Elon Musk has too much influence in the cryptocurrency world
Apart from keeping a close eye on the charts, many crypto enthusiasts often hold an eye on Elon Musk’s Twitter account. His tweets, for example, have had a significant impact on dogecoin prices in the past. Musk just tweeted an optimistic message about cryptocurrency in general.
Musk has lately been in the headlines due to his Tesla’s decision to no longer consider bitcoin as payment. He is worried about the effect on the environment, 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 issues, 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 Bitcoins. As a result, the currency’s exchange 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.
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