Benzinga - Elon Musk is well-known for his posts on his social media platform, X (formerly Twitter). Specifically, Musk's involvement with cryptocurrency has garnered significant attention. As the largest account on X, with more followers than Donald Trump and Taylor Swift combined, anything Musk posts receives significant attention. This scrutiny has led the crypto community to closely analyze his blockchain and cryptocurrency-related comments. His recent posts have focused on Warren Buffett and Berkshire Hathaway, with some references to cryptocurrency.
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On June 3, a glitch on the New York Stock Exchange briefly showed the price of Berkshire Hathaway stock dropping from $627,400 to $185.10. The glitch was quickly repaired and no damage was done, but a handful of memes were made from the event, earning retweets from Musk.
The first post featured a screenshot of Bloomberg Automation’s report on the incident, noting that ‘the shares declined to $185.10 from $627,400' and ‘the stock was the worst performer among its peers.' The post was captioned, ‘What can possibly go wrong when you have AI reporting on every market move?' Musk retweeted it with a laughing emoji.
An hour later, the second post featured a doctored image of Buffett's account on X, making it appear he had posted ‘hodl,' a well-known crypto term meaning ‘hold on for dear life.' This slogan urges crypto investors to retain their tokens through market volatility. The poster creates the impression that Buffett, known for his skepticism toward Bitcoin, used a crypto slogan to encourage investors to hold onto Berkshire Hathaway stock during volatile price movements. Again, Musk reposted this with a laughing emoji.
The two posts have collectively gathered nearly 62 million views. The comments are notable as Musk and his social media platform, X, plan to host a town hall livestream event with presidential candidate Donald Trump
While the event date and time are yet to be specified, it is expected to attract tens of millions of viewers. Recently, Trump has adopted a stronger pro-crypto stance. This, combined with Musk’s recent posts and his general affinity for crypto, could lead to a discussion about crypto at the town hall. In the event of such a discussion, it is likely to cast cryptocurrency in a positive light, potentially attracting new investors and driving prices higher.
However, the likelihood of crypto being mentioned is low, as other topics — such as Trump's recent felony convictions, foreign policy and immigration — are likely to take priority over crypto issues. Nonetheless, the event promises to be highly interesting to watch.
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