Bitcoin Forum

I like the ambitions that Elon Musk has and the charisma that he carries but what's happening right now is very bad. One man has a huge influence on everything, one word of Elon Musk can destroy or rise the things like Phoenix. Tesla invested in Bitcoins and price went from 38K up to 44K in just some hours. Yeah, if Paypal, Visa or any other company bought bitcoin that would happen too but what happens around Musk is very different.
Elon Musk says that Signal is better and everyone moves on that.
Elon Musk says that Doge is a good coin and everyone invest.
Elon Musk says that Bitcoin is a good thing and it rises.
Elon Musk's company invests in bitcoin and it rises.

What if Elon Musk said that he changed his mind and today bitcoin is bad and Ripple is better? I'm saying that just for example. People can't think themselves, they think: If Elon Musk says that something is good, then it's good.

I don't think it's a healthy behaviour from people.

I'll agree with that, but it isn't as simple as it looks. Since one person with big impact on the economy/technology/<put whatever you want here>, states that he likes *something*, then it doesn't rise by itself. Investors and only investors get panicked and thus they buy believing that Elon will cause the bitcoin's rise.

In reality, Elon didn't do anything. The conviction that bitcoin will rise, is what made it rise. Although, I recently read that Tesla invested 1.5 billion dollars on it, which is why it reached $42k today.

That requires a lot of discussion. Why exactly do you define it unhealthy? It is a social phenomenon, in which people believe that since someone significant announced something it means that it'll come true. In reality, that person does nothing, the belief is what panics everyone.

Uncle Elon is for sure very charismatic and influential person and not only in the crypto world
but also think is logic behind his sayings and is not just some random tweets
 also i dont think he would ever say Ripple is better

I always thought of Elon Musk as a leach. most of his claim to fame has been sponserd by government grants (or  so the news reports it) .
I'm ready to see him short the 1.5 Billion, and sell, leaving us ,the taxpayers who finance his companies ,holding the bag.
I think that goes with his personality /character !

I understand where you're coming from and why you're worried. You're worried that someone of influence, such as Musk, can actually have an impact on the market, and we've actually seen that happen. I've seen at least two times with Doge, and at the same time, Musk had promoted Bitcoin through his Twitter account.

However, this time, Tesla invested 1.5 Billion into Bitcoin, that explains the sudden spike in price. Still, even if that's the case, it's a controversial subject that such companies have massive impact on the market.

Ofcourse its bad that Musk has so much influence; causing fomo to newbie investors; but it can only be for a while before individuals see the truth for themselves; there was a time John MCcafee also did this; but now no body takes his words for it. The fomo will only be for a short while

The matter did not actually happen in such a way that Elon Musk pick and utters a name of a coin randomly and it will start pumping.
Last year also this Elon Musk expressed reluctance about BTC.
So what just happened within a year that makes TESLA Corporation to invest in Bitcoin by arranging a press conference?
Of course, they did so considering the potentiality of Bitcoin. Here their personal interests are paramount.

Elon Musk may have made an influence on social media but Bitcoin has enough potential strength to increase in future that's why other investors have been attracted on Bitcoin by hearing the Statement of today's conference.

I agree with the OP, but remember, there were many notable persons who spoke out against bitcoin before. Among them was Warren Buffett. Back in 2017 when bitcoin rose to stratosphere, Buffett said bitcoin was “rat poison squared”. He was not alone, many other notable persons like Jamie Dimon, Nouriel Roubini and others also spoke against bitcoin. None of them made major impact on bitcoin price.

So I am not too worry about someone who can make good a bad comment about bitcoin. Bitcoin has good fundamentals, and that make bitcoin valuable.

