Bitcoin Forum

Tesla founder Elon Musk famously supports Bitcoin via Twitter. But these days, the renaissance man is making news for other reasons.

Shares of Musk’s electric automaker, Tesla, spiked after the company beat sales forecasts for Q4. The robust prediction of 360,000 cars delivered was surpassed by 7,000 units. Such explosive growth appears to prove that Musk has weathered the worst of the storm.

Click here to read the full news (https://beincrypto.com/tesla-and-bitcoin-prices-spike-as-elon-musk-reverses-his-trend/?utm_campaign=amba&utm_medium=social&utm_source=bitcointalk&utm_content=jc)

Could this be the reason Bitcoin keeps pumping?

Of course, Elon Musk a.k.a. Tesla Boy is supporting Bitcoin at all costs on one of his tweets. Now he has other reasons why, and I think it’s a good thing as well that would really contribute to Bitcoin’s recent pump.

However, I would not really count on that because the scammers are lurking and waiting for the right time for Bitcoin to go even higher before making a massive dump. It’s just my own thoughts though, as I’m preferring those who are scammed by PlusToken or any other scams (which these scammers are still holding to some BTCs while waiting for bull run to commence). 

I am not sure it has affect on Bitcoin price really. If he use blockchain in its wallet, it may affect but there is nothing like that.

Elon Musk definitely supports bitcoin but I don't remember any recent tweet from him about bitcoin. I belive, the last tweet he made about bitcoin was back in early 2019. Which doesn't have any relation with the current surge! Neither it has any relation with the current car sales of Tesla.

The current surge is most probably fueled by the fresh tension mounting up between Iran and US! While a lot of people are actually expecting war, they are also looking for alternatives to safeguard their wealth. As a result, Gold and Bitcoin prices are rising fast!

Explain to me how this would be possible.
An average stock trader checks charts and sees that Tesla is going up. He doesn't think that maybe it would be a good idea to board the train, or if he has shares already to take profit. He thinks that since Musk tweeted about Bitcoin maybe it's a good idea to buy Bitcoin not Tesla :D It's like going to the store, thinking that you'd like to eat scrambled eggs and buying a chicken.

I can not see any connection about the price pumps these days to Elon Musk.

People knew he had invested to BTC because he once announced it. If he will later announce that the company only accepts BTC for the new cars I think we will be seeing more people going into BTC.  Would like to see this and see collectors come to buy the car and help the crypto economy.

There’s not really a correlation between any Musk comments & the small price movements of recent days. It’s just normal market behaviour. The price SHOULD start to seriously get moving upwards in a few months as we near the halving.

I am not thinking that price will increase after elon's
Support or comment. It Will depend about the secret sauce of blockchain.

Got to be one of the most pathetic and straw grabbing articles so far and there are billions to choose from.

And is the author so dim that he's mistaken all those fake Elons doing 'giveaways' as the real man's support? I most certainly would not be surprised if that were the case.

So bitcoin pumped because Elon's company rose in price just because Elon Tweeted about bitcoin like once? Give me a freakin break. At least give more possible causes like the potential(?) Iran war? Rather than this bullcrap. Next thing you know these crappy media sites will say that bitcoin rose because Nicolas Cage has a father in law that has a cousin that has a close friend that's cousin is bullish on bitcoin.

It's so funny that you call him Tesla Boy instead of other things like "The Real Iron Man" or something related to that, lol. Anyway, someone as influential as Elon Musk has a large group of followers on Twitter. I did some research, and I found out that it wasn't a recent tweet, or maybe someone could point out the recent one? All I could find is this link below.

https://www.bbc.com/news/technology-45953747

I don't think it's the cause, and it's quite old news. I see as Tesla and Bitcoin has almost the same start. I don't imagine to have two coincidences where the stock price rose of Tesla and Bitcoin rose in price as well automatically are linked.

