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Author Topic: How much power does Elon still have over the crypto markets?  (Read 378 times)
yat97
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June 17, 2021, 04:48:56 PM
 #1

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.


SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.


But then with just one simple tweet, he dumped the bitcoin price. HOW!?


But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?
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June 17, 2021, 04:52:06 PM
 #2

Elon's influence over the crypto market comes from his large social media following and the fact that a lot of his followers believe in him almost religiously and will follow his whims blindly without questioning or taking the time to really research and understand it for themselves.
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June 17, 2021, 05:08:50 PM
 #3

After the crypto market fell, it's probably not a lot by now since those who bought doge and other crypto influenced by this tweets probably lost a lot of money in the process, and are still trapped in the current market situation waiting to get a good enough price to exit. Even if he's a billionaire and commands a lot of innovation at the palm of his hands, I think it isn't enough to sustain such kind of control in a market that he also helped bring down.

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June 17, 2021, 05:22:58 PM
 #4

I think that his impact is currently lower than, say, a month ago, but there are always people whose opinions matter to many other people in any area, and given how Bitcoin is unregulated in terms of price and supply, it's more susceptible to changes and such people can affect the price significantly. People seek for authoritative figures, so that they can put some responsibility on other people and simply listen to things instead of thinking themselves. I think we should just accept it that Bitcoin is volatile and that media coverage, regardless of whether it's FUD or some real troubles, can trigger major changes of the price. But eventually Bitcoin recovers, so it's not a big deal.

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June 17, 2021, 05:31:45 PM
 #5

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I don't think people are done yet, but I believe we will soon overcone his influence over the crypto market. He has a large following in social media and he is also regarded as a visionary inventor of our time. So there are people who listens to him and react on his views. We used to react for Jamie Dimon and Warren Buffet as well. But eventually we have stopped listening to them. Same thing will happen with Elon in due course of time.

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June 17, 2021, 05:44:09 PM
 #6

pumping shitcoins is super easy. there are also a lot of pumping groups who are waiting for any excuse to pump these low shitcoins because the real profit is as it has always been in pump and dumping shitcoins. that is why we saw such a mssive DOGE pump when they had the "excuse" to pump it.

as for bitcoin, it was not Elon who crashed bitcoin. there were A LOT of reasons why bitcoin crashed. and since you are new i have to tell you that such crashes are very common during the bitcoin bull runs.

- the main reason was that bitcoin had gone up too much and too fast with only small corrections so it needed a "pause" before it co uld rise big again.
- the other reason was because the $65k-$70k prices were too hard to reach and after a couple of attempts they didn't break. so the correction starteed.
- the other reason which contributed a lot was a huge FUD campaign that fooled newcomes into selling their bitcoin by scaring them into thinking: bitcoin's energy consumption is huge (lie), some countries including China are banning bitcoin (another lie), FBI hacked bitcoin (another huge lie), and a lot of crap like that which they used to  keep it down this low.

yet people only see the "celebrity" and associate everything with them!!!

There is a FOMO brewing...
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June 17, 2021, 06:05:43 PM
 #7

Elon is so much a like mcafee pumping shitcoins, but so much power since he's just one of the richest guy on this planet. But unlike mcafee this guy has focused only in doge which really is for memes where everyone is into it.

The whole crypto space is so much hype after elon start tweeting and even started to invest bitcoin, IIRC from 20k to 60k (there are lots of aspects not just from him though), but now since he take back that decision, almost everyone starting to hate the guy.

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June 17, 2021, 06:32:37 PM
 #8

pumping shitcoins is super easy. there are also a lot of pumping groups who are waiting for any excuse to pump these low shitcoins because the real profit is as it has always been in pump and dumping shitcoins. that is why we saw such a mssive DOGE pump when they had the "excuse" to pump it.

as for bitcoin, it was not Elon who crashed bitcoin. there were A LOT of reasons why bitcoin crashed. and since you are new i have to tell you that such crashes are very common during the bitcoin bull runs.

- the main reason was that bitcoin had gone up too much and too fast with only small corrections so it needed a "pause" before it co uld rise big again.
- the other reason was because the $65k-$70k prices were too hard to reach and after a couple of attempts they didn't break. so the correction starteed.
- the other reason which contributed a lot was a huge FUD campaign that fooled newcomes into selling their bitcoin by scaring them into thinking: bitcoin's energy consumption is huge (lie), some countries including China are banning bitcoin (another lie), FBI hacked bitcoin (another huge lie), and a lot of crap like that which they used to  keep it down this low.

yet people only see the "celebrity" and associate everything with them!!!
I absolutely agree with what you said. Celebrity or a country's influence will not cause such a price fall, Bitcoin is just reacting to market forces.
I don't get why people are quick to attribute bitcoin price to myths as if it's a stable coin.
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June 17, 2021, 06:45:21 PM
 #9

I think his impact has less of an impact than his first few tweets made but if he starts rampantly tweeting more negative stuff about bitcoin then sadly, weak hands still are influenced & get shaken out.


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June 17, 2021, 06:46:36 PM
 #10

After the crypto market fell, it's probably not a lot by now since those who bought doge and other crypto influenced by this tweets probably lost a lot of money in the process, and are still trapped in the current market situation waiting to get a good enough price to exit. Even if he's a billionaire and commands a lot of innovation at the palm of his hands, I think it isn't enough to sustain such kind of control in a market that he also helped bring down.

