Elon Musk from influencer to crypto market villain

in LeoFinancelast month



The Bitcoin free fall continues, for some analysts the reason for this unusual and tumultuous behavior is being induced by Elon Musk, within the arguments experts refer that the current unchecked price plunge is given after the magician and owner Tesla published on his twitter account that for him the prices of both Bitcoin and Ethereum seem to be very high.

Undoubtedly these statements by Musk are very captious and give much food for thought, because although the BTC rose in price after Elon Musk added the word Bitcoin to his Twitter biography and bought a considerable sum of Bitcoin, it is also true that this action may be a kind of plot to sabotage the cryptocurrency market.


Fig. 2 Bitcoin price line for the last 7 days. Image captured from: Coingecko.com

The unusual and sudden price plunge may also be associated with attacks by Janet Yellen, former chairwoman of the US Federal Reserve and current Treasury Secretary, who recently stated that bitcoin is "an extremely inefficient way to transact".

We already know that the economic power on a global scale has previously shown skepticism with Bitcoin, and during all this time it has not had any impact on investors, so it is time to be cautious and capitalize on this new movement that Bitcoin offers us.

BIBLIOGRAPHICAL REFERENCES CONSULTED:


[1] Paul R Elon Musk, Bill Gates and Janet Yellen are driving bitcoin down. CNN - Financial Market. February 24, 2021. Article: Online access

[2] Serbiá X Is bitcoin a threat to the US dollar?. CNN - Financial Market. February 26, 2021. Article: Online access


OBSERVATION


The cover image was designed by the author: @lupafilotaxia, incorporating the public domain image background: Juhele, 2019



Posted Using LeoFinance Beta

Sort:  

It's just the media trying to spin his comments as FUD. Also, It might also be a ploy by him to reduce the price and then buy back in.

Posted Using LeoFinance Beta

Hello friend @belemo now that you mention it may be a simple tactic to attract investors and then start selling at a better price, however, in particular I have doubts about the role that Musk has been executing in the crypto market. Thanks for your visit to the blog

I love the fact that when the last rally was happening some how magically the transaction bank transactions stopped working lol

Posted Using LeoFinance Beta

Good point, certainly Bitcoin has the ability to not only collapse the crypto market but also the traditional markets. Thanks for your visit to the blog

Well, people still look up to other individuals who are deemed successful for direction(s). There is no denying Elon's influence and how it has impacted the price of bitcoin over the past two months. However, it will take more than just one man to drive the bull run.

Posted Using LeoFinance Beta