Personally, I don't think I will agree with you on this. The entire bitcoin market is very known for a sudden increase in the market value of bitcoin with no particular reasons backing this increase.  People always find reasons to back an increase in the price of bitcoin just to create FUDs in the crypto ecosystem.  There might be a specific reason for this rise but i don't really think the above post is the reason.

Indeed, Elon Musk publicly sharing his support on bitcoin might produce some hype on his supporters bt that's too insignificant a value to even consider. FUDs are being made because of this which in itself is not really that bad but it creates false hopes on people aspiring to invest. It's best to assume that bitcoin's price is independent and is not controlled by one or more variables than blatantly saying joe's the reason why bitcoin's high.

Nobody gives a toss about Elon Musk.

Bitcoin's price is rising because of geopolitics. We're witnessing it's transition into digital gold. The price of gold is at a seven year high, thanks to events in the Middle East, and bitcoin is rising towards $8000 for the same reason.

Musk is completely irrelevent to all this.

Elon Musk's tweets surely hold some weight, but it is very unlikely for people to make decisions just because Elon is supporting it. Although I know a lot of impulsive investors who are looking for a signal to invest everywhere especially on Twitter. That's why Crypto Twitter is so famous - because some people made some lucky calls and some people followed it and then they've bragged about it.

Respect for Elon for supporting Bitcoin!

I think we can't tell people that. Or they don't want to understand. We know that Bitcoin should be decentralized, but at every opportunity we want someone to talk positively about Bitcoin and buy Bitcoin or something.

Does Elon Musk really praise Bitcoin for us?
Does that help us? Does it help Bitcoin? I do not think so. It would just be another tweet that will get a very much like.

I don't think this is a strong reason why bitcoin is rising, in fact many big companies and artists have tweeted about bitcoin but that doesn't have much effect. From the issue that I got a few days, bitcoin rose due to a dispute between the US and Iran, this made bitcoin rise on the local iran exchange which also affected the international exchange.

I've read a lot of rumors on why Bitcoin pumps at $7500 but I don't really know which one is true. Some say it was because of the recent war between US and Iran that's why Bitcoin pumped. And now, this? lol
There's no one can tell what really happens but let's just be thankful because Bitcoin move a bit even when the market is expected to become bearish.

I think this tesla isn't the reason why bitcoin pumped lately. 

The reason why the price of BTC surged from $6,853 to $7,369 over an 8-hour period is because of the war between US-Iran. The reason for this war was Iran's top military commander has been killed by the US. Since there are linear moments that are happening sometimes in the market, it occurs in this situation. This situation make the oil prices pumped which makes the BTC price also surged coincidentally.

But we aren't still sure since some speculations that January 2020 will go pump so maybe it's the reason or there's a chance that the situation between US-Iran makes this massive bullish in Bitcoin.

do you see bitcoin price going up 100% in every hour?
then your question is stupid! bitcoin isn't "pumping".

a quick look at OP's post history shows that he has been posting garbage from the same website for a long time now which can only lead to the conclusion that he is getting paid to spam it on bitcointalk.

I think the recent price rise of bitcoin stemmed from tensions between the US and Iran. The people of Iran seek an alternative currency to keep their assets amid fears of war, in some local exchanges of Iran bitcoin even reaches $ 25,000.
I remember not having seen a tweet from Elon Musk saying that he supported bitcoin recently, so I think that Elon Musk has not affected the price of bitcoin in recent days.

I think that recent tensions between the US and Iran have no impact on the price
same as Ilon Musks's tweets , zero influence or less
I doubt that anyone takes what Musk says seriously after all of his failures and broken promises
and the stories of some local exchanges putting 25.0004 tags on bitcoin doesn't mean people are buying it

So an almost 2% overperformance is considered explosive growth these days? What's Bitcoin doing 15% on a regular day then? Mega super explosive?

