Can Elon Musk Be Blamed for Crypto Volatility?

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  • Bloomberg Technology published this video item, entitled “Can Elon Musk Be Blamed for Crypto Volatility?” – below is their description.

    May.14 — A single tweet from Elon Musk, announcing that Tesla Inc. would stop accepting Bitcoin as a form of payment, wiped hundreds of millions of dollars out of cryptocurrency markets. Some of that has been recovered, namely in Dogecoin, following yet another endorsement from Musk and Coinbase Global Inc. officially bringing Dogecoin onto its platform. But Bitcoin is still down and Square Inc. halted Bitcoin purchases altogether. Bloomberg’s Ed Ludlow and Joe Weisenthal report.

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    Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. Bitcoin was the first decentralized cryptocurrency.

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    Coinbase, Inc. (Nasdaq: COIN) is an American cryptocurrency exchange platform that operates remote-first without an official physical headquarters. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam, and as of March 2021, was the largest cryptocurrency exchange in the United States by trading volume. Coinbase IPO’d on the Nasdaq exchange on 14 April 2021, via a Direct Listing, they carry the stock ticker COIN.

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    A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.

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    Elon Reeve Musk FRS is a business magnate, industrial designer, engineer, and philanthropist. He is the founder, CEO, CTO and chief designer of SpaceX; early investor, CEO and product architect of Tesla, Inc.; founder of The Boring Company; co-founder of Neuralink; and co-founder and initial co-chairman of OpenAI.

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