{"id":607,"date":"2022-12-01T15:59:07","date_gmt":"2022-12-01T15:59:07","guid":{"rendered":"http:\/\/78.47.81.216\/?p=607"},"modified":"2023-02-28T14:41:52","modified_gmt":"2023-02-28T14:41:52","slug":"case-study-how-did-elon-musk-become-one-of-the-biggest-crypto-influencers","status":"publish","type":"post","link":"https:\/\/blog.ag.qubiq.cc\/?p=607","title":{"rendered":"Case Study: How did Elon Musk become one of the biggest crypto influencers?"},"content":{"rendered":"\n
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Elon Musk, who is running Tesla, SpaceX, and Twitter from recently, is often stirring up the crypto industry with his witty tweets. There\u2019s even a proverb: \u201cWhen Musk speaks, Bitcoin investors listen\u201d.<\/p>\n\n\n\n

But how did he become so influential in the world of crypto? Let’s find it out.<\/p>\n\n\n\n

Musk and crypto: history of relationship<\/strong><\/p>\n\n\n\n

The billionaire\u2019s attitude towards cryptocurrencies has been changing for years. First he liked them, then he turned more sceptical, claiming they were bad for the environment. But one thing is clear: Musk considers crypto\u2019s cornerstone technology, blockchain, very important and even looks to deploy it in his businesses.<\/p>\n\n\n\n

Musk is known for sharing his ideas via Twitter \u2014 a place where crypto and NFT adepts mostly dwell. Did he buy the platform to be closer to the community, is another conspiracy question.<\/p>\n\n\n\n

He first tweeted about Bitcoin in 2014, mentioning it\u2019s \u201cprobably a good thing\u201d. There were even rumors stating that Musk could be Satoshi Nakamoto, but Elon tweeted: “Not true. A friend sent me part of a BTC a few years ago, but I don’t know where it is.”<\/p>\n\n\n\n

It\u2019s not known for sure how much Musk holds in crypto, but the billionaire himself mentioned that he owns a small amount of BTC, ETH and DOGE.<\/p>\n\n\n\n

The Musk effect<\/strong><\/p>\n\n\n\n

The crypto market<\/a> seems to react to each tweet Musk posts about crypto. According to a report by CoinSwitch Kuber, posts by Elon are usually followed by a surge in trade volumes.<\/p>\n\n\n\n

This is what often happens to the most famous meme coin DOGE, which enjoys a special love by Musk. For example, this short 3-word tweet once made DOGE\u2019s price skyrocket:<\/p>\n\n\n\n

\u201cOne word: Doge\u201d (https:\/\/twitter.com\/elonmusk\/status\/1340590280848908288?s=20&t=h8t_izH3yrueZrBgIMJX4A<\/a>)<\/p>\n\n\n\n

Yes, soon after the tweet, the average trading volume of the coin jumped from $1,942 per minute to around $299,330 per minute. Some other market-rocking tweets included ideas of Tesla and McDonald\u2019s accepting DOGE as payments, and of sending DOGE literally to the moon.<\/p>\n\n\n\n

Interestingly, Musk never tweets with crypto price predictions or analytics. He just shares his vibe, and it makes traders go and buy coins in a frenzy.<\/p>\n\n\n\n

Why do his tweets matter?<\/strong><\/p>\n\n\n\n

With nearly 120M followers on Twitter, Elon is a highly active media persona who likes to keep up with trends, including crypto trends<\/a>. All we tend to listen to popular guys, taking their advice.<\/p>\n\n\n\n

What adds him credibility in this industry is, probably, his great tech expertise and billions of dollars in the bank. People think of Musk as a person who knows a lot about technology and lucrative investments. Cryptocurrencies involve both of these aspects.<\/p>\n\n\n\n

In terms of real crypto analytics, usually provided by key experts like Binance\u2019s CZ or Vitalik Buterin, Musk\u2019s tweets contain literally no value but just his personal thoughts about certain coins. So, what makes people follow his ideas is just a phenomenon, possibly a cult of personality.<\/p>\n\n\n\n

Crypto trends and Musk<\/strong><\/p>\n\n\n\n

The crypto community<\/a> within Twitter produces tons of memes and trends involving Elon. Many projects, as well, are trying to hype on Musk\u2019s persona for their promo campaigns.<\/p>\n\n\n\n

And he seems to be very pleased with all this.<\/p>\n\n\n\n

One of the latest Twitter trends is called #ElonGoat and based around a weird news. The creators of Elon Goat Token (EGT) made a bizarre statue of Musk with a body of a goat, and delivered it right to Tesla headquarters. Elon himself has not commented on this story yet, however, EGT\u2019s price felt a significant rise after the incident became publicly known.<\/p>\n\n\n\n