Musk is the kind of guy who calls people paedos when they're busy rescuing children, donates a million to a treeplanting cause on youtube (instead of to a project actually planting trees) and yeah they've all got to be crazy to be successful, so I don't begrudge them that but what exactly has he got to do with Bitcoin?

My sediments exactly! ;D
Didnt they know elon supports doge instead. ::)
He did tweet one time he was the new ceo of doge coin a year ago. I posted about that somewhere around here. :D

Elon Musk is after big dreams. I don't know what kind of affinity it has with Dogecoin. But he tried something fun. What will happen now. One day mankind can colonize Mars. I don't think we can use paper money on Mars.

Yes mate you right the current situation on going between  us vs Iran it will be favorable of investors find the way to make their funds in safe for saving so they are find alternative ways like investing in bitcoin or gold because we can see the price hike in gold around 15% within two days  and some also bitcoin got more than 10% hike now and we can expect more it will depending on the situation.

Yes, I agree with you that the increase in bitcoin these days has nothing to do with Elon Musk's tweet. His support for bitcoin will not affect the price of bitcoin. I think the current rise in bitcoin is due to the impact of the conflict between Iran and the United States. we know since this conflict heats up the price of gold and oil began to increase. investors will secure their assets to gold and maybe also bitcoin. because I also heard that some Middle Eastern countries will support cryptocurrency.

This is another lame attempt to attribute the rise of Bitcoin, which is being bought and sold every second all over the world, to someone popular. This is another far-fetched theory trying to connect one man and his little action to the rise of the price of Bitcoin which is affected by so many factors all around us.

How did you know bitcoin pumping because of Tesla Boy and who is Tesla Boy and where his come from, what his reputation can make bitcoin have higher price? I think bitcoin can't manipulated and control by some one else when to make bitcoin pumping or dumping, depend on investor's hand how to make bitcoin way to higher or lower price.

No direct correlation between Musk/Tesla and Bitcoin. However, any mention or awareness of Bitcoin and blockchain will increase overall sentiment-which is net positive for the space.

I have seen a lot of analysis saying that the price of bitcoin has increased in recent days due to tensions between the US and Iran, and I really cannot find another reason for the price increase.
However, your opinion is also worth noting, so in your opinion, the price of bitcoin increased in recent days for what reason?

Those tweets of Elon Musk were more of a fun thing. Don't take it as him supporting Bitcoin rigorously. Regarding the pump, it has nothing to do with any positive/negative news. Whenever the price pumps up people start relating it to one or other thing. But if you had gone through the technicals, this pump was more than expected.
After testing the support of $6800 multiple times, price was expected to pump up as bears lost the grip.

I dont see any links in elon musk contribution to bitcoin pump and also wouldn't it be logical if elon musk's and with his billions of dollars worth of money invest it in his own companies instead, to further develop and support his projects rather than investing to other assets. I think most likely the pump was caused by good fundamentals such as hashrate, bitcoin halving and bitcoin being a safe haven due to uncertainty from rising tensions globally example the coming war between Iran vs Us that could lead to a financial crisis.

So suddenly a well known CEO of a huge Company (who is also a Bitcoin Hodler), gets his product to the masses, stocks markets rise and Bitcoin rises with it?

wish it would be so easy, a traders dream.  :D

in my opinion that's not the reason why bitcoin can go up, could be a rise in bitcoin due to the influence of the beginning of the year, but no one knows the exact reason maybe because the price is already saturated.

I see when bitcoin starts to rise a bit ,before that in old altcoin there was a slight rise and then a decrease and same in the old altcoin different name too repeated can't say what this alt ,for sure to grow bitcoin there is a small community has managed use alt profits to grow price of bitcoin mate still nothing to do with musk ,when you look at market then you will surely know its still normal trader behavior

Because elon musk ? Lol i dont think so but if you know how much he have bitcoin . I think bitcoin pumping because it's time to move the market has been bored for almost 3 months before
I don't really know because of what happened but I have a good feeling about this and get ready to welcome bitcoin halving

I have never heard that the recent rise in bitcoin prices was caused by Elon Musk. Is that true? but in my opinion it doesn't affect the price of bitcoin at all because the Tesla company is not linked to bitcoin, but I believe the rise in bitcoin prices in the last few days is due to geopolitical conflicts between the US and Iran which caused all investors to move their investments from conventional currencies to bitcoin because they are very worried about economic uncertainty.

