Home Cryptocurrency Ways Elon Musk Has Changed The Cryptocurrency Market – 2024 Guide

Ways Elon Musk Has Changed The Cryptocurrency Market – 2024 Guide

by Tracy Finke

Even those not engaged in trading or mining have had the opportunity to hear about cryptocurrencies many times in conversation. This digital gold appeared on the market 13 years ago and since then the number of those who saw it as an opportunity to earn money is constantly growing – from people who want to provide a more comfortable life for themselves and their families to those who belong to the world’s greatest powers, such as Elon Musk. But we better get going in order.

What are cryptocurrencies?

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It is about money that exists only in virtual form. However, this does not diminish its value in any way. Moreover, it is considered a very practical and cost-effective way to invest. The first and most famous cryptocurrency is Bitcoin. It was created by a group of people under the pseudonym Satoshi Nakamoto in 2008. Although her prognosis was not very good at the beginning because it was almost worthless ($ 0.03), the situation changed very quickly. Today, the value of this currency is equal to $ 46,589.70, which is far more than it was thought it would ever reach. And what if we told you that its value was even higher in April this year when one bitcoin was worth $ 64,863? This is another proof that world powers are very influential. Yes, it is Elon Musk, the owner of the Tesla company who dared to invest millions of dollars in this currency, and introduced bitcoin as a regular means of payment when buying a Tesla vehicle. After this step of his, many rushed to invest.

Interestingly, however, after this step of his, the value of bitcoin began to decline rapidly. Why? It is believed that the reason lies in Musk’s announcement (only a few months after investing money in this currency) that Tesla is considering the possibility of selling bitcoin, or maybe it has already done so. Musk’s announcement in early February that Tesla had invested $ 1.5 billion in cash to buy bitcoin affected the record high value of the cryptocurrency and legitimized virtual currencies, which have been valued as safe investments in recent months, despite long-standing skepticism.

It is believed that Musk decided to sell cryptocurrencies knowing that they have a negative impact on the environment, ie due to the use of energy to process transactions.

img source: forkast.news

The fact is that investing in cryptocurrencies poses a great risk and that other factors have significantly influenced the decline in value. Let’s just remember the Chinese government’s decision that financial institutions should not engage in cryptocurrency-related transactions. We recommend you to go url to find out more about this topic.

But let’s move on. You are familiar with Musk’s statements, you are aware that this market is volatile, but you are also sure that it is a good opportunity to make money.

All kind of money is kept in a wallet, including digital. A crypto wallet can be cold and hot. A hot wallet is a desktop wallet that requires internet access, making it an easy target for hacker attacks. However, it is very practical to use, and many are willing to take risks and opt for it. The second, safer type of wallet is the cold hardware wallet, but certainly much more expensive. But in order to make money, you have to keep your money safe, right?

We come to the purchase of your first cryptocurrencies, in this case, bitcoin. There are many ways to get into your possession, and two ways have stood out – the exchange office and the crypto ATM. The biggest difference between these two ways of buying is privacy because you will have to leave your personal data in the exchange office, while to use the ATM you will need enough to swipe your bank card and send your cryptocurrencies to your digital wallet.

img source: investopedia.com

We slowly get to the main part, the earnings. To make money, you must first invest, whether it is trading or mining. It is up to you to decide. In any case, know that mining is a slightly more time-consuming process, but very profitable, while trading is very simple and practical, and the most common choice of investors, especially beginners. There are many platforms on the internet where you can do this very easily. You can go url to learn more about it. There are also many software applications whose work is based on the principle of artificial intelligence that is able to independently monitor changes in the market and automatically notify you.

Cryptocurrencies are very popular money today and it is believed that it will not be shaken despite Musk’s manipulations to lower its value by $ 10,000 or more, in which he succeeded. Still, bitcoin has recovered and is firmly on its feet.

img source: cryptocointrade.com

Whatever anyone thinks of Elon Musk, a controversial and often distinctive innovator and businessman, he can now be credited with the actual legalization of bitcoin, that is, its introduction into the mainstream. There is less and less fear that bitcoin will turn out to be a new big bubble, rather it will remain a lasting value, perhaps not digital gold as some like to say, but certainly a legal tender.

So, from all the above, we can conclude that Musk managed to shake the value of bitcoin, but that its destruction requires much more, and that investing in this currency is still very profitable. Of course, there are some other cryptocurrencies that do not have as high a value as bitcoin, but they are certainly worth mentioning and investing. These are Ethereum, Litecoin, Neo, Ripple, and many others. Moreover, large, experienced investors advise beginners to invest in several different currencies rather than just one, so that if a certain value falls, you do not lose all your money. You should be guided by this smart advice in the future, as well as never invest more than you can afford to lose. Arm yourself with patience and embark on new expeditions!