Cryptocurrency is volatile, and in nature, its price can be a rollercoaster.
But despite it's a "dirty business", generally, more and more people are accepting the digital coins as an alternative to fiat, and also a method of investment.
Bitcoin for example, was once regarded as the best investment of the decade, and even once referred to as the best currency investment in the last 1,200 years.
And things go even better for the cryptocurrency world, because it is getting yet another prominent figure of tech as advocates.
This time, the person is none other than Tesla co-founder Elon Musk.
The serial entrepreneur inquired about converting “large transactions” of Tesla Inc.’s balance sheet into Bitcoin in a Twitter exchange with Michael Saylor, a prominent figure in the digital currency.
Are such large transactions even possible?
— Elon Musk (@elonmusk) December 20, 2020
In a series of tweets, Saylor, the CEO of Microstrategy, encouraged the billionaire to exchange Tesla's U.S. dollar assets to Bitcoins, and “do your shareholders a $100 billion favor.”
“Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor,” Saylor added in his tweet.
In response, the electric car founder asked whether "such large transactions even possible?”
Following the series of tweets, Bitcoin's price quickly surged to yet another record highs.
As for Tesla, the company experienced an eight-fold surge this 2020, further propelling Musk's net worth up by $140 billion to $167 billion, making him one of the richest man on Earth.
And that wasn't just yet.
Following his interest in Bitcoin, Elon Musk also shouted the lesser-known currency called Dogecoin in a tweet, saying, "One Word: Doge."
One word: Doge
— Elon Musk (@elonmusk) December 20, 2020
That single statement from one of the richest person sent Dogecoin's shares up to nearly 20% all of a sudden, putting the cryptocurrency as one of the trending topics on Twitter. The tech billionaire even went as far as updating his Twitter bio with the title "Former CEO of Dogecoin."
Musk's episode of cryptocurrency promotions began in the hours at the weekend, when the entrepreneur replied to a racy tweet showing a woman wearing Tesla-branded shorts. In response to the tweet, Musk replied "Bitcoin is my safe word."
Later, the eccentric billionaire tweeted a series of other tweets about Bitcoin. This culminated in an exchange of tweets with the CEO of a Microstrategy, Michael Saylor, who is already an advocate of Bitcoin after he exchanged hundreds of millions of dollars worth of his company's assets to Bitcoins.
As for Dogecoin, the cryptocurrency named after a parody to a popular internet meme "doge", which involved a picture of a Shiba Inu dog, has been around since 2013 but is essentially worthless and unknown, a contrast to Bitcoin.
Because Musk crudely suggested that he has interest in the two cryptocurrencies, the community was quickly in heat.
But to whoever knows Elon Musk, the sleepless tech figure is known for his fun approach in even the most serious subjects in between his seriousness. People suggested that these kinds of tweets by Musk aren't meant to create a long-lasting results.
Previously, Twitter founder and CEO Jack Dorsey has shown his interest in Bitcoin, saying that it is "one of the most seminal works" in decades.