Bitcoin Forum

Elon Musk is ‘definitely too influential on Bitcoin prices’ says head of crypto hedge fund—but that may change

Elon Musk caused more calamity in bitcoin price action late Thursday and into Friday, leading at least one crypto hedge-fund manager to describe the Tesla Inc. CEO and prolific tweeter as “too influential on bitcoin prices.”

“Musk is definitely too influential on Bitcoin prices,” Kevin Kang, co-founder and principal at BKCoin Capital, told MarketWatch in emailed comments, while attending a bitcoin conference in Miami.

Kang’s remarks come after Musk on Thursday evening issued a cryptic tweet that many in the world of digital assets were interpreting as the billionaire’s breakup with bitcoin. The tweet included the bitcoin logo and a broken-heart emoji.

Read more https://www.marketwatch.com/story/elon-musk-is-definitely-too-influential-on-bitcoin-prices-says-head-of-crypto-hedge-fundbut-that-may-change-11622839304

Who listens to a newbie like Musk?  Apparently lots of people are misguided enough to do so, but his comments have been clearly misguided to anyone who understands bitcoin in much detail.

to be honest i followed him on twitter when he creating bitcoin hype but im recently unfollowed him since he creating lot a fud, the strategy that he used actually pump and dump so many new on trading and cryptocurrency who don't know will follow him

It won't last for sure because people are going to learn more about the market and with more people that knows about the market, the less Elon's influence will become, although it is a good indicator for how the market is doing depending on how the influencers talk about crypto in social media platform.

Elon Musk might have control over all the other smaller shitcoins like Shiba Inu and DogeCoin.. but only a small influence on Bitcoin. Many people believe that his tweet over the high energy usage of Bitcoin...started the down turn in the Bitcoin price.. but they are wrong.

A bunch of Chinese Bitcoin whales wanted to push out another whale and they collectively dumped loads of coin on the markets, which caused the dip in the Bitcoin price... it just so happened that Elon Musk posted that tweet a day or two before that. People give Elon Musk to much credit for things he did not do.  ;)

It won't last but we should know that if someone's influence is lingering for long, then they will be able have more impact, even if people learn more about the market, new people will come in and their influence will grow again plus we don't have to worry about it because we can use their influence to predict the prices to our advantage.

we are talking about a billionaire guy who has a very famous company, of course people would listen to a person of this level of wealth and fame, if he says: "I bought bitcoin" people are thinking: "if even a billionaire bought bitcoin, then bitcoin it's going to increase a lot in price... " and people immediately rush to buy bitcoin. an interesting fact:

DOGE dumps as Dogecoin-sponsored NASCAR driver crashes (https://cointelegraph.com/news/doge-dumps-as-dogecoin-sponsored-nascar-driver-crashes)

it looks like these kinds of disasters will be very common for dogecoin in some time, and the price of dogecoin will begin its journey towards big price drops. and this will not be stopped by elon musk, by this i mean that even the influence elon musk had on bitcoin will end if we are in a bear market

There would really coming a time on where Elon would turn out to be insignificant into this market just like into those other personalities that we do had in past years who do make some involvement or trying out to stir up Bitcoin market. He might be still relevant as of this moment but when the time comes where the community wouldnt really be putting any care at all then we would really able to tell the difference.

You had actually get the point and the things you've been saying is true.Who would be the one to ignore such person does have that fame and popularity?

Thing here is that he had made out something that made the community got frustrated and mad.Of course there would be still those worshippers and believers but the community isnt blind.