Indeed, I have seen lately that the effect of Elon presence on crypto is not too big. Even so, don't expect too much. We have to stop chasing him and focus on the growth of crypto based on the naturalism of cryptocurrency, just as crypto would have grown without him. followers may get bored and lose interest.

how not, in this year alone the gains and losses that have been incurred are almost comparable. let's go back to the natural world, and it educates us not to rely on tweets that only benefit the big holders. As small traders we must be consistent in our decisions and choices about crypto. because it is long term. we must be able to manage finances in crypto as well as possible for the sake of future continuity that is not carried away by FUD.

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June 17, 2021, 07:07:26 PM
 #11

unfortunately he has great power over this cryptocurrency market, I see it as something very dangerous but I face the harsh reality that he has great power, the guy Is billionaire, he has a famous company and he has thousands of people who admire him and he has dozens of rich friends, of course his influence is expected to be a very big one and he is also taking advantage of that, the problem is not in the tesla man, the problem is in the greedy people in the cryptocurrency market who are buying or selling cryptocurrencies every twitter what tesla men do

Indeed, I have seen lately that the effect of Elon presence on crypto is not too big. Even so, don't expect too much.

test:

if he says he will buy a lot of bitcoins and tesla will also buy a lot of bitcoins, he price will increase a lot immediately


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June 17, 2021, 07:22:05 PM
 #12

For the past months, we've all witnessed how Elon Musk affected bitcoin's price after his announcement that he is not gonna accept it as a payment for Tesla anymore. Recently, he announced that he will once again consider accepting bitcoin since he found a good energy source for bitcoin mining that is not that harmful for the environment. It later on led for bitcoin's price to grow once again. Even though it is just a speculation, considering the standing or the position of Elon as a billionaire widely affects other billionaires mindset.

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June 17, 2021, 07:26:08 PM
 #13

It seems like Elon Musk still has a lot of power to affect the market. His last statements helped Bitcoin price to go up again. But it is back to 37k now. As long as he has this influence, I don't think that his power will be gone. But I'd really like to see that power gone.

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June 17, 2021, 07:41:13 PM
 #14

To my great regret, the power is great. Since this person is an idol for many and people listen strongly to everything he says. He also thinks it is very pleasant and the fact how he disposed of this trust and "power" also says a lot about this person. I hope that authoritative people within the community, leaders of large projects and other centers will fight this populist and put him in his place.

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June 17, 2021, 08:51:29 PM
 #15

Virtually a lot or Virtually nothing! It might seem contradictory right? Well, thats the way it is. Elon Musk has always got his fans who are ready to back him up even with the fact that, his capable of making some decisions that could be considered wrong. These fans who idolise him and blindly follow would always be there to reflect his tweets and anticipations in the the market. Luckily for us, they are only a handful now. Crypto smart people aren't any more all loving and trusting of Elon Musk. He came up as someone who actually wanted crypto to hot heights not thought of, to bring crypto to the elites of the society but later changed to a guy who is looking out to accumulating sats from beginners. Well, it worked fir a time, but it was just for a time and that time is gone now.

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June 17, 2021, 09:04:24 PM
 #16

It looks like his influence on the market can still be quite big. He stated that he was thinking of starting to accept payments with Bitcoin again as most of Bitcoin mining started using renewable energies. And it affected Bitcoin price directly again this time in a positive way.

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June 17, 2021, 09:13:55 PM
 #17

I guess with his supposedly latest positive tweet about Tesla going to accept bitcoin again as payment method, it move the market somewhat to $40'ish, but there was no momentum as I will say that we are in the bear market for more than a month now.

So obviously he has the power but not as big as people think of. Specially when he started his anti bitcoin sentiments, investors are now getting smarter and just wouldn't put their money in the market just because he made a sudden U-turn now.

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June 17, 2021, 09:17:07 PM
 #18

Why are people so interested in trying to talk about Elon when other institution like Microstrategy are also one of the biggest companies that have backed bitcoin with big investment?

Elon's effect in investing in bitcoin and meme coin is more accurately described as part of the price monopoly he created. He is a smart man whose power of money can play with price. $1.5 billion is a sufficient number to call it a bitcoin whale. While he is also eager to make something big out of his investment despite his supportive stance through news of his adoption as a mean of payment at Tesla. Now his influence in the market is much less than it was a few month ago and maybe that is because of his carelessness in disclosing inaccurate fact about bitcoin mining which is not environmentally friendly.

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June 17, 2021, 09:38:23 PM
 #19

This time, his action wasn't so much affective on Bitcoin price. It increased a little, yes. But the price has come down to its usual levels again. I wonder whether we can see this as his influence on the market is getting weaker.

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June 17, 2021, 09:38:41 PM
 #20

Elon's only "power" in crypto is whether or not Tesla accepts it.  He wants to milk that goose for attention as long as he can.  I suspect that he thought there would be more applause and a bigger show when Tesla started accepting Bitcoin, and in my opinion it was his expectations not being met with respect to his own limelight that made him stop accepting BTC, not environmental concerns.  You can bet when Tesla does decide to start accepting BTC again, it will be a giant spectacle meant only to stroke Elon's ego.  I can't wait.


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