How Elon Musk is troubling Bitcoin

With just a few characters, Elon Musk can move the Bitcoin price significantly. However, this mainly harms Musk himself.

Bitcoin’s march to 40,000 US dollars (USD) was again unsuccessful. The crypto bellwether rose to a good USD 39,500 yesterday, Thursday, June 3, but it was unable to sustainably break through the longed-for 40k. The overall market is also performing in close correlation to crypto currency No. 1: Ether (ETH) is five percent minus, Binance Coin (BNB) 6.7 percent and Dogecoin (DOGE) even 15 percent.

This means that the total crypto market capitalization is also listed at 3.2 percent in the poor.

Another Elon crash?

An old acquaintance who has frequently encountered legitimate criticism from the crypto sector in terms of price manipulation should also have contributed to the negative trend of this day. We are of course talking about Elon Musk. On twitter posted richest man in the world a meme indicating a possible sale of his BTC holdings. The last red candle in the chart above (marked in blue) should therefore be on his account.

But Musk has fallen away from love for a long time. While posts from the past still crashed the Bitcoin price by double-digit percentage points, the Tesla CEO is affecting BTC less and less. Meanwhile, the Bitcoin community seems slowly but surely to be fed up. Below the post there are comments urging Musk to finally dispose of his holdings and devote himself to other things.

For example, crypto influencer “Crypto Cobain” writes: “Nobody cares anymore” – “Nobody cares anymore.” Justin Sun, CEO of Tron, writes: “I will buy all Bitcoin, Elon Musk will sell.”

One can only speculate about the billionaire’s motivations. After all, Tesla owns BTC with a total value of over a billion USD. Price capers induced by the company’s own CEO reduce the company’s value considerably – and not least reduce Musk’s own private assets, which largely consist of Tesla shares.

The loss of reputation does not seem to affect Musk, however, and so the hope remains that Musk will find another hobby or that the Bitcoin market will emancipate itself from the twittering entrepreneur.

The latter should soon be the case. The more often the Tesla CEO comments on BTC, the more irrelevant his statements are likely to become. After all, Elon Musk does not bring down Bitcoin either, and those who have understood this are looking forward to favorable post-buying opportunities. Musk flushes all the others from the market – and thus forms an increasingly strong base.

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