You have good point. Probably it's not that good thing when one guy can have such big influence for crypto market. Offcourse, we all enjoy to see his tweets causing rise of Bitcoin. Yeah, there is some potential dangers that you mentioned, but I see much more positive than negative things in this crazy story.
But personally, I didn't liked whole this Doge shilling story, it's just not serious. But maybe Musk just wanted some entertainment :D.

honestly the way this things are going isnt so cool with the fact that one action of a man changes the market direction. it shouldnt be happening this way but we dont have a choice. i will encourage people not to follow blindly. take your own trade and bare the consequence.

Remember the book "The Animal Farm" by Orwell...
lol....
where all the other animals thought the pigs were more intelligent.... and there was the donkey who kept saying "Napoleon is always right" lol.... thats herd mentality....
and there is a reason why "wall street" "bulls" "bears" "pigs and sheep" are used when it comes to the financial markets.....
People will always be influenced by forces or personalities that they believe is superior to them.... nothing more than herd mentality....
One day Elon will tweet then everything goes wrong, just then maybe everyone eyes will be opened.... pigs and sheep will still get slaughtered if they refuse to learn

Exactly and I must agree with the OP.

I don't think why there are people who are too much follow the influencer people and Elon Musk did it, he is a very influencer to other people that can bring hype and everyone will follow on him. Hopefully, Elon Musk did not come at that point to give and throw negative feedback against bitcoin.

This also gives us as a perfect example that we shouldn't listen to anyone who likes a whale influencing the crypto market price, even exchange on Binance Twitter there is always a hash tag on Elon Musk account.

That is true and on point. We will never know what's running on his mind and what if it's just another altcoin that he wants to raise from the dead which he starts to compare with bitcoin. But I think this time, many have become wiser in investing and understands that it's bitcoin that's the safest choice upon investing in cryptocurrencies. We can compare that worry from that words from EU body that said everyone can lose their money on crypto but it has recovered after wards upon telling that.

First of all, Tesla have invested in Bitcoin long ago ever since they use Bitcoin as their reserve fund.
Second, Elon have been using his twitter account to create hype long ago but didn't catch the attention of people and everything change when he was ranked as the world richest person. The reason why a lot of naive people follow his investment hype is because they believe is an experienced person and it will be easy for them to make money through his experience

People like Elon can be funny sometime but I don't see his negative statement making a huge impact on the bitcoin market since the potential of bitcoin of clearly know by people and the last time I check the only newbies, opportunists and naive crypto investors follow his hype messages while the community ignores him.

People worried about what will happen next to this spike and if he says Bitcoin is a shit coin, people will dump it. Or what if he makes his own coin and says that this will replace Bitcoin?

With his influencing power, not all it results in good, yeah we are happy because the price moves high but we would like to think about how he is able to change the mindset of the people by just a hashtag on his Twitter account?

It's quite unlikely since he's a man of his word and rarely retracts his statements, despite him being a memelord on twitter and on the internet. That being said, in the off chance that he does retract his support of bitcoin and instead goes against it, we will not have a good time. Honestly what scares me right now is the fact that there are increasing number of corporations investing a huge amount of money into bitcoin, which is definitely bad for us small-time investors.

Agree, when the richest man on this planet talked about something almost everyone will listened on him.

He do it whatever Elon says, it's looks like the person who didn't know anything and just follow him blindly.

And i'm sure most of them don't know what they invested in.

I actually agree with this assessment with things happening right now with Bitcoin though I do welcome this sudden rise due to what Elon Musk and his Tesla company has been doing in the past days. Definitely, the guy is the biggest and most famous influencer for Bitcoin right now, and he is officially now taking a stake with it when his company bought a big chunk of BTC. It is a very clever but very simple investment strategy: buy Bitcoin and then announced the decision after resulting into a big spike of the value of the investment. Right now, there is no other personality that can equal with the name of Elon in the world of cryptocurrency. Whether  this can be good or bad for the long-term growth of Bitcoin well that remains to be seen. At any rate, I am allowing Elon Musk to bask on the glory of his great influence and power.

