I guess many of you have followed the news of Elon Musk's Tesla investing more than 1.5 billion USD in bitcoin more than a month ago. With February's crazy rally of Bitcoin, Tesla made more than 1 billion USD in profit according to analysts as the digital currency topped the 1 trillion USD market cap.
This was one of the reasons behind the recent bull run that took the financial world by the storm. If in the past the FOMO (fear of missing out) was strong among early crypto enthusiasts, adopters, and millennial retailers now the FOMO is on the side of investors, financial institutions, boomer retailers.
How many of you have had your parents and relatives ask you if you can explain them what Bitcoin is and how they can buy some? This was evident as BTC reached its all time high of $58,332 in February, just some weeks past the news of Tesla Inc investment. This month a price correction ensued with one BTC trading as of today (06/03/2021) at over 48,000 USD
Musk evangelising bitcoin and doge is a Gamechanger. His sheer Twitter followership is more than 47 million followers. Every tweet he makes will have an effect on the market, both stock and crypto. When he tweeted that Tesla's stock price is too high, it directly plummeted by 12%. Some market analysts posit that his tweets about bitcoin price being too high in comparison to gold should be factored in behind the recent fall of BTC price. In another article, I will spend more time analysing some of the possible reasons behind his cryptic and meme-y doge tweets.
His guest appearances in Joe Rogan Experience podcast hit record numbers every time. Rogan's most viewed podcast episode on YouTube is the one featuring Musk in 2018. Elon's return on the show in 2020 has ranked more than 21 million views.
If someone can help make adoption widespread is him through his companies:
Soon, we should expect Tesla to allow for payments in crypto and possibly also for Starlink to do the same as it plans its launch in markets of the developing world while it prepares for its own IPO to go live.
Looking towards the future of humanity and multiplanetary colonization it is a no brainer that whoever wins this modern space race, led now by SpaceX, will also get to decide in what form monetary transactions will take place in the nascent human colonies of Moon, Mars, Europa and elsewhere.
One thing is certain, that transactions will not take place with paper money as the medium but through other means, with cryptos and the blockchain being a leading candidate to substitute paper cash altogether in the not so far future.
An earlier version of this article was published in Publish0x
