Musk and Bitcoin
The Tesla CEO has also been closely involved with Bitcoin, and even recently updated his Twitter bio to “Bitcoin,” prompting BTC to raise $ 6,000. However, Tesla recently announced that it had bought $ 1.5 billion worth of BTC, and this news raised Bitcoin to over $ 48,000.
Whether Musk's moves and the tweets he shares are legal still raises questions.
Is Musk Acting Illegally?
According to lawyers, there is nothing illegal in any of Musk's statements so far.
Musk, who has 46 million followers on Twitter, explained that the Dogecoin posts were really just meant as a joke. But they still have a significant impact on the Sunday, according to a recent study from the Blockchain Research Lab.
But according to lawyers, the tweets Musk shared and Tesla's purchase of Bitcoin are not illegal.