![]() Examples of the positive impact of Elon Musk’s tweets on the crypto marketĮlon Musk’s tweets seem to have an influence in the variation of cryptocurrency prices. Likewise, we know thanks to his tweets and affirmation in conferences that he currently owns three cryptocurrencies: Bitcoin, Ethereum, and Dogecoin. The two most known cryptocurrencies having been influenced by Elon Musk are the Bitcoin and the Dogecoin. His activity on Twitter seems to affect the prices and volumes of cryptocurrencies on the short-term, by looking at the price changes or volatility following his tweets. The effect of Elon Musk on the crypto market seems to be explained by his tweets due to his persona, as he is also known to be a successful investor and one of the wealthiest people in the world in 2022. Why does Elon Musk have an impact on the crypto market? No surprises he likes Twitter so much that he chose to purchase this one for US$ 44 billion not so long time ago in 2022. Elon Musk has currently over 120 million followers on Twitter, a social media platform which he is regularly active on to speak about his life, his business or give his opinion on a wide variety of topics, one of them being cryptocurrency. He is known to be a “technological visionary”, especially working in companies which focus on innovation and technology. Who is Elon Musk?įounder of SpaceX and Tesla, Elon Musk, is known to be one of the richest and most famous people in the world. In this article, Ines ILLES MEJIAS (ESSEC Business School, Global BBA, 2020-2024) analyzes the effect of Elon Musk’s tweets on the cryptocurrency market and its link with the concept of market efficiency. The effect of Elon Musk’s Tweets on the Cryptocurrency Market
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