Elon Musk accidentally helps Ethereum

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We have written before about the Elon Musk tweet of 29th April where he wrote just one word: “Ethereum”, but is a story that keeps on giving. Although ETH has dropped a little on 8th May, his tweet gave it a 17.5% price surge over 10 days, much to the delight of ETH owners.

Greg Thompson at CCN writes: “Between April 25th and May 8th, the unit value of ETH increased from $153.48 up to a peak of $180.39. A brief pullback saw it returned to the low $170 range, but momentum pushed it higher once more.”

A discussion on Twitter between Musk and ethereum’s Vitalik Buterin started because Musk queried what the ethereum blockchain could be used for. Buterin responded with a 13 point list of real-world use cases for cryptocurrency and blockchain technology.

As Thompson remarked on this a new way of using Twitter for marketing purposes: “Conducting casual business negotiations with Elon Musk on Twitter? Surely worth the combined marketing budgets of a thousand altcoins. And its effect on the ETH price was apparent.”

Ethereum has also been added to Microsoft’s Azure and its cloud workshop. The launch of the Visual Studio Code extension gives blockchain developers the chance to write code in Solidity and Truffle — two of Ethereum’s smart-contract programming languages.

Chris Pietschmann, Head of BuildAzure, and Microsoft MVP, said: “This proves even further the investment and dedication that Microsoft is putting forth towards the use of Blockchain ledger technologies in the Enterprise, or even on the public blockchain networks.”

Ethereum was further helped on 6th May when an anonymous U.S. Commodity Futures Trading Commission (CFTC) official spoke off-record about a possible Ethereum futures market: “I think we can get comfortable with an ether derivative being under our jurisdiction. If they came to us with a particular derivative that met our requirements, I think that there’s a good chance that it would be self-certified by us.”

Remmebr what happened to bitcoin after the announcement of the CME and CBOE futures market in December 2017? Over the next 17 days the value of Bitcoin doubled, from $10,000 to $20,000. However, before we get carried away, let’s not forget that on the 18th December bitcoin’s price plummeted. Let’s hope ETH manages to hold on to its gains and not fall prey to the same issue.

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