It is ridiculous the views of Musk are taken so blindly, especially given that the energy usage of bitcoin has only become cleaner since Musk first began allowing purchases using bitcoin, and making reversals on such a major decision months after making it shows an absurd amount of shortsightedness.

Some of the market movements aren't entirely arbitrary though. Institutions do influence each other, especially on the optics of decisions, and institutional adoption of bitcoin is the next big step after broad independent adoption. Still, taking advice from Musk on cryptocurrency is like scheduling your heart surgeries with your local diner because they make good sandwiches.