Or maybe because of the incoming Chinese new year though. Who knows what's happening behind this small rise from the market. But with how the threads title there's no concrete significance between this ideas.
Whatever reason for this current move hopefully it will continue the good bounce and bring much higher value to bitcoin.

This is what the media thinks is the reason of the pump:

(1) Elon Musk tweet, obviously as the OP pointed out in the link article
(2) Cyber criminals asking BTC as ransom (ransomware)
(3) US vs Iran looming war.

LOL, crypto journalism is spinning out of control again, how are those three be a contributing factors to the recent growth of the price? There might be whales again, purportedly trying to manipulate the price for all we know. Let's wait and see, maybe we can find "logical" explanation as things settle down in the next 48 hours. But the above are non-factors, IMHO.

there are no tweets about bitcoin, I don't know if you want to say he is a Tesla boy, but little did I know he might have bitcoin but in my opinion he separates bitcoin with his company like Tesla, bitcoin goes up apparently not because of Elon Musk maybe because it's time to see Another surprise from bitcoin after a long time waiting for price uncertainty, let's watch well   ;)

Me too, but we aren't pretty sure because allot of things could really serve as a factor to bitcoins market price increase. Let us take into consideration that the tension between US and Iran is the top reason, followed by bitcoin halving event and is supported by minor reasons and news.

A link to the supposed tweet is better. And I don't think there's any correlation to the recent pump. It might be about Iran, but could just be a FOMO made by the recent news about it being sold at a much higher price on Iran, which isn't entirely true. Also, I didn't notice any news about Musk's endorsement to Bitcoin. If you read the article, it wanted to point out that Tesla and Bitcoin could share the same price trend, though correlation isn't guaranteed.

There are so many possible reasons. Actually, I am more on the idea that the rise of the price of Bitcoin is just another normal movement. Bitcoin has been moving up and down, sometimes in small steps, at times in large spikes. Why do you think that the tension between US and Iran is the top reason? Is there anything about that tension that would really point to the quick rise of Bitcoin? I can't find anything.

People every day, more like it. There is a fool every minute born,,, and he is living only to be parted from his money. How else do people become so filthy rich if not by taking advantage of other people?

You know those Bitcoin doublers? They used to be Paypal doublers. Same people, same ponzi, different branding. But I suppose they will always be suckers to keep those machines rolling.

I cannot find any relation between Bitcoin price and the spike in sales of that company.  Did they sell this cars with Bitcoin as sole payment?  I guess no...  Elon Musk indeed a supporter of Bitcoin but I do not think that he will compromise his company for Bitcoin's sake (buying Bitcoins from the company profit). 

Though I can say the current price recovery is good and may start a rally but we all know that there is always a possibility that this might be a bull trap though I hope it is not.

If a person is trusted and popular then it might be an effect but not a big and quick because there are thousand or million person who use bitcoin in different country so it would be better if the president in United States would agreed bitcoin or crypto. So we can see the change.

Nonsense. Traditionally people would sell their assets to get into cheap stocks when they perceive a company is going up, and the opposite when they feel its overvalued and about to go down.

Tesla alone is not indicative of the market. It is probably a good investment when the time is right, that is a trader's thing to decide. How is a single car company related to Bitcoin?

If anything Musk was Paypal boy. Currently he has those companies, SpaceX, Tesla, Boring, etc, all thanks to the selling of Paypal.

Tesla and Bitcoin have no correlation, in-spite of Musk actually knowing bitcoin (and maybe even hoarding some).

Answer: NO.