Elon Musk cracked the “lightbulb” joke, but cryptocurrency rose anyway.

Elon musk comes into picture again with “lightbulb” joke:

Tesla CEO Elon Musk, recently took a shot at Bitcoin supporters who exclusively believe in Bitcoin supremacy. Elon Musk, who can’t seem to make up his mind about Bitcoin, the world’s most popular cryptocurrency, chose to add to the conflagration. Musk backtracked in May, months after announcing that Tesla would take Bitcoin as payment for its cars, claiming that he had determined that Bitcoin mining wasn’t “clean” and that he didn’t want his choice to have an environmental impact. Musk walked back on the remark a month later, in June, with a minor change.

When miners who verify transactions utilise more green energy, Musk stated that the electric automaker will restart accepting bitcoin transactions. Tesla would restart enabling Bitcoin transactions “When there’s confirmation of reasonable clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions,” he had added.

Bitcoin maximalists, or ‘maxis’ in crypto terminology, are those who think that Bitcoin, the world’s largest cryptocurrency, will be the only digital asset required in the future. All other digital currencies, according to Maxis, are inferior to Bitcoin. According to a document published by the Bitcoin Foundation called “The Bitcoin P2P Network,” the maximalist philosophy believes that competing cryptocurrencies do not adhere to the principles outlined by the pseudonymous Satoshi Nakamoto, who developed Bitcoin in 2009. These other cryptocurrencies, known as altcoins, are likewise considered superfluous and inferior by Bitcoin maximalists.

Despite Musk’s snub, the price of bitcoin soared above the $35,000 barrier on Friday. On the coinmarketcap.com Index, the world’s largest cryptocurrency rose over 9% in a single day, to $35,233 at 0810 hours IST on June 25.

In a recent interview, Elon Musk stated that this cryptocurrency may be the future. “There is a good chance that crypto is the future currency of the world. Then the question is which win is it going to be? It could be multiple, “he said. He then goes on to describe how Dogecoin was created as a joke, effectively mocking Bitcoin, which is the irony, according to Musk. “That the currency that began as a joke, becomes the real currency.”                     “Don’t invest your life savings into cryptocurrency,” he says in the video. “That’s unwise.”

However, since Musk stated that Tesla will no longer accept Bitcoin as a payment option, crypto fans have stopped appreciating Musk’s tweets. This isn’t the first, second, or third-time Musk has done anything like this. Every time Musk discusses cryptocurrencies, the price of the cryptocurrency rises (frequently followed by a subsequent drop). The phenomena have been dubbed “The Musk Effect” by internet detectives, who have more than merely correlated it.

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