If you ignore the media and focus on the charts you can clearly see that the price has been on the rise for a long time now. And the most recent one was breaking the previously set ATH 3 years ago at $20,000. Ever since that day we have been setting a new record without Elon Musk, PayPal, Visa, etc. In fact we have been setting these record for more than 12 years without any of them.

Coming closer to today we set a new record at $30k only a month ago and $40k was reached only a week after that. Which meant the market needed a short time for a correction and accumulation. That trend lasted for a month and now bitcoin is back on the rise again setting a new ATH.

Soon we'll break another major resistance, maybe at $50k or $60k this time and we will see the same exact thing repeated: a correction, a couple of weeks of accumulation then continue to rise.

Saying this particular pattern out of thousands of times that it was repeated is purely because of Musk is shortsighted.

The personality of Elon Musk successfully combines fame, wealth, effective entrepreneurship and the desire to introduce advanced technologies for the benefit of humanity. Therefore, no one could have such a strong impact on increasing the liquidity and image of a decentralized cryptocurrency as Elon Musk. There is nothing we can do about it. It's just good that Elon Musk is on the side of the cryptocurrency.

If you have observation with regards to people, you would notice that it's been happening ever since we existed. For sure there are a lot of people who have their own ambitions but looking up to someone who has built a lot of companies and created inventions to make life easier is someone to look out for, for sure. It's because of what he has done that makes his words stick and I don't think he will back down and change his mind. Imagine his company is involved with cryptocurrency already. Do you think it's gonna stop? I don't think so.

It's only the start, for sure. Maybe a lot of people are hoping that the price would go lower but, I don't think it would go down right away.

Elon Musk founded a payment company called X.com (which later became PayPal) and that makes him a knowledgeable person in the payment system industry. So his input and view on Bitcoin is very important, based on his previous experience in that field.

PayPal are also buying bitcoins already and offering them as a trade option for selected customers. So what is that telling you? When they buy $1.5 Billion worth of bitcoins, it should tell you even more.  ;)

It's kinda scary how elon influences these markets, doge and btc rises are kinda alarming instead but I guess if the majority likes him for that then we, small people can't do anything about it.

Can't agree more! While 1.5 billion worth of liquidity is good enough to push the ptice to the next level but the influence of one person over the bitcoin price is not really desirable! If one man can build this type of momentum which is known as "decentralized"! That one man can destroy it as well at the same time!

In an ideal decentralized network, cumulative decision or influence should matter! But it's clearly not the case!

I'm going to hold on to buying for a while, Elon Musk has a special mission towards the coins he's aiming for, In this one week, I watched Elon Musk progress videos every day, terrible, I have to admit Elon Musk is amazing.

He created a flying rocket and fell to hit the earth, then rose again, unexpectedly and needs to be more careful in buying coins that are the target of Elon Musk today, doge, xrp, dot target at this time, there are a few more that he has not disclosed, hello friends think wisely what is happening now, consider not regretting it in the future.

"this is a mission to fly to the sky and down to the earth".

While Elon claims all this and also Those shills in favors this person yet There is a chance that the there are some manipulator that has dealing with Elon to make this Unhealthy market movement now.

We had made another ATH when Elon release those words while we had a healthy increase recently without this person talking.
Yeah Indeed this is scary because if this the cause of the increase then he may the reason of decrease ? then how this person will make fun of market in the next days?

Each one should know their goals and accordingly work on it. For example when I purchased btc say at 40k and my goal was to hold till 50k and considering that it achieves and market looks to me too expensive ahead then I should sell it rather than just waiting for the fall and in the end you do not make money. If you are long term holder like 5- 10 years then it is fine to continue holding as sooner or later it will bounce back due to some or other reasons if tesla decides to withdraw the btc from their position.

What people do is more like following a certain person. They do not make decisions with their own intellect, they make decisions based on that person's opinion, and they may choose that person as a leader.
Anyway, this person may destroy bitcoin or doge, but he defends the identity of digital currencies and introduces it to the world, it is important to know the digital currency market.

