Elon Musk Helps You And Damage You In The Cryptocurrency Market | by Tom Useful | The capital | Could 2021
It is exhausting to think about, however one of many richest individuals on this planet is hurting you within the cryptocurrency market. While you look carefully, billionaire Elon Musk cares much less about whether or not you make any cash. He has already $ 153.2 billion in web price. It is greater than you or me, except you are Jeff Bezos.
Initially, individuals thought it was enjoyable when Elon Musk tweeted a couple of occasions on Dogecoin which has brought on the worth of the cryptocurrency to skyrocket. Plus, its look on Saturday Evening Reside did not harm the week as the worth continued to rise.
Then his combined messages confuse everybody as a result of in the future he helps Dogecoin, however the subsequent day he says his enterprise can not assist Bitcoin when Tesla made an enormous buy only a few months in the past. Elon ought to truthfully concentrate on his two tasks, Tesla and House X.
The extra he tweets, it does not assist the cryptocurrency group. His tweets and comments hurt the cryptocurrency group in addition to the worth. When he needs, his tweets additionally assist cryptocurrencies, particularly Dogecoin.
Don’t mistake your self. I’m an enormous fan of Elon Musk.
I’ve owned Tesla shares for 3 years. In every video as I see Elon Musk, I watch his legendary story as he labored more durable than lots of people to get to the place he’s as we speak. Like many billionaires, he made big sacrifices to attain his desires.
Since not many individuals can inform billionaire Elon Musk what to do, if he did these three issues, he could be serving to the cryptocurrency group.
1. Cease tweeting Dogecoin. Elon Musk ought to cease tweeting about Dogecoin and the cryptocurrency market. This solely provides the cryptocurrency market a brief push to the highest. Nevertheless it additionally encourages new buyers to make dangerous investments.
Dogecoin is an efficient brief time period funding, however some individuals can overdo it. Dogecoin shouldn’t be like Bitcoin, Ethereum, or different well-known cryptocurrencies.
This cryptocurrency is a coin named after a Japanese dog, a Shiba Inu.
Regardless of its flaws, Dogecoin has outperformed many cryptocurrencies this 12 months, most notably Bitcoin and Ethereum. Within the second half of the 12 months, I do not anticipate Dogecoin to expertise comparable returns. Dogecoin can attain $ 1.00, however it’s solely an additional 200% from right here.
2. If Elon Musk needs to assist the cryptocurrency group, then he ought to.. His cryptocurrency tweets are a distraction fueling the cryptocurrency euphoria. It provides individuals an overblown message out there.
Numerous new investors haven’t any expertise and folks can not be taught to spend money on cryptocurrencies in a single day.
3. He’s the one one who can reply the query of whether or not Elon Musk was severe about Bitcoin’s power use. Elon could have been trustworthy since he and the CEO of MicroStrategy Michael saylor work with high Bitcoin miners on using renewable power.
Their talks may actually assist the Bitcoin mining trade particularly since China has its personal Bitcoin mining issues.
Hopefully Elon Musk learns from the Bitcoin Mining Council and offers some precious tweets as a substitute of his FUD.
It is exhausting to think about a billionaire inflicting a lot bother, however Elon definitely is.