Elon Musk has become the idol of many crypto investors. But now it seems they are getting fed up with the babble of this Tesla boss.
The reason is, his comments about crypto money are not always positive. This makes the price volatility of this digital money wildly fluctuate several times. The too influential of Elon Musk’s comments bore Bitcoin fans.
“People who follow Elon Musk have lost a lot of money. The funds may vanish and will never come back,” said Alex Mashinsky, founder and CEO of Celcius, a crypto lending platform.
“The crypto community needs to be more responsible in explaining this asset and its risks.”
Elon Musk Influences the Cryptocurrency Movement
Investors and analysts are very upset about Elon Musk’s tweet about crypto. Even some of his followers on Twitter began asking him not to comment on crypto again on Twitter because his actions had made him a loss investor.
“Elon Musk is very calculated,” said Eloisa Marchesoni, an angel investor crypto currency consultancy. “The people were furious.”
Tesla did not respond to a request for comment on Elon Musk’s high influence on Bitcoin, Dogecoin and other cryptocurrencies. But Elon Musk hasn’t stopped to comment on Twitter and this time the price is climbing.
Apart from Elon Musk’s tweet, the drop in cryptocurrency prices in the past week was also due to Chinese policies. China prohibits financial institutions such as banks and payment fintechs such as Alipay and WeChat Pay from facilitating cryptocurrency transactions.
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