Nothing strange or unhealthy I see in it. It is an ordinary thing. Human is such a creature - emotional, that in most cases chooses things via emotional prizm, starting from goods, clothes, gadgets and finishing with way of living, earning and spending money. May be it will be a great surprise for you, but we are all manipulated, and directly or implicitly are influenced on our choices by lots of factors - advertising drives us, more or less obtrusively (and more or less effectively) influences, encouraging us to choose products, goods, lifestyle, political technologies govern, forcing (just like advertising) to choose those who rule us, to choose the future of our country and our future and so on. And famous names are not the exception. But of course it is great in case a person think by his own brains and control emotions while making decisions, despite all those factors.

It's  all a matter of influence, the rich and famous  always  control  the world.  Although, the recent pronouncement by Elon Musk has really hyped  bitcoin  to the masses, there were other developments like the announcement by PayPal which set bitcoin  in motion since the beginning  of the year. Personally, I wished  more famous  and rich firms and not just individuals  come on board to help the cause of  bitcoin.

People does really have that kind of perception on where it differs from time to time basing off on what are their opinions on said situation.

You cant please everyone and would really be having that own will.It might not be looking good for you but for others it would really be just fine.

If you do have that hunch that this rise isn't something good then you can always opt to secure out your profits and observe the market afterwards.

People were buying bitcoin long before Elon became an influencer and this was a bull run before Elon bought.

If he bought XRP people would of course buy XRP but is that wrong? He's rich and smart and people follow such characters.

For me it's a great rise because he did not spread FUD, he really bought!

PayPal acceptance really brings the attetnions to those institutional investors, with Elon Musk boarding its solidify
the big potential of this market.

What we are seeing are just the start point, there are more to come once famouse names also begin to broadcast their
participation inside this investment currency.

At least people are knowing about bitcoin because of Elon. Yeah, I know this is wrong in a way that Elon can cause influence in the market, but if he has good intention, then everything is okay over here.
Lets look at the bright side. Because of Elon more people are knowing about bitcoin. Those who are truly curious will start to learn about it and get to know how it works. And then there will be people who blindly joins and waits to see what happens next to make some quick profit. Now lets say, Elon says something bad about bitcoin and praises XRP (which you are worried about), then those who blindly followed him will sell everything, make a loss and jump to XRP. On other hand, those who studied and now knows the advantage of crypto currencies, they will stick to it. In the end, we get a positive result, more "educated" people in the market, while "sheeps" leave.

If on the other hand, Elon condition is let down by Bitcoin, then as an illustration he is bored and loses (for example) then he tweeted steaming on twitter. Then will it have a big impact on the market decline? because we see that elon followers are always faithful to what he says even with one word. So his influence has a benchmark, almost 50% of the market he can increase or even decrease.
If so, then pray that Elon will continue to love the cryptocurrency industry.

but darling, it's all about business to him.

I personally don't like this announcement because it just makes the bitcoin price pump up to 50k$ and that just means we see the effect of these companies getting into cryptocurrency. I mean who doesn't like buying bitcoin at a much cheaper price point in the market and we can no longer no that around 30k$ probably resistance in the would-be around 40k$. This is only Tesla and Elon Musk, right? Imagine if Apple, google announce their interest in cryptocurrency for the sure market price will skyrocket to the moon so I just buy buy buy for now.

Now I am seeing where you're coming from.
We're not sure if this price surge is due to that though.
We're not sure if those investors were celebrity-driven or just plainly made their own decision in investing.
I am not one of those. I simply invest because I believe in the coin.
I respect Musk just as a celebrity but not entirely someone that could manipulate my decision on my investment.

I swear if this price is due to celebrity's words. A one word against Bitcoin would be like Jonestown event where everyone exits out of the market.

I have the same perspective about this topic, I'm pretty sure there are a bunch of people who got curious about this cryptocurrency thing that Elon is influencing over his Twitter. Curiosity is what people drive in discovering new things and Elon shilling did somehow good in cryptocurrency. If the crowd who were dragged into the crypto universe and got educated, I'm pretty sure that they know someday they don't need to follow Elon Musk to gain some profit in cryptocurrency. Though there are negative things like the scenario in the first post.

