Elon Musk is one of the richest men in history, and Time Magazine chose Elon Musk as Person of the Year 2021. One of its most successful companies is Tesla that now accepts DOGE.
Time Magazine stated that Elon Musk “flips or flicks the stock market with a flick of his finger.”
It was evident when he encouraged the rise in Bitcoin price at the beginning of the year by motivating his investment through Twitter and later influenced its fall.
Precisely the last thing happened when he suspended the sale of Tesla cars with bitcoin under an argument that continues to shake the ecosystem.
While he maintains his support for the cryptocurrency, the businessman said that he would not allow its use as a payment in Tesla until Bitcoin mining does not reduce its energy consumption.
This generated controversy in the community, which, supported by different studies, found that the activity represents an energy expenditure of less than 0.1% globally.
Elon Musk as Person of the Year 2021
Like every December, Time Magazine published the most outstanding Person of the Year and the winner of 2021.
The chosen one was Elon Musk since it is involved with bitcoin and other cryptocurrencies and has earned the love and hate of the community.
Despite being one of the richest men globally, with a net worth of 250 billion dollars, the businessman lives in a humble 35 m2 prefabricated property to keep in touch with society and not lose control over money.
For Musk, his immense wealth is only a byproduct of his capacity to perceive and do things that others cannot in settings when the stakes are life and death.
His disruptive mind is also transferred to his professional field. Motivated by innovation in technology, he created and ran Tesla, an electric car company that accounts for two-thirds of the world market.
Likewise, SpaceX was born from his Dreams, one of the first companies to provide public space transportation products and services.
His devotion to technology is too displayed in his relationship with investing in cryptocurrencies.
In addition, after reporting that Tesla is HODLing funds in Bitcoin, Elon Musk also speculated, driving its price up or down with his comments. It placed him at the center of the news throughout the year.
Elon Musk reaffirms his support for Dogecoin but does not release bitcoin.
Elon Musk’s influence on the market is most visible in the fluctuation in the price of Dogecoin (DOGE), a cryptocurrency that symbolizes a dog meme.
As Time Magazine put it, “an army of devotees depends on their every word,” referring to the followers of this meme coin.
On several occasions, only a tweet from the businessman was enough to refer to the dog that identifies the currency to motivate its purchase and thus generate a rebound effect, increasing its value.
Unlike Bitcoin, Dogecoin is a meme cryptocurrency that, although its image and name became very popular in 2021, does not have large investors and is worth less than a dollar.
Therefore, it is enough for several people to agree to buy to generate a price increase, something that Elon Musk enhances with his Tweets.
Today Elon Musk has reaffirmed his interest in Dogecoin by announcing that Tesla will accept payments with the cryptocurrency, although he warns that he will be progressively evaluating the initiative.
The company has also reported that it has not sold any Bitcoins.