Tesla CEO Elon Musk has had a uniquely massive influence on the world’s largest cryptocurrency price movement by market capitalization. Through a couple of tweets, announcements, and a Saturday Night Live appearance, the eccentric billionaire has sent the price of bitcoin on a roller coaster, essentially putting the cryptocurrency’s investors in a vulnerable position.
Whatever his intention, some bitcoiners have argued that it’s practically impossible for bitcoin to be on the leash of one man. Yet, the same bitcoiners have accused Musk of assertively moving the price of the cryptocurrency. Well-known crypto trader CryptoWhale made this observation under Musk’s Friday tweet, in which he posted a puzzling meme suggesting some kind of break up with the cryptocurrency.
CryptoWhale regards these accusations by bitcoiners as “peak hypocrisy” — and Musk seemed to agree with him.
Nonetheless, the price of bitcoin once again fell following Musk’s tweet yesterday.
Bitcoin’s price has been highly volatile in recent weeks, thanks in no small part to Musk pushing a greener bitcoin agenda while suspending BTC payments at Tesla.
BTCUSD Chart By TradingView
Unfortunately, this Elon Musk circus could be ruining bitcoin’s image — a cryptocurrency that is often lauded as an uncensorable asset that also doubles as a hedge against the Great Monetary Inflation. Bitcoin is deemed as digital gold owing to the fact that the cryptocurrency behaves like a risk-off asset like the precious alloy. The dormant cryptocurrency has also been touted as an insurance policy against the unknown.
Is there something the bellwether cryptocurrency can’t do? Much to the displeasure of bitcoin enthusiasts, the cryptocurrency can’t seem to fully shake off Elon Musk’s market-moving effect with each tweet he sends out.
In related news, Musk brought back his bitcoin-themed avatar to his Twitter profile hours ago. The avatar features a Japanese girl with a dress bearing the bitcoin logo. Notably, the girl also has the so-called “laser eyes”.
Suffice to say, Musk has become the Zoella of crypto markets, and there’s no way around it for ardent bitcoin fans for now at least.
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