Bitcoin’s advent dates back to 2009, marking the rise of Bitcoin. It started slowly, moving from a few cents to a dollar in about two years. People didn’t show much interest at first because the technology was new. Most didn’t understand how the system worked. Some individuals looking for new investment opportunities chose Bitcoin but often forgot they had money invested in it.

The main reason for the rise of Bitcoin and cryptocurrency was and still is Social Media. Platforms like Reddit and Twitter made people aware of this currency that works on blockchain and provides freedom from the shackles of a Centralized Bank.

Due to its convenience, people started learning more about this new currency. Many tech enthusiasts and entrepreneurs made investments in it and found it very enticing as its price was rising every day. From $0 in 2009 to $100 in 2013 then immediately $1000 in the same year, it compelled people towards itself.

The Elon Effect

In 2021, 11 years after the release of Bitcoin, Musk declared that Tesla had bought a hefty $1.5 Billion of Bitcoin, contributing to the rise of Bitcoin. It made Bitcoin’s price rise 20% on the same day. After a while, Elon said that Tesla was going to accept payments in Bitcoin, which made the currency reach an all-time high of $65,000!

And it’s not just Bitcoin, Musk tweeted the announcement of buying Floki, a Shiba Inu breed of dog from Japan, which made the altcoin Floki Inu jump to 30%. He didn’t even buy the currency but just named his dog after it and it escalated its price.

On February 4th, Musk tweeted, “Dogecoin is people’s crypto.” This raised the meme coin’s price by 50% that day. Following his support, Dogecoin saw a rise of 15,000% in just one year.

In mid-2022, Musk said Tesla wouldn’t accept Bitcoin due to its negative environmental impact. This led to a sharp drop in Bitcoin’s price, and it hasn’t fully recovered since.

The rise and fall of crypto due to Musk’s tweets is known as the Elon Effect. Whether or not someone buys crypto, everyone knows what Musk is tweeting. His posts have sparked both the best and worst days for the crypto market.

Crypto Mining

Bitcoin and other crypto have adverse effects on the environment as they consume a lot of energy and release double the amount. Heavy mining rigs and expensive equipment is used so people could solve the mathematical problem as fast as they can and claim their credits.

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Ending Statement

The cryptocurrency market is volatile. Tweets by influential personalities can either fuel the fire or put it out. This can contribute to the rise of Bitcoin. If you plan to invest long-term, don’t let influencers sway your decision. However, if you can monitor news constantly, you might gain huge profits by investing in crypto for the short term.