Elon Musk teases DeFi in latest Tweet, after Dogecoin endorsement

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Tesla Inc’s big boss Elon Musk is unquestionably one of the most interesting individuals in the cryptocurrency space.

The billionaire made a lot of noise on social media this year after mentioning Dogecoin multiple times, most of which resulted in big increases in the price of the digital asset.

Now, it looks like the Tesla CEO now has his attention on DeFi or decentralized finance.

Musk has taken to Twitter anew, and his latest comment is a positive endorsement to all DeFi-linked crypto.

Now, it’s DeFi

“Don’t defy DeFi,” he tweeted, instilling confidence in many DeFi token holders following a market-wide sell-off that saw most virtual assets register large losses overnight.

Decentralized finance is an ambitious trend that aims to give global access to the world’s financial markets. Hence, last year, the DeFi landscape gained huge traction and attracted many investors.

While nobody knows for sure what Musk is intending to send across with his latest tweet, it does show that he’s aware of the nascent market of decentralized finance.

An influential personality with millions of followers, when he/she mentions any asset on social media, people tend to listen and follow. Musk did the same initially with Dogecoin, Bitcoin, and now DeFi could be on his crosshair.

Musk tweets move markets

Based on figures by CoinMarketCap, trading activity in DeFi digital assets grew after Musk’s latest Twitter tease, and the overall market value across the crypto sector rallied by 0.44% to almost $80 billion.

Market advocates are optimistic that Musk’s tweet would lead to a bullish momentum for Ethereum (ETH) – the blockchain upon which most of the decentralized finance applications are built.

Meanwhile, Musk has announced that Tesla would now accept Bitcoin as a form of payment. The chief executive said Tesla operates its own Bitcoin nodes directly, and any BTC paid to the company would be retained as bitcoin and not converted to fiat currency.

Image courtesy of Scientia Plus/YouTube Screenshot

Jet Encila

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Jet Encila

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