Well, I can say it's not a good rise for the alts that Elon has hyped up and pump, but not with Bitcoin. I understand how influencial Elon Musk is, but If he says "he changes his mind and he thinks Bitcoin isn't a good investment", I don't think a lot of people will be dumping their Btc. It might cause a crash, but won't totally kill Bitcoin. If you could remember Bitcoin reached $40,000 even before Elon has made public announcement about his interest and investment in some alts and Btc.
His presence is just a good addition to Bitcoin's popularity. Though It may sound bad because people are actually following what he says, but I'm pretty sure It's more risky If you follow him investing to alts.

If that was the case then it really is bad, we can't fight the popularity with individual opinion, Keynesian beauty contest suggests that we are not in control of who is popular but the combined opinion of the many which means that if someone of a celebrity status were to make a statement that will affect a stock or in this case a cryptocurrency then that means that a lot of people will follow that opinion, you should know how advertisement works because that will be the same. What OP is just a what if situation so I don't think that we don't have to worry about it.

 I believe some Big community is just using Elon Musk's bullish sentiment to move the Bitcoin market.  In every industry, a group working behind the scene always look for a possible "figurehead" to hype the market.  And at this moment it is possible that they are using Elon Musk's popularity and bullish sentiment to move the market and working in sync with whatever Elon Musk says.  So,  I don't think Bitcoin will suffer too much damage if Elon Musk changed his mind,  instead, we should be worried about the big group that is working behind the scene on when they will let the bubble burst.

That's really bad behaviour. In my countries there are some celebrities who promoted some companies in stock market and then they got warning letter from the comunity because he make the price in wrong way. So the price rise not because the companies performance is good but just because they promoted it ( suggest their fans to buy the stock ). But it seems that many of cryptocurrency trader like the sentiments that Elon Musk give to cryptocurrency market. I think Elon Must have good reason to choose bitcoin as investment, maybe he see good thing about bitcoin and blockchain technology. I just being positive thinking.

It's nothing new - it's the psychology of the crowd... Remember the last hype, back then McAfee manipulated different coins every day just by saying their names... Unfortunately this time it turned out to be Musk, who I respect... I think that in the end there may be a claim to him!

I agree that Elon Musk is too influential in the crypto world, we are grateful that Elon Musk supports Bitcoin. If Elon Musk changes his mind and turns to
hating Bitcoin, it will be dangerous that the Bitcoin price can be drastically dumped. But I am sure that people who have been investing in Bitcoin for
a long time will not be affected by anything Elon Musk said.

Because old investors buy Bitcoin not because of Elon Musk, but see Bitcoin as a valuable asset. The fear is that new investors will definitely be influenced
by famous people like Elon Musk, but we all can't control what Elon Musk will do. Hopefully Elon Musk will continue to support Bitcoin for the longest time.

i can only agree on him when he says that btc is good but for other coins,  that maybe a manipulation or a shilling only and that is a bad thing .

 its also a bad thing when he changes his statement in btc from good to bad because we know that no one beats btc but that was okay if he do that to other coins because other coins next to btc are not really that good enough and their stats can easily outcome by the others .

You highlighted a very important point, there are many influencers present in the world and Elon Musk is one of them. The reason why crypto market and other tech related things increased in value when Musk tweet could be, because he is a tech entrepreneur and people think if he is backing some technology then there must be something present. But definitely, this is not a healthy behavior. As far as BTC price surge is concerned I think, it is influenced by the positive news regarding crypto investment happened in the past as well.

mostly retail investors and traders, small investors. they are still waiting for the trend to choose. and if it's elon musk who has invested a large amount of bitcoin, then those people will follow. and if elon musk said the opposite in the future, people would immediately sell it and the price would drop, if they weren't too late.

