- Elon Musk was the most influential figure in crypto, from being the Dogefather until Tesla bought $ 1.5 billion worth of BTC and then suspended payments in BTC.
- Other personalities who moved the market included former Twitter boss Jack Dorsey, Michael Saylor, Changpeng Zhao, Gary Gensler, and many more.
The year 2021 was very hectic. Despite the pandemic, there are endless changes and twists in the year, and there was no difference between cryptocurrencies. The sector has seen the prominence of a number of popular figures, some more than others, whose movements and sometimes even tweets billions of dollars in market value. Elon Musk led the battalion, but others like Michael Saylor, Gary Gensler, and Jack Dorsey also played a role.
What would the world look like in 2021 without Elon Musk, Tesla’s charismatic boss? Now the richest man in the world was influenced in more ways than one, so much so that Time magazine named him Person of the Year.
Musk’s influence on cryptocurrencies has been marvelous, even exaggerated in some cases. The market was living and he died because of his movements, and even spread to his tweets. A tweet with the word ‘Dogecoin’ raised memecoin market capitalization by significant percentages, sometimes up 25%.
Musk never refused attention, taking advantage of this new culture to advance his agenda. It has driven Dogecoin, praising a cryptocurrency created as a joke and abandoned by two engineers. Remember when he came on Saturday Night Live and promoted DOGE, even calling himself the Dogefather? (It didn’t happen as expected, but still…)
That was all when he was acting as an individual. The second aspect was impacting the markets as Tesla’s. Musk has always had a way of imposing his ideas on his electric vehicle company, and with Bitcoin it was no different.
This year, he announced that his company had bought $ 1.5 billion worth of BTC. This caused the price to skyrocket, to the point that the company earned $ 1 billion from its investment in one month. Analysts even pointed out that Tesla had the potential to earn more from BTC than from car sales, which is its core business.
He did not stop there. Musk announced that Tesla intended to accept BTC to pay for its electric vehicles. This had the same effect, repeatedly «with the moon.»
However, he quickly recalled, and after criticizing the power consumption of BTC (of which Tesla is a champion), abandoned the cryptocurrency. He promised to accept her again in the future, but we all knew he was just saving his face and it was done with his «toy». And while it was a toy for him, investors suffered hundreds of billions of dollars in losses from the consequent fall in prices.
Musk has done a lot more for the space, including pushing DOGE to expand and act as a payment method (which, by the way, is not designed to be). And while there have been difficult times, it has certainly helped make cryptocurrencies more popular around the world.
Jack is not as controversial as his Musk partner. It also had a big impact, however. With his head on Twitter (although he retired in November), and Twitter being zero of the crypto space, his influence was huge. Like Musk, he used his ventures to power his favorite crypto, which is Bitcoin for him and nothing but Bitcoin.
This year, he integrated Bitcoin tipping into Twitter, allowing content creators to get a few dollars on their wallets from their fans. What he did not take into account, however, is that Bitcoin has an average of $ 3 in transaction fees and therefore the top $ 5 would see more than half the value lost en route.
A few months ago, Jack also launched Twitter Crypto, a team within the company that focuses strictly on cryptocurrencies and decentralized applications. The team will also be integrated into Bluesky, a Twitter project to decentralize its platform. This would, in theory, destroy most of your current control and consequently destroy your value proposition (it’s hard to see why this project would ever see the light of day).
Jack has done more with his other company, Square. Initially, he even changed Square’s name to Block (although he’s caught up in brand battles for it). The intention was to discuss blockchain, or it could mean ‘neighborhood blocks where we meet our vendors, block-players full of music …»
The Cash’s Square app remains one of the most convenient ways to buy Bitcoin, with sales exceeding $ 2.5 billion in the quarter. Jack is also building a decentralized exchange with Square for Bitcoin.
Jack is a Bitcoin optimizer – which basically means that he is Bitcoin or no currency. He made it clear throughout the year, including tearing Ethereum up and even participating in an exchange with Vitalik Buterin.
Keep an eye out for Part Two with Michael Saylor, CZ, Gary Gensler, and others.