Despite all the saying that cryptocurrency is decentralized and thus can’t be influenced anyway, Tesla’s CEO Elon Musk has been making waves into the crypto market for a long time. It seems that the decentralized networks do find some sort of social media centralization that depicts their very next moves and the price values. Elon Musk has been supporting Bitcoin for a long time, but he only recently decided to let it go and make Dogecoin (the ultimate meme cryptocurrency) his focus. Bitcoin has had a great run with Musk as his tweets used to send its price skyrocketing, influencing investors and traders to give Bitcoin a more intense thought.
Elon Musk himself did buy $1.5 billion worth of Bitcoin at the beginning of this year only to liquidate these a few days back over concerns regarding excessive fossil fuel consumption regarding Bitcoin mining. No single person or organization should influence cryptocurrency whose only purpose is to be out of any influence.
Elon Musk has Initiated a Chain of Events in the Crypto Market
Elon’s tweet about letting go of Bitcoin for good over environment-related concerns did start a chain of events that sent Bitcoin’s price hurling towards a below $50k limit and allowed for liquidation more than $4 billion in terms of the liquidation of both long and short positions. The capitalization did lose about $400 billion in a single day which was kind of bumming given the only reason to do so were Elon Musk’s tweets about letting Bitcoin go for good. Where were those indicators all along? It is not like that the carbon footprint of Bitcoin was any less in the past than it is now; why the sudden change of heart?
Given these specific events, Bitcoin proponents took it to themselves to have a heart-to-heart with Elon Musk by sending out tweets about how wrong this move has been and why did Tesla didn’t think of it at the time it was acquiring all those Bitcoins? There have been all sorts of drama, from tweets interrogating Musk on his kindled support for Dogecoin to scenarios where people did literally cancel their Tesla’s cyber truck pre-orders. The real question is; do Musk once again want to repeat everything with Dogecoin, or is it a better commodity overall for someone to chip in all their effort?