Bitcoin Forum

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Not too many options... Yes, especially the Doge market which will be dumped at some point but we are not going to crash in general.

Do you think crypto prices will parallel the stock prices moving averages or do you invision crypto going higher when the stock market goes down due to inflation.

The stock market is like living back in the 90s. The future is crypto and there is no comparison in my opinion.

Have to admit that this guy has some decent value to the cryptocurrency market. His words do influence the whole market and make DOGE coin run uncontrollable. And our bitcoin receives a lot of attention ever since he made his tweets.

It is clear that we gonna have a crash but the main question is when.  ???

I would agree with you. the thing is no one knows how long a bubble can last until it pops.

I feel like the stock market is acting more like the roaring 20's and the year 2000 with the correlation of the p/e ratio.

You question is wrong because there is a huge difference between bitcoin market and altcoin market so you can't just ask about "cryptocurrency market" as a whole.

Bitcoin prices were already rising and high when Elon Musk started the hype and it didn't really affect the price since the trend didn't change if you zoom out and look at the chart over the longer period than the single day he hyped it up on Twitter.

On the other hand the Dogecoin price wasn't doing anything and it was already dumping but when Musk started hyping it up its price started pumping hard.  You can clearly see that on its charts if you zoom out similar to what you did to bitcoin charts.
In a little while when the hype is over Doge will dump again while bitcoin continues going up.

So you see there is a huge difference between the two.

I feel like the the original dream of using crypto as an alternative to cash is mostly dead for the time being (for various reasons) and therefore holding and then cashing out into real world currency is what's boosting prices for the moment. Dogecoin is a good example of speculation as it doesn't have a massive use or application, besides being a meme coin that was easily accessible and cheap.

I was reading on hacker news about the creator of Coinbase's original idea of undercutting credit card fees, but in the end look what happened.

So I feel like speculation about cryptocurrency is difficult if not impossible, it could be worth nothing or could be worth multiples in the future. I don't think anyone knows for sure as it follows its evolution.

I guess you could say he's inflated things a bit.. at least, for some coins he has. But, I also think Elon has brought lots of new people into the crypto-sphere who might not be here otherwise. Making cryptocurrency more mainstream is a good thing in my opinion, and if he's inflating the market some now I'm okay with that. Many of these new investors he's brought in will still be around later on whether he is pumping coins or not, and that's a good thing for the industry!

My answer is yes, to some certain extent! Elon inflated the market in 2 specific occasions as we all know! The first incident is when his company bought billions worth of bitcoins and the 2nd  incident is when he pushed for dogecoin. If you see the price of both of these coins, you will understand the difference. The bitcoin market has find a stable support at 52k and the dogecoin has increased by 700% in last few days. So there's no wonder that Elon pushed for these coins and the market reacted as expected pushing the prices to the next level.

Some people like me are still trying to recover thousands of dogecoins that we had back in time.

He pumped DOGE clearly to his own advantage. Having the opportunity to quadruple your investment in a matter of hours just due to your influence and not profiting off it is quite silly unless you really care about the market's health. Let's be honest, DOGE wasn't/isn't going to be able to keep that price up. His influence will end up the same way McAfee's did.

Bitcoin wasn't really affected by his tweets. Although he did say "everything to the moon", pumping BTC is much more harder nowadays than pumping DOGE is. Besides this.. DOGE remains a meme, while Bitcoin continues to do wonders. That's the difference. Influence will continue to be used tho whenever someone feels like they have it.

Personally, I think Elon Musk is a key factor in this growth, the current market has been and is bringing great confidence to everyone. And when there is a character influencing it, the waves and movements will always incubate at any time.

Elon musk had been doing wonders recently in the market but I don't he's has anything again to do with bitcoin bull market. Although he invested much in the market thinking he's tweet is gonna have effect on the market fluctuation.

I'd reckon that Elon did indeed have some influence on the crypto market but only a small one, specifically for the BTC market. Even before his tweets started trending, Bitcoin was already on a bullish run. It's like Elon basically ran along with BTC towards the top, and not Elon pushing it to the top. The same couldn't be said with Doge though, the market there could show you that other than Elons influence, there was close to no reason as to why it suddenly ended up bullish. The next few movements could be attributed to trusting it would go up again, but the start? I'd say it's mostly his influence.

His tweet is going to have an effect on the prices because he has a following and I don't think that we have to worry about that because if we look at it in a different perspective, we can use that as a means to make more profit, just buy the coins that he mentions in good light and you are good to go.

I think Elon just bring the next chapter of FOMO in bitcoin and other altcoins like Doge. 2017 it was John McAfee who inflated crypto, with all his tweet and the whole "I'm going to eat my manhood" in public and then his ICO pumping. Elon just took it to the next level of shilling. It's just the question on what is the effect on the price short or long term.

Did you happen to see the documentry on him, it portrays a very disturbing individual. Its titled gringo the rise and fall of John mcafee.

Elon played his cards very well, specially in BTC, we really don't know if he is toying with the market or if he invested on BTC already. But when the news comes out that his company has already invested billions of dollars, so he literally "walk the talk". For DOGE, it's simply his influence that really put the price to all time high. So as much as we hate him, he really bring something to the market.

