It's not a good rise, actually it's bad

[shield132]

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.

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[BlackHatCoiner]

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.

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

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.

[menoiazei]

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.

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

[xcaret]

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 !

[Ultegra134]

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.

[Ifemini]

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

[Swordsoffreedom]

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.

[henryvuong]

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.

[LTU_btc]

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 .

[jahepahit]

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.

[Murpheus]

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

[ReiMomo]

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.

[tabas]

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.

[posi]

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.

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

What if Elon Musk said that he changed his mind and today bitcoin is bad and Ripple is better?
I don't think it's a healthy behaviour from people.

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.

[Sled]

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 .

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?

[CarnagexD]

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.

[Amejoaquim]

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.

[DapanasFruit]

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.

[pooya87]

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.

[Ozero]

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.