Instead of conclusion<\/strong><\/p>\n\n\n\n

Though Elon Musk is not famous for his large crypto-related investments or projects, his words do matter for the crypto community<\/a> for some personal reasons. And there\u2019s nothing bad in this until the day when the Twitter, Tesla and SpaceX owner decides to crash the market. Hopefully, not.<\/p>\n","protected":false},"excerpt":{"rendered":"

Elon Musk, who is running Tesla, SpaceX, and Twitter from recently, is often stirring up the crypto industry with his witty tweets. There\u2019s even a proverb: \u201cWhen Musk speaks, Bitcoin investors listen\u201d. But how did he become so influential in the world of crypto? Let’s find it out. Musk and crypto: history of relationship The […]<\/p>\n","protected":false},"author":7,"featured_media":608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[40,64],"authors":[37],"class_list":["post-607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-alphaguilty","tag-case-study","authors-alphaguilty"],"acf":{"reading_time":""},"author-name":"AG Content Manager","suggested-articles":[{"ID":790,"post_author":"7","post_date":"2023-01-10 19:25:17","post_date_gmt":"2023-01-10 19:25:17","post_content":"\n

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Today, NFTs <\/strong>have become not just pictures of blockchain technology<\/strong>, but financial tools. Even if you are not an artist or creative person, you can still try to create your own NFT<\/strong> and make <\/strong>a good profit from NFT trading<\/a><\/strong>. Now artists can earn great royalties through NFT art<\/strong>, and crypto enthusiasts can get unique NFTs <\/strong>to resell or collect. NFT trading<\/a><\/strong> is impossible without an intermediary and in this case, it is the NFT market<\/strong>. If you want to learn even more about NFTs - check out this ultimate guide<\/a> to them by our CEO, Mykhailo Sitalo!<\/p>\n\n\n\n

We will tell you how to build <\/strong>or create <\/strong>an NFT marketplace<\/strong>, how much it will cost and what benefits you will get from it. Before we get into how to create an NFT marketplace<\/strong>, we'll go over some of the basics so that NFT <\/strong>newcomers can get started faster. Making an NFT marketplace <\/strong>is not easy, but if you approach this task correctly, you can earn good money on your trading platform<\/strong> and multiply your digital assets<\/strong> many times over.<\/p>\n\n\n\n

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NFT market<\/strong>: what is it?<\/h2>\n\n\n\n

NFT marketplace is a digital platform<\/strong> where you can create and store tokens <\/strong>(each token has a specific value<\/strong>), as well as buy and sell them for cryptocurrency. It is not possible to pay with regular money on NFT marketplaces<\/strong>. For operations with tokens<\/strong>, you need a special crypto wallet - an application that allows you to use cryptocurrency. <\/p>\n\n\n\n

So, NFT marketplaces<\/strong> work in an auction format. This means that the vendor creates an account<\/strong> on NFT marketplaces<\/strong> and puts the token <\/strong>up for sale, and potential buyers leave bids for how much they are willing to buy it. The highest bidder wins and buys NFT art<\/strong>.<\/p>\n\n\n\n

On most NFT marketplaces,<\/strong> there's no way to promote your work. This means that if you just create NFT <\/strong>and put this NFT <\/strong>up for sale on the marketplace<\/strong>, there is no guarantee that anyone will buy it. Beginning sellers should take this into account and take care of NFT project<\/strong> advertising on their own. An option is to contact NFT developers<\/strong> who can help with a promotion strategy. There are also developers <\/strong>who offer more specific services and help develop an NFT marketplace<\/strong>.<\/p>\n\n\n\n

NFT marketplace<\/strong>: how it works?<\/h2>\n\n\n\n

In the case of NFT marketplaces<\/strong>, the transaction is secured by a smart contract,<\/strong> which guarantees its security (if the smart contract<\/strong> is reliable). And while the logic of the transaction is simple, it should be noted that it is not easy to integrate. That's because NFT marketplaces run exclusively on smart contracts.<\/strong><\/p>\n\n\n\n

Whenever an operation occurs, a smart contract<\/strong> is initiated between the seller and the buyer, which performs the transfer of ownership of the asset and records the new data in the network. And all such smart contracts<\/strong> are automated and do not require a guarantor or a regulator.<\/p>\n\n\n\n

However, marketplaces can play guarantor roles in this case, taking fees for all the transactions. An NFT marketplace smart contract in which users can host an NFT and buy such a token. One way to make a marketplace a reality is through a central smart contract, in which users put NFTs and their price, and anyone can come in and buy a token at that cost. <\/p>\n\n\n\n

It may seem to a beginner that all NFT marketplaces<\/strong> are about the same, but in fact, they differ in the audience, blockchain, niche,<\/strong> and additional options:<\/p>\n\n\n\n