Elon Musk and Bitcoin: A love-hate relationship?
By Samyukta Narasimhan, Content and Growth Strategist at Moving
Convincing your father that bitcoin is a golden investment is a tough conversation as it is, but getting Elon Musk to decide his stance on it is even tougher. I’ve never seen such an individual with such power to move markets be on the fence about the hottest coin out there. What’s more volatile: Elon Musk or Bitcoin?
The Bitcoin community is getting a bit frustrated over the already slumped momentum of BTC, and Elon’s tweets aren’t helping out very much at this point. On July 8, Max Keiser and Stacy Herbert hosted an Elon Musk-inspired show in Austin, Texas. Aptly named “F*ck Elon,” the event, which included a large number of Bitcoin (BTC) maximalists, was surely a rowdy affair. Where did this negative uproar come from you ask?
In early May of this year after a long-standing of supporting bitcoin, Musk announces that Tesla was no longer accepting BTC as a method of payment citing environmental concerns that don’t align with Tesla’s base sustainability principles. BTC plummeted immediately after his tweet, making his popularity slowly fade when the masses realized his power in manipulating markets.
Many Bitcoin maximalists who vocally supported Elon turned around and started to have reservations and viewed him with suspicion and disdain. After all, Tesla had made more money from its Bitcoin investments than actually selling its electric cars, this sudden turn of events blindsided the masses and left us with a sense of betrayal. They once saw value in Bitcoin and Bitcoin saw value in Musk, one of the most influential people on the planet. In many ways, it was a match made in heaven.
Three weeks ago, the Tesla CEO announced that the company plans to accept Bitcoin once clean energy goals are met. In other words, Bitcoin and Musk have unfinished business. Considering that the future of Bitcoin appears to be inextricably linked with clean energy, the future of Bitcoin also appears to be inextricably linked with Musk.
Right now, his influence over the market appears to be diminishing over time with his hot and cold temperament, but there is every reason to think that will change. This was proven a few days when Elon was seen trying to push Dogecoin in a failed attempt on Twitter. He tweeted in support of DogeCoin saying “Release the Doge!” The coin’s price lifted slightly, but not as much as it would have a few months ago.
“It seems that investors are no longer listening and are finally realizing that the tweets of one man should not be the deciding factor for whether they buy or sell their assets,” Alexandra Clark, sales trader at UK-based digital asset broker GlobalBlock.
And Musk is a first-class manipulator. Dogecoin (DOGE) is a fun coin but it doesn’t appear to have a legitimate future seeing that there are no real fundamentals backing the coin. Bitcoin, on the other hand, appears to have a very bright future. It’s fun to mess around with DOGE, but if you’re serious about cryptocurrencies and technology, you marry Bitcoin.
Musk once again made another controversial tweet rooting for Dogecoin while flagging Bitcoin Ethereum. He implied that Dogecoin will be one of the most used cryptocurrencies while Bitcoin and Ethereum are encumbered by transaction rates that are too “slow” and transaction costs that are too “high”.
Coin Telegraph has described this whole affair between Elon and Bitcoin as a ”toxic relationship”. The article states — One day he is bowing down and homage to the Chinese Communist Party, the next day he is a hero a pedophile on Twitter. Musk is an erratic force. He is the only man who can match Bitcoin’s inherent volatility. In a toxic relationship, exhaustion is the norm. Musk is an exhausting influence and there is reason to believe that he will continue to exhaust humanity, especially those within the Bitcoin community. Toxic relationships are also synonymous with deceit. A highly intelligent individual, Musk is also prone to exaggerations and false promises.
Is the cold war between Elon and Bitcoin over? Who do you think will take home the win? Our money is literally on Bitcoin!
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