Elon Musk is well-known for the tweets he makes on X, his old Twitter-like social networking platform. In particular, Musk’s engagement with cryptocurrencies has attracted a lot of notice. With more followers than both Taylor Swift and Donald Trump put together, Musk has the biggest account on X, so everything he posts gets a lot of notice. The crypto community has been attentively examining his remarks about blockchain and cryptocurrencies as a result of this scrutiny. His most recent writings have included some allusions to cryptocurrencies along with discussions of Berkshire Hathaway and Warren Buffett.
A problem on June 3 caused the price of Berkshire Hathaway stock to momentarily drop from $627,400 to $185.10 on the New York Stock Exchange. Although the issue was swiftly fixed and no harm was done, a few memes from the occasion received retweets from Musk.
A screenshot of Bloomberg Automation’s report on the incident was included in the first post, which stated that “the stock was the worst performer among its peers” and that “the shares declined to $185.10 from $627,400.” “What can possibly go wrong when you have AI reporting on every market move?” was the caption for the post. Musk laughed emoji-style in his retweet.
An hour later, Buffett appeared to have posted “hodl,” a well-known cryptocurrency phrase that means “hold on for dear life,” on his X account in a photo that had been altered. This tagline exhorts cryptocurrency owners to hold onto their tokens despite volatile markets. The graphic gives the idea that Buffett, who is well-known for his mistrust of Bitcoin, is using a cryptocurrency catchphrase to persuade investors to hang onto Berkshire Hathaway stock during erratic market swings. Musk shared this once again while emoji-ing a laugh.
Together, the two posts have received close to 62 million views. The remarks are noteworthy because Musk and his social media platform, X, are going to have a town hall livestream with Donald Trump, the front-runner for president.
Tens of millions of people are anticipated to watch the event, however the exact day and hour have not yet been announced. Trump has taken a more adamantly pro-crypto position recently. Musk has expressed a general interest in cryptocurrency, and this, together with his previous posts, may spark a conversation about it during the town hall. If such a conversation takes place, it is probably going to present cryptocurrencies in a favorable light, which would draw in new investors and raise prices.
But there’s little chance that cryptocurrency will come up because other matters, like immigration, foreign policy, and Trump’s recent felony convictions, would probably take precedence over cryptocurrency-related concerns. Still, it looks like a really fascinating event to witness.