Elon Musk, the tech billionaire, has recently became a dominant figure in the bitcoin and stock exchange worlds, manipulating stocks by posting to his 48.7 million fans. Musk’s tweets have also affected the investment preferences of certain American individuals, as per a recent report undertaken by global market research Piplsay.
From February 6 to 8, the study collected online answers from 30,400 people aged 18 and up across the United States. Around a third of those polled (37%) stated that they had produced or considering making an investment after Musk’s messages.
The data was gathered about the period that Musk’s casual Twitter banter prompted the digital currency Dogecoin to hit new highs. Musk also sent another series of tweets further in February, this time asking big Dogecoin investors to sell most of their coins. He stated, “Too much concentration is the only real issue imo,”
Musk’s electric vehicle firm Tesla disclosed in the latest SEC report that it had invested $1.5 billion USD in Bitcoin and that it will begin embracing the famous digital currency as a means of payment.
U.S. officials are known to be frustrated by Musk’s repeated financial comparisons on Twitter, but Musk replied by stating it would be “awesome” if the Securities and Exchange Commission reviewed his social media activities.
Volatility in the cryptocurrency market showed up to have an effect on Tesla’s stock price. The corporation’s shares fell by 25% last month after Bitcoin suffered its single-largest valuation drop ever.