#Elon Musk There is such a thing as spinach in the crypto community. Either you love him or you hate him. With his clever tweets and 55 million followers, the boss of Tesla, SpaceX, and The Boring Company has been rocking the crypto world for months and doesn’t seem to have had enough at the moment.
Between love and hate
Elon’s relationship with cryptocurrency has gone through all stages, from falling in love to (almost complete) breaking up. Today it is believed that cryptocurrency is harmful to the environment. We’ve already written about it, but back to the topic. Whenever a tweet appears with his comment on the crypto world, the crypto world seems to respond to it. How responsible are his tweets for earthquakes in bitcoin, dodgecoin and other cryptocurrencies?
Twitter, Elon a krypto
Thanks to Twitter, Elon managed to attract a decent number of fans among crypto enthusiasts. He first commented on bitcoin 7 years ago, when he wrote that it “may have been a good thing”. In 2019, when cryptocurrencies experienced an unprecedented boom, he started tweeting more about cryptocurrencies.
He then invested $1.5 billion in bitcoin through Tesla, and when he tweeted that the company would start accepting bitcoin as another official currency, the markets went crazy. The first large and reputable company to accept Bitcoin payments? For many, it was a sign of the market’s seriousness and a number of new investors entered the market at the time. Shortly thereafter, Bitcoin reached its limit – 58 thousand dollars per coin.
Then Elon changed his mind
A few months later, Tesla sold 10% of its bitcoin, causing panic among investors. Elon then wrote that it was a test of liquidity and that he still owns the vast majority of his investments. Then came: a tweet expressing concern about how crypto mining is affecting our environment, and that Tesla will not accept Bitcoin as an official form of payment. Then the coin fell to 30 thousand per coin.
Is Elon a crypto expert?
The simple answer is no. The fact is that market developments are affected by a number of factors, and it can be said that Elon is indeed one of them. “Influencers like Elon Musk have a huge impact on the value of cryptocurrencies in the short term.” explain Bitcoin educator Dusan Matuska. “But in the end, the market is moved by people and emotions. By trusting Elons, they jump on the train or sell in a panic. The trend shows us that his tweets are less powerful today,” Add.
The fact remains that Bitcoin’s peaks and troughs are not the result of a single person’s activity. Cryptocurrencies are not owned or controlled by a single human or company, which would directly conflict with the reasons for their existence. Twitter Elon is still worth following. He is an interesting man who, as the owner of ambitious American companies, has influence. Even for the crypto world.
“Analyst. Total tv trailblazer. Bacon fanatic. Internet fanatic. Lifelong beer expert. Web aficionado. Twitter buff.”