Is Elon Musk dangerous for cryptocurrencies?

Thu 17 Jun 2021 ▪ 8h56 ▪ 3 min read — by Adrien Stefanini

In recent weeks, Elon Musk has hit the headlines everywhere. After causing a crash in the Bitcoin price, the TechnoKing/President of Tesla seems to be playing with different cryptocurrencies. His tweets can crash certain cryptocurrencies, but also generate a huge craze for others that were previously relatively unknown. It is becoming difficult to decide on the role played by Elon Musk in the cryptocurrency market.

Elon Musk and his chaotic tweets

Elon Musk is regularly behind controversial tweets. For this reason, he has a major influence on Bitcoin, but not exclusively. For example, he recently tweeted about the CumRocket (CUMMIES), a token that could be used in the adult film industry. Until Elon Musk’s first tweet, this token went almost unnoticed, but as the result of his tweets, people went mad for the token, and CumRocket saw its value quadruple in the space of ten minutes. For Erik Nurm, the founder of CoinSwap, Elon Musk has been trying to manipulate the cryptocurrency market since he is no longer able to tweet about Tesla.

Can we buy a Tesla with bitcoin (BTC)?

Bitcoin’s latest drop is due to a tweet from Elon Musk, where he explained that he was reversing his decision to allow the purchase of Tesla cars with bitcoin. In the end, the CEO of the company again reversed his decision, saying this time that you could buy Teslas with bitcoin, but only when 50% of BTC mining uses clean energy.

Elon Musk, a magnet bringing new people to the space

Today, it is difficult to say whether Elon Musk is a danger or not for the cryptocurrency market. Although his flip-flopping has led to some unexpected twists and turns, he still attracts new people to cryptocurrencies.

Musk is a well-known personality and his tweets are read daily by millions of people. In the short term, his tweets can cause significant losses for people who have already invested in bitcoin, for example, but we must not overlook the positive effects of his resounding announcements.

Elon Musk now has some serious power in the world of cryptocurrencies, but he doesn’t seem to be taking on the role of crypto champion. However, he doesn’t seem to want to destroy the cryptocurrency market, because if he did, he would have done so already. So, we will just have to wait and see what the next tweet will have in store for us!

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Adrien Stefanini avatar
Adrien Stefanini

Ingénieur de formation, et spécialisé dans les nouvelles technologies, je me suis toujours intéressé à la blockchain et aux cryptomonnaies. Je suis heureux de faire partie de l'équipe CoinTribune.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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