Elon Musk has too much influence in the cryptocurrency world

bitcoin elon musk influence tesla dogecoin

Apart from keeping a close eye on the charts, many enthusiasts often hold an eye on ’s Twitter account. His tweets, for example, have had a significant impact on prices in the past. just tweeted an optimistic message about in general.

Musk has lately been in the headlines due to his ’s decision to no longer consider as . He is worried about the effect on the , for example. Musk, on the other hand, has said consistently that he wants to support cryptocurrency in general.

Someone asked Musk on Twitter today what he feels about the fact that he has had a lot of negative feedback. Musk’s answer reveals that he thinks this debate is diverting attention away from the actual war. The actual fight is taking place elsewhere:

Following the tweet, the market seemed to have gained some positive traction. The price of Bitcoin, for example, increased by a few percent. It’s impossible to say if this is due solely to Musk’s optimistic tweet.

Elon Musk is too influential

Many people are critical of Musk’s effect on cryptocurrency markets, both optimistic and negative. He is, for example, responsible for the recent decline in the bitcoin price. Owing to environmental , Tesla can no longer support bitcoin. Is there, though, more to this decision?

In early February, Tesla revealed that it would welcome Bitcoin as payment. Around the same time, the electric vehicle manufacturer announced the purchase of $ 1.5 billion in . As a result, the currency’s rate was sent to new levels.

Tesla made a $100 million profit last month by selling 10% of its Bitcoins. Musk stressed last week that the rest agreed to keep Tesla on the balance sheet for the time being.

This article is not sponsored in any way. Our income comes only from donations, so we don’t depend on anyone. Read more about our journalistic values and how you can support our mission.

Nothing on Cryptinus constitutes professional and/or financial advice. Always think for yourself and make sound decisions when investing. Never money that you can’t afford to lose.