I think that the poll options are simplifying the situation and the fact that one has to choose one option isn't helpful. For instance, there's an option that the prices were already up before Musk and an option that he inflated the market. I had to choose between these two, but I think that both are true. The price started rising before Musk, and then he caught up and made some big announcements that inflated the price even further.
Also, while I agree that the price is going to crash, some might believe that Elon Musk inflated the price but that it won't crash, and there's no such option in the poll.

Elon Mush does not inflate the crypto, he only supports it by the falcuty of his speech. He is one of the most famous person in the world now with his disruptive technologies (space craft and electronic vehicles) and thanks to his support both bitcoin and the cryptocurrency have gained a lot of attention, chiefly dogecoin. This coin have flied more than 7,200% this year and I cant deny the footmark of Elon on this coin

I don't think Elon is actually to blame for this. This was influenced by many factors.

Crypto believers are dueling with skeptics for the dominant narrative around the climb: the former see an asset being embraced for its ability to hedge risks such as inflation, while the latter sense a precarious mania riding atop waves of monetary and fiscal stimulus.

Musk gave impetus to Bitcoin joining the mainstream when Tesla Inc. said it invested $1.5 billion and was prepared to begin accepting the cryptocurrency as a form of payment for its cars. According to Dan Ives at Wedbush Securities, Tesla has made a profit of about $1 billion over the past month from that bet.

perhaps more precisely we see Doge as a coin that can be easily controlled and also easy to drop. So does this seem funny, where would the crypto industry be if this kind of phenomenon happened or applies to all other altcoin?

I can't see a definition of decentralization these days.

How is the doge pump Elon musk advantage? Nothing proofs he owns doge. At a point he claimed, doge was used in the home as fun.

Prior to Musk tweeting. Big Institutional investors were starting to buy in. This was my personal signal that BTC had gone mainstream and also when it started to bull.

Elon is a possible influence with the values of our current Cryptocurrencies but its a good thing that someone of that caliber is interested in something that is still progressing. Bitcoin along with other Cryptocurrencies were already under radar for Elon but all he did was boost some meme coin because he was having fun and I do not believe that the markets gonna crash this year, its possible to crash but this year wont be that time and all we will encounter is a bunch of correction.

Well for me, it is actually not in the choices, we were already on the bull run and luckily, Elon Musk also helped. It was not just Elon who cause the increase, but it really helps to build more trust since he is there. Like seriously? The richest man in the world trusts Cryptocurrency? That is a big deal right dear. The crash is not inevitable, especially when people start to get nervous and scared, but the real question is when? When do the whales keep it?
What I would suggest to people is to accept that there will always be a fall in cryptocurrency, which has been an open book since before so be it.

The market will be crashed if the bullish time has ended. Not really sure about it, but probably can do it since he is a very popular influencer that can really make the crypto world-changing in a very short time.
I am not fan of him and we may know how Elon Musk make the world of crypto little bit changing moreover about some certain coins that he is announcing and supporting. Moreover, Doge, this coin really pumps so high. But I also cannot imagine how this coin will be down after the bullish market ends. Will Elon Musk keep this coin not to be down too signifincant. But I am pretty sure that everyone will take profits and then may not be really hard think about it

I think the bull market was already activated before elon musk came into the picture, he only made things a little bit interestting by shilling a coin that had no use case and the idea is that the bullish market will favor those who just come to the industry.

and now when we have someone who leads them and looks forward to a future, an era of the conquest of technology and science. Elon Musk is sure to be successful and rich a lot when he buys a lot of bitcoins.

I Think yes, I would have never said this if he would be showing certain advantages of every currency that he advertises or shoutouts and then tells people to buy it. But making random tweets and creating FOMO for Doge and other small caps also using techniques like HODLing for my son etc. this thing really has brought in a lot of investors for quick money. These people are just there to get some quick money and magically they even got a lot of it during the Doge Run and now when Elon Musk and other people who have held DOGE and other cryptos to that extent will dump their holdings the whole market would take a dip. Elon Musk has lost a lot of respect from entrepreneurs in the crypto community. He is not really benefitting the community in a very decent way by advertising it as a get rich quick scheme.

Hell no, even without Elon Musk we already got our bullish price before he even hyped Doge as well as Bitcoin.
It is just the media making it look like that he really hyped it up just because he claims something that x coin would go to the moon.
How do you expect news articles to take celebrities' words anyway?
"Doge to the moon". Next day in the news headlines, "Elon Musk believes that x coin will go to the moon, 9999k soon?".

Elon Musk is a strong influencer due to his status, he is a renowned businessman. He created the hype on both Bitcoin and Altcoins (Especially Doge) and people listened to him, just because he said it. Dogecoin is susceptible to a crash, its price is way too inflated, I don't think that's the same case with Bitcoin though.

Moreover, I believe that Musk could have bought BTC way before that huge pump had occurred (1.5 Billion of BTC bought by Elon Musk incident), and managed to manipulate the market into his advantage.