is Elon Musk Good for Crypto Market ?
Elon Musk seems to be controlling the crypto market for quite some time. His tweets are playing an important role in price determination of cryptocurrency is in the market and the majority of users will agree that no he has been playing with the market like a game. Sometimes he says that Tesla will accept the BitCoin as a payment and sometimes he says it will not be accepted so it feels like he's creating confusion and FUD in the market.
He is a rich person and has a great influence across the world so as to make more money for himself but at the same time it is affecting a lot of builders who are following his tweets closely. I think that the crypto market should not be driven by him because it is so big and 1 person should not be in a position to drive it the way he wants. He made Doge lists in the top 10 coins as per market cap while we know that doge is a coin with no fundamental value. There are many more coins that deserve to be in that place and I can say that HIve is the best example but he has chosen the one which is not deserving the value.
Bitcoin jumped above $39,000 after Elon Musk said Tesla Inc. would resume transactions with the cryptocurrency when mining is done with more clean energy.
The electric-car maker will allow Bitcoin transactions again “when there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend," Musk, Tesla’s chief executive officer, said in a tweet.
Crypto was doing good when Elon was not entered here and I think that it can do well even when he will not be so, we should not pay more attention to his tweets. But sadly people are following him and its working both ways like- some people are able to make money and some of them loosing.
Crypto is here to stay and if there would be a situation when one person can impact it then later we might see someone else doing it. Its good that more investors come and and big institutional funds flow in and it will help the market grow and this is needed.
In my personal opinion, Elon is not doing good with crypto but I would like to know what others think about it. What do you think about it?
Thank you so much
Stay Safe
Hello friend, the truth is all about a game to grow without more if fortune, I think you have lost credibility with everything you have said. The great entrepreneurs only want to increase capital, no matter the way, only the result. Greetings.
Hi @reeta0119. I share your opinion, this person should not have so much influence on cryptocurrencies, or any other just for being a celebrity or someone important, it is different when the price of coins respond to a phenomenon of the market itself, but they are affected by the comment of someone on twitter does not favor the ecosystem.
Hi interesting topic here what i actually understand from the recent market dip, there are two different crypto users those who believe in crypto and those who just want to earn from market movement Elon musk here is into crypto for the money and definitely hes doing his best to accumulate more money using his influence.
@tipu curate
I don't pay too much attention to this guy, to be honest.
this is the right way and he does not deserve it
I don't pay too much attention to this guy, to be honest.
@tipu curate
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TrufflePigI sincerely don't like the way Elon is going about the crypto thing, he is just playing with people's emotions and throwing people off balance to his own advantage.
I really feel crypto is bigger than him or his emotions and it should remain so and be treated as such.
Greetings @reeta0119, no doubt your approaches show us how manipulable the crypto market is, it is one of the great weaknesses that I personally observe, however we must adapt to the game of the big investors. Thank you for your contribution