Elon Musk, the billionaire founder of Tesla and SpaceX, has touted the revolutionary impact of cryptocurrencies – while seemingly poking fun at the concept in the aforementioned breath.

In a video that was uploaded by Kevin Svenson, Musk tin exist heard saying, "there is a good chance that crypto is the time to come currency of World." How ironic would it exist if Dogecoin (DOGE), the coin invented equally a joke, wins out in the end, Musk pondered.

"What would be the most ironic result? That the currency that was invented every bit a joke in fact becomes a real currency," he said.

DOGE has been at the heart of a massive pump-and-dump spurred on by Reddit traders and investors who accept get highly receptive to Musk's tweets. The latter military camp isn't pocket-sized, either.

A recent study from Blockchain Research Lab titled, How Elon Musk's Twitter activity moves cryptocurrency markets, showed the billionaire has a positive influence on digital asset values and trading whenever he tweets about them.

The report said:

"Beyond all events, we place pregnant increases in trading volume that are attributable to the events."

Musk's ability to move the markets through Twitter has left some investors worried given the enigmatic CEO's turbulent history with the Usa Securities and Exchange Commission, or SEC.

As CNBC reports, Musk's tweets were behind the contempo 12% surge in CD Projekt, which created the role-playing video game Cyberpunk 2077. Although Musk's tweet had substance – namely, that Tesla's Model Due south Plaid auto would permit passengers to play the game – his apparent shilling of the GameStop short squeeze could have negative consequences for retail traders who become caught up in the hype.

Afterward breaking above $500 in late January, GameStop'due south share price has plunged all the fashion dorsum to the sub-$70 level.

Musk has run afoul of the SEC in the past after tweeting his desire to take Tesla private at $420 per share. He and Tesla each had to pay the securities regulator a $20 meg fine to settle fraud charges related to the tweet. The settlements had serious ramifications for the electric vehicle maker's corporate structure:

"The settlements, which are subject to court approving, volition result in comprehensive corporate governance and other reforms at Tesla—including Musk's removal as Chairman of the Tesla board—and the payment past Musk and Tesla of financial penalties."

"I do not respect the SEC," Musk said later he paid the fine.

Despite the regulatory backfire, Musk told hr in a Dec 2018 interview that his tweets will not exist censored. He explained:

"The simply tweets that would have to exist say reviewed would exist if a tweet had a probability of causing a motion in the stock."