Who knows why Elon Musk tweets some of the things he does, but perhaps it is just to see what will happen. This week he tweeted a single word, “Ethereum” on his Twitter channel, and before you could even say the four-syllable name of the cryptocurrency, its price went from red to green.
What did Musk mean to say? Nobody knows. He did follow it up with “jk” (joke), but by that time his Twitter feed was already ablaze with comments, some applauding him, others not so kind. Anthony Sassano also reported that Google Search Trends was also on fire with a record number of ‘Ethereum’ searches.
Some responders reminded Musk that the SEC have him on speed dial, and that this kind of tweet could give the regulatory authority another excuse to collar the somewhat ‘eccentric’ entrepreneur. Others shouted “One of Us!”, apparently thinking that Musk’s tweet indicated that he’s an ETH supporter. However, when Vitalik Buterin tweeted, “You should come to our Devcon in October J”, Musk sidestepped the invite, tweeting, “Stop giving away free ETH,” a reference to impostors who offer an ETH giveaway in Buterin’s name.
Prior to Musk’s tweet, ETH had been experiencing fractional gains and losses over the last few days. It was definitely a case of ‘nothing to see here’. However, Musk ended that and inspired a rise in ETH’s price.
Musk has a big following amongst crypto enthusiasts and while he doesn’t claim to be an investor, he does occasionally tweet about crypto and it usually has a dramatic effect. As CCN says, “If he were to decide to launch a Tesla coin or SpaceX coin, demand would likely be through the roof.”