Elon Musk Love & Hate relation With Bitcoin Continues: My Take On This!
In the tweet below from Cointelegraph,
Sygnia CEO Magda Wierzycka made these two hard statements against Elon, in Bruce Whitfield’s Money Show this week,
“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”
She also spoke that,
Musk knowingly pumped up the price of Bitcoin, by writing tweets including those mentioning Tesla’s $1.5 billion BTC purchase, then “sold a big part of his exposure at the peak.”
She feels that a lot of market manipulation around Bitcoin is largely the making of Musk. In reply to these hard-hitting statements, Elon jumped back onto his Twitter handle and responded to clear his stand,
As can be seen in his reply thread above,
He defended strongly with a claim that Tesla only Sold 10 % of their Bitcoin holding reserve, with a simple intent to test the ease of liquidating bitcoin without impacting the market much.
But the most interesting response was around the energy fud, for which Elon has already attracted a lot of negative reactions and lost many of his fan bases.
He put forth the clear message saying:
“If Miners are able to make use of more than 50% of renewable energy while mining bitcoin, Tesla would rethink their strategy around bitcoin and can resume accepting the same for Tesla car purchase ”
What Does The Above Statement Mean For Investors?
Trust Still Remains A Big Issue :
Elon has definitely lost trust among the crypto community largely because of his uncanny and random remarks which leave lot of crypto fans wondering whether they should even listen to him or not. Bitcoin has definitely seen a major dump in may month, and Elon has been one of the culprits to trigger the same.
His last tweet has a positive sentiment: But Be Cautious
But with his latest tweet which we discussed above, it seems that he is reconsidering his hard stand on BitCoin, which he sparked earlier due to environmental concerns. This change of heart needs to be tracked very carefully as it may stir some short-term positive sentiments and trigger a small bitcoin bounce back, but that should not be seen as an upward trend.
What We Should Really Bet On?
“When you invest you stayed invested with the journey full of ups & downs, those who manages to overcome this , are the ones who will make a millions out of their shear grit and patience ”
- Elon with more than 52 millions Twitter follower definitely has the clout to change the market sentiments and he can’t be ignored, but we as the traders and investors need to bank on the strong fundamentals & store of value which BitCoin has to offers
- El Salvador’s news is a much bigger event that should be taken more seriously, many large scale institutional investors are already raking up a huge number of bitcoins, as it is dirt- cheap at this point of time, why because they see the value in it, with a long term perspective.
- Don’t track your investment every day, do keep a close eye on what’s going around, but never react to the news which has the sole intent to develop fear especially if you are a retail crypto investor. Invest only when you feel you have the comfort of doing so and stick with the decision and reasoning you used while investing.
I feel :
Bitcoin investment do come with all the market volatility and risk factors. Regulation issues, energy issues, mining issues, Elon issues, these issues has always been in the market and will continue to pop up, but if you have found the true purpose of being in this crypto investment space, you should be prepared for all these without getting too emotional. Market sentiments are generally driven by powerful people, but common people are the one who will shape the future ahead for Bitcoin and other cryptos
So be a responsible investor as you also have a stronger role to play when it comes to deciding the market sentiments. The only person whom you should listen to while investing is you yourselves
Opinions expressed here at CryptoWise are not investment advice and are only for educational purposes. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility
This article was first published on Medium, Here is the link to the same