Elon Musk has recently lost the title of the world’s richest man after Tesla prices falter. Tesla recently invested one and a half-billion dollars in Bitcoin, but since the investment, Tesla has only raked around one billion in profits. Even though Elon Musk has taken a financial hit, it won’t be long before the multi-billionaire bounces back into play. The crypto market is being watched closely by outside regulators. Third-party institutions are looking for an opportunity to wiggle into crypto trading. Elon Musk has repeatedly tweeted about cryptocurrencies, ranging from Dogecoin to Bitcoin. Following Tesla’s Bitcoin investment, Bitcoin prices began to skyrocket.
Tesla’s investment also influenced other financial platforms to embrace digital currencies. MasterCard, Visa, and even Uber also recently expressed interest in integrating cryptocurrencies into their platforms. Elon Musk has also tweeted about Dogecoin, which is a digital currency created as a joke. When Elon Musk loses money, it doesn’t have the same economic impact on someone with an average salary. Crypto analysts fear Elon Musk’s crypto market activity will throw off the balanced infrastructure cryptocurrencies have established since the 2020 global health crisis.