Crypto Elon Musk is trying to manipulate Bitcoin

[arunima25]

I am not personally involved with cryoptocurrency. And I have very little understanding about it. I am eager to learn about it and the little I have learnt about cryptocurrencies is through the interactions and involvement in various forums where people talk about it. Now few months back, Crypto market saw a steep dip and its value hit the lowest bottom. Elon Musk's statement about not accepting Bitcoin saying that it is a danger for the environment had a cascading effect on the value of Bitcoin. I read many discussions here around that. Now, I just heard in the morning news that the same Elon Musk might consider taking back Bitcoins. How do you see this current development and what effect can it bring to the cryptomarket?

 

[Josemendez]

Well , you might call it manipulation but I think Elon Musk is only doing what he believes is right. When he stopped accepting bitcoin , it was because bitcoin Mining was discovered to be very harmful to the environment thus Elon thought it wise to avoid bitcoin but since the miners have developed green energy for Mining , he has to accept it back again.

 

[Sherman198]

In my own opinion, I think he's just acting like the way all these smart-aleck business men always does....He is just trying to control the market to his own favour. I don't this guy cares too much about the growth of the cryptocurrencies ecosystem. We can can all see what he did the Doge coin.

 

[Chibson]

that is exactly what every businessman we do if given the opportunity that Elon musk has and of course he has a lot of influence especially on social media platform like Twitter where there are a lot of cryptocurrency traders trying to make money. people believe so much that he has insider news about those that wants to buy cryptos so whatever he says people will follow suit and that is the reason why the price of cryptocurrency always favors his tweets.

 

[Mika]

I do not like how people are misquoting and misinterpreting Elon Musk. He is just a simple guy who is interested in cryptocurrency and wants the cryptocurrency market to flourish. He is not a developer, not a creator of any coin. He is just an investor. When he announced Tesla will not accept bitcoin for its use of coal for mining, he was talking appropriately because mining consumes a lot of resources.

 

[Alexandoy]

In another forum someone explained that it is not Elon Musk but the traders who are using Musk's statement to perk up the Bitcoin. When they buy Bitcoin the price tends to go up. When they sell Bitcoin the reverse happens. It is not Musk but those who buy and those who sell who are manipulating the price of Bitcoin.

 

[arunima25]

I do not like how people are misquoting and misinterpreting Elon Musk. He is just a simple guy who is interested in cryptocurrency and wants the cryptocurrency market to flourish. He is not a developer, not a creator of any coin. He is just an investor. When he announced Tesla will not accept bitcoin for its use of coal for mining, he was talking appropriately because mining consumes a lot of resources.

I agree there. Even I feel that it is a hype that is created around his statements and opinions. He is a man of stature and so his statements catch a lot of attention. But at the end of the day, his role in crypto market matters. And you rightly said that he is an investor there and he is entitled to have an opinion of his own.

 

[Wisdom01]

He have a lot of followers that can influence the market ,and at first he was the one that caused the first bearish run this year after stating that telsa would no. Longer accept bitcoin again, so if he consider accepting Bitcoin it's going to have a positive sign on the market and probably contribute to a large increase in Bitcoin value , telsa accepting Bitcoin is a benefit

 

[arunima25]

He have a lot of followers that can influence the market ,and at first he was the one that caused the first bearish run this year after stating that telsa would no. Longer accept bitcoin again, so if he consider accepting Bitcoin it's going to have a positive sign on the market and probably contribute to a large increase in Bitcoin value , telsa accepting Bitcoin is a benefit

Yes, it should have a positive effect on the market and let's hope that the crypto market values bounce back soon. I am not into crypto and have very little knowledge about it and no personal experience. Many feel that Musk can not effect the crypto market as he is just an investor there and does not play any role like a creator or one deciding the values of crypto currency. But it seems that he enjoys a status where his mere opinion can bring effects, at least for some time.

 

[Mika]

I agree there. Even I feel that it is a hype that is created around his statements and opinions. He is a man of stature and so his statements catch a lot of attention. But at the end of the day, his role in crypto market matters. And you rightly said that he is an investor there and he is entitled to have an opinion of his own.

I follow Musk on Twitter. Recently, I saw someone bashing Musk by replying to his tweet. he was saying he lost his fortune because of Musk. This is insane because Musk never asked anyone to invest in anything. Why did this guy rush t buy a coin jut because Musk shared a meme about this coin?

 

[minenovo]

A lot of people buy or sell cryptos depending on what Musk says. He's a celebrity and people look up to him. It may not be a wise decision, but it happens, for better or worse.

 

[arunima25]

I follow Musk on Twitter. Recently, I saw someone bashing Musk by replying to his tweet. he was saying he lost his fortune because of Musk. This is insane because Musk never asked anyone to invest in anything. Why did this guy rush t buy a coin jut because Musk shared a meme about this coin?

Very true! People who are into crypto should keep themselves updated and informed about them before investing or making any decision of buy and sell. Like any risk involving investments, crypto would need one to be updated with the developments and read the market carefully and minutely. Someone's decision should not be based on a celebrity's remarks. His statement might make news because he is in that position but would not actually have any direct impact on the crypto market.
I read another news headlines today that he has made dogecoin prices spike up as his company will accept them.

 

[ArbitrageGuide]

I think Elon Musk has started to control DOGE again as you can see he already wants to return the DOGE payment to Tesla, in fact I am very glad that at least someone can have such power in cryptocurrency as Elon Musk

 

[arunima25]

I think Elon Musk has started to control DOGE again as you can see he already wants to return the DOGE payment to Tesla, in fact I am very glad that at least someone can have such power in cryptocurrency as Elon Musk

I won't say that Elon Musk controls Dogecoin in any way. But definitely he influences it to a great extent. He is a celebrity, icon to many and a great influencer. He has a wide social media presence with huge following. So, his statements and approval or disapproval for any crypto currency has an impact. He meand business and is not much concerned about cryptos. But yes, he can influence the market to some extent if not to great extent. Hid statements might be a catalyst and that can not be undermined.