One of the most notable things around the rise of cryptocurrencies over the last year or so has been the influence that various celebrities and influencers have had over the market. 
The cryptocurrency market is extremely volatile, prone to large price swings in the span of a few hours, and a large reason for this is that the market reacts to statements and actions by those who are considered as influential in the crypto space. 
One of the most important and influential figures in this regard has been Elon Musk, the CEO of SpaceX and Tesla, among other companies. Musk has long been a champion of cryptocurrencies, advocating for their adoption, and putting out various statements and <a href="https://winz.io/blog/how-memes-tweets-and-news-affects-the-price-of-cryptocurrency/">tweets that have sent crypto assets soaring</a>. 
However, this enthusiasm seems to have cooled a little in recent weeks, with the result that the crypto market is now in a downtrend, based on comments made by him on television, as well as a decision by Tesla. 
While we will look at these actions in more details, it has never been more evident that the South African-born entrepreneur has a huge influence on the crypto market, which is an uncomfortable situation given his own crypto holdings as well as those of his companies.
Musk’s support has largely been lent to Bitcoin and Dogecoin, while he has supported the crypto industry in general. While Bitcoin is well-established as the largest cryptocurrency in the world, Dogecoin, which is a take on the ‘doge’ meme, has been <a href="https://winz.io/blog/dogecoins-fascinating-history-and-evolution-till-today/">one of the fastest-growing cryptocurrency tokens</a> in the last few months. 
Musk has frequently tweeted in support of both these tokens, which have usually resulted in their prices increasing at a rapid rate for the next few hours. However, he recently appeared on the American TV show ‘Saturday Night Live’, where, during one of the segments, he called Dogecoin a ‘hustle’. 
This sent Dogecoin spiralling &#8211; the token was down by nearly 30% in just a couple of hours after the show aired, and it was quite a disappointment for crypto enthusiasts, who had been waiting in anticipation to see what Musk would have to say about cryptocurrencies during this appearance. This is quite the comedown for Dogecoin, which has previously surged on the back of Musk’s cryptic tweets of support. 
The currency was up by nearly 7000% this year at one point, and while it is still significantly higher than where it ended 2020, it seems as though a lot of its momentum has been lost after this incident. 
It is also interesting to note that amidst all this, SpaceX recently announced a lunar mission that would be funded completely by Dogecoin, in another show of support for the cryptocurrency which had a positive impact on Dogecoin&#8217;s price. 
The Geometric Energy Corporation has commissioned this mission, called DOGE-1, with a 40 kg payload to be flown on SpaceX&#8217;s Falcon 9 rocket. The payload will have sensors and cameras on board for integrated communications and computational systems, and this mission will &#8220;demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce&#8221;, according to Tom Ochinero, SpaceX vice-president of commercial sales.
Another example of his influence has come through Tesla, the autonomous car manufacturer of which Musk is CEO. Bitcoin received a big boost in February when <a href="https://winz.io/blog/bitcoin-hits-new-record-high-as-tesla-announces-investment/">Tesla announced that it had bought $1.5 billion worth of Bitcoin</a>, and that it would now begin to accept Bitcoin from customers as payment for its cars. This made it one of the biggest companies to accept cryptocurrency as payment, and helped provide a level of legitimacy to cryptocurrencies. 
However, last week, Tesla suspended vehicle purchases via bitcoin, citing concerns over the increasing use of fossil fuels for bitcoin mining. This has been a general concern around cryptocurrency mining for a long time now, as it is extremely energy-intensive, and this has led to questions around the use of fossil fuels for crypto mining removing the benefits of using renewable energy all around the world. 
Tesla’s status as the world’s biggest electric car manufacturer was directly in opposition to this, and therefore it needed to distance itself from cryptocurrencies in light of these rising concerns. 
However, there have been questions raised around these actions, as some people believe that this is just a ‘pump and dump’ strategy by Musk and Tesla to increase the value of their Bitcoin holdings before selling them. 
Musk has clarified in a tweet that Tesla has not sold any of its Bitcoin yet, but again, this episode is another example of the large influence that Musk has on the crypto industry and the price movements of various crypto assets.
Cryptocurrencies are accepted as being extremely volatile, but it is rare that an asset class is so influenced by the actions and statements of one individual.

Elon Musk and his influence on cryptocurrencies

Cryptocurrencies have never been as popular as they are at the moment, with the crypto market having delivered fantastic returns over the last 15 months or so, even after accounting for the dip in prices over the last couple of months. 
The most encouraging thing about this rally is that crypto seems to be here to stay, as some of the biggest companies, banks, and financial institutions look for ways to get into the market. 
We are also seeing multiple sectors where crypto is becoming more and more important, and it is being considered as a difference-maker in terms of the various advantages it can bring, along with blockchain. 
One of the more surprising trends in this regard is the rise of Ripple as an option to use while gambling online, and it is quite interesting to note how this development took place.
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At the outset, it must be noted that Ripple has never focused on the online gambling market. Instead, it has focused on real-world use cases such as live streaming payments, the internet of value, and cross-border payments. XRP is much cheaper, safer, and faster compared to other popular cryptocurrencies, and the fully regulated online gaming industry is expected to embrace XRP-Ripple as a banking method in the future.
It is important to understand just what Ripple is, as this will help us figure out why it is so popular with online gambling fans &#8211; it has become the second-most popular crypto option after Bitcoin for online gambling. Ripple is a payments settlement system and currency exchange network that can process transactions around the world. 
The idea is that Ripple serves as a trusted agent in between two parties in a transaction as the network can quickly confirm that the exchange went through properly. It is therefore intended to be a replacement for the existing SWIFT system of global money transfers, and thus it is no surprise that Ripple payments are extremely fast.
Ripple is one of the banking methods that offers the fastest transactions. Its funds settle in any part of the world within seconds. The company that operates this cryptocurrency is always looking to enhance its services and products to meet the needs of different individuals. The Cobalt update is one of the current innovations of the company. 
And with this innovation, XRP has become faster than ever. With this in mind, more and more online casino players are starting to use this option to make deposits. They know that they will be able to play in no time after confirming their transactions. 
Withdrawals are also nearly instant, so players can receive their winnings as soon as they put in requests for withdrawals from their accounts. The speed of transactions is one of the biggest reasons for Ripple’s popularity in online gambling circles.
It is also notable that while Ripple transactions are not 100% free, they are almost free. As a Ripple user, you will only be charged fractions of a penny to receive or send your funds. Additionally, another important factor is the safety of using Ripple. 
Safety is among the top things that many gamblers consider when choosing a payment method or a gambling platform. Ripple is one of the safest payment methods and cryptocurrencies available out there. Its users have never experienced any troubles concerning security. 
The Ripple system is primarily based on blockchain technology that is updated each day. The backing of banking institutions like Santander, UBS, and Union Credit clearly indicates that this cryptocurrency is safe to use.
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Finally, Ripple offers flexibility, since the platform can also be used to exchange from one currency to another, with both cryptocurrencies and fiat currencies being supported. Again, fees are extremely low, as low as 0.000001 XRP, making this an extremely attractive option.
Thus, there are already multiple online casinos that accept XRP payments, and we can see why this has become so popular, with several advantages over fiat currencies as well as other cryptocurrencies. 
Ripple may not have been designed with the online gambling community in mind, but it has certainly become one of the mainstays of crypto gambling, and this looks like being one of the biggest driving factors for the currency in the coming months and years.

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