Elon Musk, Tesla, Paypal and SpaceX's CEO, has become the richest person in the world in January, overtaking Amazon's CEO, Jeff Bezos. We can't deny his genius, but his attitude remains contested by many people, who blame him to tweet too much on the cryptocurrency market and accuse him to manipulate it. In this post, we'll try to see how he has affected, is affecting and will affect the market. By writing about the coins he loves the most in the major part, and by thinking about which lever he could activate in order to increase the adoption of crypto. We'll try to conclude on is it a good or a bad point that Elon has so much influence on the market.
BTC and DOGE, Elon's darlings
Most of the institutions which dominates our world are more or less scared by the blockchain technology, because it could make traditional institutions obsolete especially the financial ones. As for Elon Musk, Blockchain and cryptocurrency are our true future. He's always been enthusiastic about it and doesn't hesitate to claim it on his social networks.
For example, he added the word "bitcoin" to his twitter bio and its prize increased instantly.
Also, he keeps making pump the Dogecoin, which is supposed to be a joke with no fundamentals. This humour is appreciated by Elon and he enjoys supporting it, as these tweets can prove it.
There are many other example of Elon shilling for this coin. It has immediate effect on its prize chart as we can obviously see a correlation between Elon's tweets and Dogecoin graph. Let's also remember that this coin was born due to a community joke using a dog as an icon for this crypto. It's even crazy that this coin with not any fundamentals has almost the top 10 cryptocurrency market cap, approaching "real" project like Bitcoin Cash or Litecoin, for example.
As you can see, Elon Musk has a huge impact on the crypto market. If he decides to shill a coin, some mountains on the chart prize can appear at any moment, as it is shown here. this can raise many questions about the credibility of the cryptocurrency market if only one man can start a pump on the coin he wants with a simple tweet. Moreover, the recent actions from the subreddit "Wallstreetbets" (which could also be the topic of one of my future article) confirm that both cryptocurrency and financial markets can be manipulated. Let's hope that the national and international institutions will not be influenced by it and will not regulate the beautiful blockchain technology too much.
Paypal accepted crypto, will Tesla too ?
As you probably know it, US Paypal users can now purchase crypto directly on Elon Musk's platform. It is obviously a revolution in our environment and the question is now if other huge companies will follow this movement. Of course, we could think to Tesla, another company held by the richest man on Earth. This could be a huge step through the crypto universe, and will introduce it to a more global and less restrictive audience. If it is the case, it will engender a huge interest for the crypto-market and other companies could follow the way. Some other website as Pornhub for example (I see you guys ;) ) are already accepting transaction in crypto-currency on their platform.
And you, what do you think about Elon and his crypto influence ? Is it dangerous for our environment or is it a good thing ? In my opinion, the fact that he is shilling for a crypto world has more advantages than drawbacks for our eco system. Give me your opinion in the commentary section.
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