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How Might Musk vs. Zuckerberg Fight Impact Crypto?

Author: Oyku Yavuz Date: 2023-06-26 07:40:06

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The tech titans are fighting. And no, not hypothetically.

Elon Musk and Mark Zuckerberg, two of the world’s most potent billionaires, provoked each other last week into a cage fight.

It all started when Elon Musk jokingly responded to rumors about Zuckerberg’s Meta working on a Twitter competitor by tweeting: “I’m up for a cage match if he is lol.” Zuckerberg then accepted the challenge by replying on Meta-owned Instagram: “Send me location.” As Zuckerberg is known to be more reserved compared to Musk, who is arguably one of the most controversial figures on the Internet, his immediate prompt for a location ignited a social media firestorm. Musk and Elon fans have begun arguing, betting, and meme-ing on which of the tech moguls would win a hypothetical fight.

Can a potential cage match between Musk and Zuckerberg affect cryptocurrencies? 

So what does this newest internet craze mean for the crypto space? Let’s go back in history for a moment. To start off, both Musk and Zuckerberg have shown interest in crypto and at times, the ability to influence the ecosystem.

  • Elon Musk creating waves in the crypto market

Musk has become a key figure in the crypto space, impacting prices significantly with his tweets. Specifically, the billionaire has a long history with Dogecoin. Musk started it all with a string of tweets and comments back in 2019, where he expressed interest in Dogecoin through statements like “Dogecoin is the people’s crypto.” In 2021, Musk prompted a significant spike in the value of Dogecoin after tweeting, “One word: Doge.” The value of Dogecoin has seen a rise of over 800% following Musk’s 2021 tweets. His support of the coin continued over the years, and just a few months ago, Musk created another spark by inexplicably changing the Twitter logo to that of Dogecoin and removing it three days later. Over the years, he has also shared his shifting opinion on Bitcoin and Ethereum, which has created notable volatility in the market.

Having been closely attached to Dogecoin, one could speculate that if Musk were to win the cage match, it could lead to a temporary rise in the value of the meme-based coin, whereas a loss could cause a market dip. In fact, right after Musk’s invitation to the cage fight, Dogecoin saw an increase in value. The spike did not last for long, but it still evidenced Musk’s sway over the DOGE markets.

  • Zuckerberg’s failed stablecoin project and the transition into Meta

Zuckerberg is also no stranger to the crypto space. In 2019, the tech stalwart announced that Facebook would introduce a stablecoin using fiat reserve assets. He positioned key partners, including Visa, Mastercard, and eBay, to support the digital currency project named “Libra”. The dream didn’t last long, as Libra came under close investigation from regulators due to legal and privacy concerns. After a few rebranding attempts and more scrutiny, Libra lost most of its support from its partners and eventually dissolved.

Zuckerberg then shifted his focus toward the metaverse, changing the company’s name from Facebook to Meta and announcing that the rebranded company will prioritize creating new experiences through virtual reality. Compared to Musk however, Zuckerberg has exhibited much less direct influence on any specific crypto project. Maybe that’s the reason why most of the crypto community is currently betting on Musk’s victory in the cage fight.

New altcoins emerging from the Musk vs. Zuckerberg rivalry

The possibility of this cage match also inspired the emergence of some new altcoins. One of them, created on the day that Musk challenged his foe to a fight, is literally named “Musk vs. Zuck” (MUSKVSZUCK). The chance of these new coins surviving beyond the current spark is, of course, debatable. Dogelon Mars (ELON), launched in 2021 concerning Dogecoin and Elon Musk’s plans to colonize Mars, also saw a temporary spike.

But seriously, who would win in a fight between Musk and Zuckerberg?

While loyal fans of both sides are digging through the fitness pasts of both sides, the answer to that question remains a mystery. Zuckerberg has been known to pursue Brazilian Jiu-jitsu as a hobby, while Musk reportedly told UFC boss Dana White recently that he “has done martial arts and he has been in plenty of fights growing up in South Africa.”

Nevertheless, at the time of writing, whether this fight would actually take place is still dubious. The heated internet buzz at the moment can cool down any minute. One thing is crystal clear though, what sparked this unexpected cage match between Musk and Zuckerberg was the latter’s plans to launch a competitor to Twitter. The rivalry between these two tech giants, spanning across the instant medium of social media, has the potential to influence cryptocurrency trends in terms of market trends and price movements.


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