Is Elon Musk to blame for the market decline?
This question is difficult to answer for two main reasons! Which I will try to share with you further! But first I want to say that these are only my opinions and everyone can have their own on this score. I do not force anyone, I have nothing to do with it, I just share my thoughts on this matter!
So, the first thing I wanted to say is that Elon Musk is involved in the collapse of the market! But there is no point in blaming him for this! Only by the fact that he caught a profit and tripled or multiplied his profit like many crypto market players! He just did it on a grand scale! On May 16, the head of TESLA, the billionaire criticized the first cryptocurrency, as a result of which its rate fell to a February low of $ 42.1 thousand. Musk later stressed that the automaker had not sold any of its bitcoins! No one knows for certain whether this is actually so or not17 Because everyone believes Uncle Elon's words !! The head of Tesla and SpaceX, Elon Musk, wrote on his Twitter that the automaker did not start selling the bitcoins accumulated by the company. "To disprove speculation – Tesla did not sell a single bitcoin," Musk said. Musk's post followed his Sunday night criticizing the first cryptocurrency and also responding with the word "really" to a post by one user who suggested that Tesla would announce the sale of all of its bitcoins in the next quarter.
Bitcoin price fell after Musk's words about Tesla crypto assets sale
On the morning of May 17, the cryptocurrency updated at least since February 8 at $ 42.1 thousand. As of 10:00 Moscow time, the asset is trading at $ 44.2 thousand over the past day, it has fallen in price by 10%. In the recent past, Tesla temporarily stopped selling its products for bitcoins due to the unsustainable way of mining them. At the same time, Musk stressed that cryptocurrency is a "good idea" with a "promising future." Tesla announced in February that it had bought $ 1.5 billion worth of bitcoins. Musk later called the investment "recklessness." for a company from the S & P500 index. The billionaire noted that the company's actions do not directly reflect his views, and bitcoin is "just a less stupid form of liquidity than cash savings." At the end of March, the automaker sold $ 272 million worth of bitcoins for a profit of $ 101 million. Isn't that a profit ?? The company noted that at the end of April, the fair market value of the bitcoins it owned was $ 2.48 billion. It looks like a contradiction to itself, isn't it ?! But here everything can be pushed onto the management of the company and said something, for example, it's not me, it's them !! Fun!
One thing is clear that he, in the form of his company, tore off the profit, received income, and fled to Mars about the moon, I will not say anything, DOGE is already sitting there !! Justifies him that he, like anyone else, simply doubled his capital at the expense of BITCOIN ?!
Second, in the collapse of the market, the facts that in a number of countries began to prohibit cryptocurrency are also to blame! Plus, Bitcoin is actually extremely centralized and controlled by a small number of mining companies. The flooding of one coal mine in Xinjiang almost killed mining, and the bitcoin hash rate fell by 35%. Sounds decentralized? ”Musk wrote. Now decide for yourself whether Uncle Elon Musk was involved in the market crash or not !!!
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