Elon Musk certainly is riding the ebb and flow of crypto people. He was a hero earlier in the year when it came out that Tesla (as well as him and SpaceX) bought into Bitcoin. This sent the crypto world flying. He then backed it up a few months later by announcing that Tesla would accept Bitcoin as payment.
Of course, since that time, he did a rug pull by reversing the last decision because of the energy usage of Bitcoin mining.
In this video I discuss, in spite of all Elon's negative rants, this is great for cryptocurrency. He is giving us exposure we never dreamed possible. He is 10x in terms of the reach of John McAfee, a clown in his own right. Essentially, when Elon speaks (Tweets), it gets attention.
▶️ 3Speak
I don't know how knowledgeable Elon is about crypto but I would trust people like Vitalik more than him. I do think he probably knows more than the normal retail trader but I do think he has too much on the table to be truly be considered an expert (Tesla, SpaceX).
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When it comes to the tokenomics and coding of these things, I would side with Vitalik also.
He is one who is really on the ball with this stuff.
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Elon brings attention. Is not bad in general for crypto.
More interesting is, What happens at an ultimate black swan event aka a bear market.
Sell off? Hodl? Panic? Regulations?
I think at the end, this will be the interesting part of the game. At the moment look the NGU and chill out :)
People can be easily manipulated. Many do not have long term vision, and they sell their crypto panicking in the first bear market. Later (when the price moves up again) they have regret. Or they simply do not even look at the market again.
Well we know what bear markets do to people, especially those that help to create the mania. They get wiped out and leave. We see this repeated over and over.
Fortunately, I do not believe it is question we have to deal with for another year or so. Hopefully by that time the development will have placed us a lot further ahead than where we are now.
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When Elon Musk hero for crypto world everything was good for me. But then he explained not exepted bitcoin for Tesla I lost my earnings lots of. I think he is talking too much.
You mean accept. Tesla is his own company he has every right to accept or reject any given cryptocurrency. He wrote that they look for other cryptocurrencies. This could be good for cryptocurrency.
I think the old saying, no press is bad press applies here. Although I do feel kind of sorry for the not so intelligent people who hang on the guys every word and blame him for every pump or dump in the market.
This is why he is able to manipulate the market (and the people themselves). There are many of those people. They are probably the majority.
He didnt manipulate the market. The impact he had on price is much less than what the future market is doing.
That is where the real action is. Blackrock and the like are still the big fish. Musk's tweets and his minions are nothing compared to them.
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Well I find it a really curious way to go through life. A guy like Musk is obviously very smart however that does not mean he knows or is right about everything.
People like him are good starting points for one's research but that is it: only a starting point.
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I think he likes to be in the spotlight and also be in the trends so he can say dumb shit and not even think twice. He maybe be good for crypto at the end of the day but we could definitely do better in terms of promoters
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No doubt Elon tweets about crypto are getting speculators curious and converting some of them to buying their first crypto be it Doge or BTC.
Relating to this is my girlfriend asking me if I saw what happened to Bitcoin. I couldn't contain the my laughter but ended up asking her "what happened to Bitcoin" it was an opportunity for me to go on rambling again which I did but the point is the crypto publicity Bitcoin is getting from Elon or even China could be having a negative impact on the price at the moment but in the long term it all runs to the positive in various aspects.
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Of course he do. He is amongst the richest people of Earth. People pay attention the rich, and (usually) ignore the poor.
Why listen to the poor on financial matters? Isnt that like listening to the fat on fitness and nutrition matters?
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I don't think Elon is ultimately good or ultimately bad for crypto world, but I would think that the days when he was undisputed Crypto Influencer and when his tweets could move market might soon be behind him.
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