Over the past couple of months, certain cryptocurrencies such as Bitcoin and Dogecoin have been reaching record highs.
Tech billionaire entrepreneur Elon Musk said on Sunday that he will support big Dogecoin cryptocurrency holders if they sell their assets.
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo”, Musk tweeted.
At the beginning of this month, dogecoin, the Shiba Inu meme-themed crypto coin invented by software engineers seven years ago as a “fun” and instant means of transaction, started rapidly gaining in value after Musk gave his support to the cryptocurrency with viral tweets.
Now the Twitter users seemed surprised by Musk’s U-turn on the cryptocurrency.
You don’t think its perpetual inflation is an issue?
— Documenting Bitcoin 📄 (@DocumentingBTC) February 14, 2021
This tweet confuses me 🥴
— Trapscoop (@trapscoop) February 15, 2021
He used his power to drive $DOGE #dogecoin price up and now using same power to drive it down.
The dark side of power.
— The Investing Plug (@InvestingPlug) February 15, 2021
Thanks to the mogul, cryptocurrencies have been enjoying heightened attention. Last week, Musk’s electric car manufacturer Tesla confirmed that it had invested $1.5 billion in the cryptocurrency in January, the same month when the company updated its investment policy, which now suggests that the company should invest more capital in alternative reserve assets.
On Thursday, BNY Mellon, one of the oldest financial institutions in the US and one of the oldest banks in the world, announced that later this year it will facilitate the transfer, holding, and issuance of cryptocurrencies.