People believe in Elon Musk for reason. He is regarded as the master of technological innovation. When he made his investment in Tesla (in 2004?) no one believed that electric vehicles will have such a huge market. Then again, when he started with SpaceX, no one thought that it will be able to compete with the Russian space shuttles. Look at the success he had till now. I would say that Elon Musk to 21st century, is what Warren Buffet was to 20th century.

Even I am not very fond of his newfound love for DOGE. But I believe that he tweeted about DOGE just as a joke. If he was serious, then Tesla would have invested in DOGE and not in BTC. The problem lies with the people, who can't distinguish a joke from a serious tweet. Anyway, personally I don't care what are the reasons behind the current rally. My reasoning is that any sort of price rise is good for the cryptocurrency investors.   

I don't know a lot about Elon Musk's personality. What it seems to you that he is just a random speculator that makes short term investments? He has seen a few things in Bitcoin and made a huge investment. I am more interested to see what happens when Saylor sells, as this is the most matching personality to what you explain.

I think it is different because Elon can move the price after making a tweet while McAfee can not do that. But McAfee manipulated the coins, so the public does not trust him. But even if this is not a good rise, we need to enjoy the ride, and if there is a time for us to make a profit, we should do that before we are late to take profit. But deny or not, Elon gives a new hope the crypto by inviting more big companies to invest in bitcoin and other coins. If that can happen more than today, it will make the mass adoption will grow.

McAfee did it only for his own gain and he was selling his support for fiat. He was never interested in crypto for other purposes than making some $$$ and dumping everything.

Musk on the other hand gave hints to people that he was about to invest. He added bitcoin to his interests on twitter so if you followed him you knew that it was a good time to get some bitcoin and maybe a week later he made his move. He did not do it to influence the market. He bought to make profit and this move influenced the market, which is great because more companies will follow him.

A man with results, is a man with a voice. It is a regular behaviour for people to listen to the advice, tip, warning, and whatever a man with results ( a successful man) has to say. Elon so far is a symbol of success, he has driven innovations and is the one of the world's richest men. Alot see him as mentor and till he no longer has results, people will continue to follow his thinking. (After all it is a $182.9 Billion dollar thinking, lol).

There is a big difference between bitcoin and shitcoins though. So you can't really compare the two cases. For example take both his tweets about both bitcoin and dogecoin for example.
Bitcoin price goes up and stays up
Dogecoin price goes up then drops down
It would be the same with any other shitcoin because hyping a shitcoin creates a pump and a pump is followed by a dump without an exception but hyping bitcoin leads to more adoption and price rises and real rises with real adoption never reverse back.

It is the same with FUD, the panic caused in bitcoin is temporary and any drop caused by FUD will reverse but a shitcoin that drops after a FUD can not recover.

This is the exact same scenario when McAfee is just shilling new projects and different coins/token in his twitter account.

He might tweeting something but he can freely do it since we have the freedom to do it. The problem lies with the investors not with Elon Musk at all. He can say that Ripple would pump in the next week and investors will not react into it. He can shill anything but it is the decision of the investor whether they will listen to him or not.

You can say it bad but see the other side of it too. Losing in trading is inevitable especially when you got FOMO'ed with things like this but on the other hand, there are traders who are winning because of these tweets. He can say anything but it will depend on the investors if they will react into it.

I totally agree with this, I am beginning to dislike his approach on the whole thing. Bitcoin should be growing because people want to invest in it naturally, not because 'one' man makes a statement about it.
Tomorrow, when he wakes up and says otherwise, the price will dump on us, especially for those who purchase at a higher price.
I really like him but this manipulation isn't right or healthy for the growth of bitcoin.

The approach that OP has presented is interesting. While the events around Elon Musk were passing, I had also noticed the charismatic leadership that he possesses.

It should be noted that Elon Musk with his style is defined as transformational, he knows as a leader that he has a great role in directing his ideas to success.

