Elon Musk is reportedly planning to create his own cryptocurrency. His statement comes just days after his online comments caused massive fluctuations in the cryptocurrency market.
Musk's sway over the movement of cryptocurrency prices continues to be apparent as the price of Dogecoin and Bitcoin fluctuated over the past few days following a series of tweets published by the Tesla CEO. In his latest comment, Musk said he may be forced to make his own coin if dogecoin fails to meet his expectations.
In response to a tweet asking Musk why he doesn't just create a coin that "does everything he wants," the billionaire CEO said he just might consider the suggestion.
"Why not just make a crypto from scratch that does everything you want technically and has a lot of dev support and doesn't have high concentration of ownership at least initially?" the user asked, to which Musk replied, "Only if Doge can't do it."
Only if Doge can’t do it. Big pain in the neck to create another one. — Elon Musk (@elonmusk) May 16, 2021
The price of Bitcoin dropped below $45,000 for the first time since February after Musk agreed to a post on Twitter suggesting that Tesla sell its $1.5 billion cryptocurrency holdings. As mid-Monday, Bitcoin is trading at about $44,639 - more than $4,000 down from its closing price Friday.
A Twitter user with the handle @CrytoWhale said in a post that Bitcoin may be dropping over the next quarter after Tesla dumps the rest of its holdings. Musk replied to the tweet with a word, "Indeed."
By Monday, Musk replied to several posts on Twitter that criticized his sudden change of stance on Bitcoin. He also clarified that the company wouldn't be selling its Bitcoin holdings any time soon.
Musk's online commentary is the latest to result in a significant movement in digital coin prices. Last week, a tweet from Musk resulted in a nearly $10,000 drop in the price of Bitcoin after he said that Tesla would no longer accept the cryptocurrency as payment for its cars.
Last Saturday, Musk joked when he hosted "Saturday Night Live" that Dogecoin was a "hustle." His comment greatly dented the price of the particular digital currency. A few days later he tweeted that he was working with the developers of Dogecoin to improve its transaction efficiency, sending the prices of the digital currency up again.