• Musk does not respond to complaints from crypto investors.
• Cryptocurrencies have also lost value with China’s measures.
Bitcoin, Dogecoin, and other cryptocurrencies prices have dropped 40% in recent days. Although Elon Musk, Tesla’s CEO, isn’t the only reason for the crypto crash, he has been had massive influence.
Nonconformity in the crypto environment
Bitcoin Crypto investors feel drained by the tweets Musk shares eventually. Musk’s influence on cryptocurrencies is spiraling out of control, affecting the market in the short term. These speculations brought profit at first but sadly, Musk’s latest announcement burst the crypto bubble.
The founder of crypto lending platform Celsius, Alex Mashinsky, thinks Musk fans are losing a lot of money. But the crypto investor community should know these losses occur frequently. The cryptocurrency was recently the focus for PayPal, Square, and other platforms, but this was not enough to sustain it.
Other cryptocurrency investors are also upset by the latest comments Musk has released. The CEO of Tesla has a very calculating mind, but his ideas could end cryptocurrencies.
Musk does not respond to crypto investors
Crypto investors sent Musk many comments about his Bitcoin announcements, but they were not responded to. Musk, however, continues to tweet daily, and for now, he looks optimistic. Musk is still talking about cryptocurrencies; he tweeted a “shark” poster on Monday.
Musk posted a joke graphic on his Twitter account which had a damaged dollar in the water, with the Doge dog eating it. It’s a parody in which Musk could be suggesting that Dogecoin will replace fiat currency in the next few years. To be clearer in the post, Musk put a few words at the end that says, “You’ll never use the dollar again.”
One investor who wrote to Musk asked the question, “What do you think of people’s anger at your actions on crypto?” Musk responded that the real battle is between the dollar and cryptocurrencies. He claimed to be a supporter of the latter.
The fall of Bitcoin and other cryptocurrencies can not be fully attributed to Musk, however. Cryptocurrencies have also plummeted due to announcements from China trying to regularize transactions. The market also collapsed with the tax hike added by the United States for using cryptocurrencies.