My thought that his decisions were not made free will they were made after being studied and were approved because they are totally viable.

The best that his decisions were made by joining the ideals of another man of science such as Michael Saylor. There was no selfishness, there was a great consensus in favor of the future of the generalized economy that will benefit everyone.

Because now we are a great active community that is manifesting and Elon Musk as a leader is passionate about interacting with the masses.

In the years 2019 and 2020, Tesla certainly had a bitcoin like bull run. It was truly staggering. Tesla spent most of the past two years out bitcoining until this fall.

But Tesla, by market cap, is now one of the largest companies in the world. The market cap is already many times higher than where it should be based on its business, but people like it because Musk is well known and Tesla is the leading edge of EVs. It only has no much higher it can go. It can definitely continue to go up, But investors will begin to ask themselves at some point why Tesla's market cap is larger than all the other main car companies combined, despite doing a tiny fraction of the business they each do. Now, of course, the stock market is not really based on economics, but o the psychology of what you believe everyone else is going to do. But instead, it's just based on the psychology of what you think everyone else is going to do, but people are still going to start getting scared at some point of holding onto Tesla at such astronomical prices, while bitcoin won't have that issue.

On the other hand, bitcoin is just beginning its ascent. In the next few years, Tesla may still be able to double its market cap, but bitcoin may be 10 times its market cap in the next few years. There's no comparison really. Tesla had to act like bitcoin for a few years, but it's at the end of the period, while bitcoin is just beginning to heat up again. Since the bottom of the covid crash and the bottom of the bear market, we have already seen an order of magnitude gains, and we're likely to see another order of magnitude over the next 2-3 years. To keep up with bitcoin over the next few years, Tesla would have to become like a $6 trillion dollar company,haha.

I think its amateur buyers who are to blame, Elan said doge is people's coin and people started buying without even knowing that it's a meme coin. If people dont look up for a quick cash and use some logic before buying good couns, these things wont happen.

Based on what Elon Musk himself said, then, according to him, he regrets that he did not buy bitcoin eight years ago. But he also clarifies that he does not have good knowledge of other cryptocurrencies. And even from these few phrases, it can be assumed that these one and a half million dollars were for Elon a joke and additional PR.
But just as competent analysts say today that with a lot of excitement, many large corporations will not loudly declare investing in bitcoin, realizing that they will not be able to buy it at a profitable rate. From here, we see such a rush with prices, because many companies are in a hurry to acquire bitcoin, trusting such individuals as Elon Musk.

In the world of big corporations, there is no place for ordinary people. I don't think that his advice was followed by ordinary people. Most likely, bitcoin began to be bought by millionaires and companies that are focused on innovation and who want to still have time to get in the boat. This is both good and bad. It's good that people pay attention to bitcoin, but the bad thing is that large companies enter the cryptocurrency market that are likely to undermine the very spirit of freedom that cryptocurrency implies.

You are actually making a point, a very good one so to speak because it shows the crypto community till now don't have a mind of their own and can be easily influenced, i bet Elon has already noticed this very weakness in the crypto community hence he decided tio play with it, am sure he is having fun messing with peoples head, tweeting from the comfort of his chair and be thinking "how damn easy to fool this people"  ;D

If dogecoin deserves to lift the price, people will still buy dogecoin, and they will hold it for some time. But if people want to make a big profit, they can choose bitcoin to trade and only hold dogecoin. I think people buy dogecoin because of Elon's tweet, and they think that they do not want to miss the chance to make a profit. They already waiting for a long time to make a profit, and now they see it from dogecoin, so they use their time to buy and sell dogecoin. I do not know if the rise of dogecoin is good or not because I only know that I can profit from dogecoin.

I also think the same way at present everything is running smoothly for the crypto market and if Elon said anything negative about the crypto market I am afraid what will happen to the market one can only imagine. So we should trust our analysis too and should not blindly follow anyone. As we all know big players can manipulate the market too So guys do not be greedy exit when you achieve your set target.