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Tesla CEO Elon Musk despatched the cryptocurrency world right into a tizzy this weekend with a collection of tweets about Bitcoin and a lesser-known foreign money referred to as Dogecoin. His remarks brought about the value of the latter, which is based on a meme about Shiba Inu dogs, to soar.
The episode started within the wee hours of Sunday night time when Musk replied to a racy tweet displaying a lady carrying Tesla-branded shorts—an article of clothes that the corporate created earlier this yr to mock those that had shorted its inventory value. In response to the tweet, Musk billionaire replied “Bitcoin is my protected phrase.”
Quickly after, the eccentric and apparently sleepless billionaire tweeted a collection of different messages about Bitcoin. This culminated in an alternate with the CEO of a software program safety referred to as Microstrategy, Michael Saylor, who lately invested $250 million of the corporate’s treasury in Bitcoin.
The alternate started when Musk tweeted a crude picture suggesting he was attempting to withstand the urge to purchase Bitcoin. This led Saylor to induce the Tesla CEO to make a significant guess on the cryptocurrency, and Musk to ask him if such large transactions are potential.
Musk’s query was seemingly disingenuous as shopping for giant quantities of Bitcoin is comparatively straightforward and somebody with even a passing data of cryptocurrency—like Musk—would concentrate on this. In the meantime, in a earlier tweet, Musk declared Bitcoin to be “nearly as bs as fiat cash.”
The Tesla CEO’s Twitter ramblings took one other flip when he started to reward Dogecoin. The dog-themed cryptocurrency has been round since 2013 however is actually nugatory past its novelty worth since, not like Bitcoin, it’s designed to be inflationary—spitting out 10,000 new cash each jiffy. (See this Fortune overview of Dogecoin for the entire unusual story)
Regardless of the inherent silliness of Dogecoin, its price shot up 40% from $0.003 to $0.005 after Musk tweeted the next:
To cap off his prank, Musk pinned the message “come for the feedback, keep for the memes” to the highest of his Twitter feed. He additionally modified his biography on the location such that his title didn’t replicate his present jobs—CEO of each Tesla and the rocket firm SpaceX—however a fictitious former position.
And so concluded a wierd episode—or what many would possibly regard as a typical weekend—for each Musk and cryptocurrency.