Time magazine considers that Elon Musk is the richest man in the history of the world. One of his most successful companies is Tesla, an electric car manufacturer that now accepts DOGE.
Every December, Time magazine publishes information about the person they consider the most outstanding of the year. In 2021, the winner was one of the most influential men in the ecosystem of Bitcoin and cryptocurrencies. He is none other than billionaire businessman Elon Musk, who has earned the love and hate of the community.
Time describes Musk as the richest man in the history of the world without a home. Although his net worth is around USD 250 billion, the entrepreneur lives in a humble 1,370-square-inch prefabricated property. He has said that this allows him to keep in touch with society and control money.
According to the magazine, Elon sees his vast fortune as a mere side effect of his ability to see and do things that others cannot.
Technology innovation motivated him to create Tesla, an electric car company accounting for two-thirds of the world market. Likewise, his ingenuity led him to found SpaceX, which became one of the first companies related to space transportation.
Musk has shown his devotion to technology in his relationship with cryptocurrency investments by reporting that Tesla stores part of its funds in Bitcoin. Besides, his Twitter comments drove its price higher and lower throughout the year.
Elon Musk Is an Influential Cryptocurrency Enthusiast
According to Time magazine, Elon Musk drives the stock market value higher or lower with a flick of his fingers. For example, he boosted the increase in the price of Bitcoin in early 2021 by motivating his Twitter followers to invest in it. However, he also influenced its fall when he stopped accepting the payment for Tesla cars with Bitcoin.
The businessman argued that Tesla would not allow that form of payment unless Bitcoin mining reduces its energy consumption. However, he said that he still maintains his support for the cryptocurrency, which he keeps as a store of value. That caused controversy in the community since various studies reveal that the activity represents energy consumption below 0.1% worldwide.
Elon Musk Reaffirms His Support for Dogecoin, without Dropping Bitcoin
The fluctuating price of memecoin Dogecoin (DOGE) has significantly marked the impact of Elon on the market. According to Time, an army of DOGE devotees depends on everything the businessman says.
A single tweet from Musk referring to the dog identifying the cryptocurrency has been enough to motivate its purchase. Besides, that has had a rebound effect leading to an increase in the value of the memecoin.
Although meme cryptocurrency Dogecoin became very popular in 2021, it does not have large investors and trades below USD 1. For that reason, the price increases when several people agree to buy, which Musk enhances with his tweets.
Elon Musk recently reaffirmed his interest in Dogecoin by announcing that Tesla would accept it as a payment method. However, he warned that he would evaluate that initiative. His company has also stated that it has not yet sold any Bitcoin.
Right now, Bitcoin is trading at around USD 47,691 and has accumulated a profit of 1.0% in the last 24 hours. Its daily trading volume is above USD 27.6 billion, and its market capitalization is about USD 901 billion, according to CoinGecko.
By Alexander Salazar
