DO YOU STILL BELIEVE that Elon Musk is good for Crypto Space? [share your view]
 | It has been a while since my last publication. Almost 3 months to be exact. Hopefully, I will manage to post more often. And today I would like to bring up a topic which I found quite fascinating and it's strictly related to one of the most influential people: Elon Musk. |
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INTRODUCTION
Recently many people wrote about Elon Musk and his latest tweets, which seemed to be the main reason behind latest sell-offs on the crypto markets.
As most of you are aware, we have witnesses Bitcoin sliding down from levels of >60k USD all the way below 38k USD. Roughly around 35% drop. And it's still too early to say where the next strong support line will be.
And current events reminded me of my previous post I wrote just 3 months ago: ELON MUSK AND TESLA - the blessing of a threat for BITCOIN and crypto space?
I've shared some of my concerns and at that time most people who commented on this publication seemed to disagree. With only a few exceptions, almost everyone seemed to believe that Elon can do more good than harm for crypto space.
I wonder if this is how all those people do feel today? Still as optimistic?
MAKE UP YOUR MIND ELON, will you?
I found it quite confusing to figure out if what Elon is saying is true or a direct lie. In many ways, he seems to be acting as many politicians do. Assuming that he can say one thing today and say something exactly opposite only weeks later.
Examples are becoming quite easy to find:
That was a headline on CNBC from only 3 days ago. And those words contradict his previous official statement.
After all, only 3 weeks earlier he clearly said that Tesla sold bitcoin to prove liquidity as cash alternative.
So how is it?
Energy usage and SpaceX
His recent tweets are even more confusing. I'm not sure how to react to his latest complaints about the energy usage of bitcoin mining. I wonder how many people would still believe that he didn't have any knowledge in that area.
I found it hard to believe in his good intentions anymore. Even if he didn't care about this issue before and he only did his research and started to care now, then I wonder why wouldn't he mention that the entire banking system consumes twice as much energy? He surely knows that by now.
And what about his SpaceX?
Would he consider his own business as a threat to the environment as well? The amount of pollution which has been produced and the amount of energy consumed by the SpaceX program must be insane.
I call it HYPOCRISY and market manipulation.
MY PERSONAL VIEW
I think by now it's obvious that Elon joined the crypto market to speculate and transfer wealth from investors towards "his own pockets". And he does it while using his enormous influence, pumping the market just to crash it several weeks later.
It would shock me if the recent pump and dump would not bring more attention from SEC and regulators. And that surely is the last thing crypto markets need right now. Wouldn't you all agree?
IS TESLA A MAJOR BUBLE?
Perhaps it's also important to mention, that Tesla PE RATIO (The price-earnings ratio) shall still be considered a massive problem. It is currently above 550 points (while the average PE ratio is closer to 13-15 points).
This is absolutely mindblowing.
I strongly would consider it to be an important indicator. One that made me believe, that we will hear more often about Tesla and its negative impact on the price of bitcoin.
SHARE YOUR VIEW
Would you consider the crash of the price of TESLA on the stock market to be a potential upcoming BLACK SWAN?
I wonder: after all those recent events, do you consider TESLA and Elon Musk as a blessing or threat/curse for crypto space?
Share your thoughts with me. I read and appreciate all comments,
Yours, @crypto.piotr
@project.hope founder
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Elon Musk is overall positive for the crypto sphere because he is an influential name. His acceptance of Bitcoin makes people look at BTC and crypto in general positively. However, his behavior on Twitter is quite irresponsible, whether it be about bitcoin, dogecoin, or tesla shares. The SEC should take this seriously. When he says tesla has not sold bitcoin, it is a complete lie and he should be taken to court for it. His company's regulatory filings show that Tesla has booked gains on BTC.
I think if people come to the crypto space because of him then eventually they will see that his tweets are of no use. Some people will leave the space immediately after that but some won't because they would have learned more about crypto and the benefits that come from the growth of this space.
Thanks for dropping by and sharing your thoughts with me @karamyog
We seem not to agree on it. The fact that he is an "influential name" doesn't mean that it's positive for crypto.
I used to admire Musk, however today I see Elon as very advanced speculator, who do not care if he will damage reputation of crypto space. As long as he can transfer some wealth from others to his own pocket.
Absolutely. I fully agree with you on this part.
Cheers, Piotr
True, Absolutely!
Hello, Piotr.
These are statements that any of us could have made about BTC without being experts in the field. Just by reading a little about the energy consumption of BTC mining activity globally, we could have this same perspective.
It is no secret to anyone that the largest concentration of mining activity in the world is in China.
If we investigate a little about China's energy generation, we will find out that it is thermal in nature, which is based on the burning of fossil fuel.
Therefore, we can deduce that the levels of pollution produced by the Red Giant are levels of concern for the environment.
But this is nothing new. What is new in this case is that these statements were made by a character who has great influence in the cryptocurrency markets and in the world's equity markets.
Consequently, BTC holders felt concerned and began a massive sale of their assets which affected their capitalization, and consequently the price had a considerable setback that broke the 50% dominance barrier that BTC has maintained since mid-2019.
Only days before, Musk had declared the complete opposite.
For Musk, a business mogul, who is also a lover of social networks and has more than 50 million followers on Tweeter, this seems to be a "game", simple "jokes" with which he is happy, but the truth of everything this is that the fragility of the stability of the market is demonstrated.
Definitively... "threat/curse".
Hi @Juanmolina
My impression is that mentioning usage of electricity by BTC mining is nothing but propaganda. Technology is moving forward very fast and within few years processing same amount of data will take only fracture of current resources (energy and processing power).
And like you've said: this is nothing new. And I also (just like you do) see Elon Musk as a threat and curse for crypto space.
I appreciate your feedback. Have a great weekend ahead of you
Cheers, Piotr
I must disagree with you on this.
Mining actually consumes high levels of energy, a lot.
In fact, there are very smart and conscientious people who have created gigantic solar panel farms that power large mining farms of BTC. All this to save electricity billing.
It's my real pleasure, dear friend.
Hi @juanmolina
Perhaps. But when was the last time you've heard anyone complaining about energy being consumed by entire Banking sector? Did you hear about it even once?
Truth is, banking industry consume way more than entire bitcoin network and noone seem to bother.
So Elon Musk complaining all of sudden about it is nothing but a sad joke. Especially, since he is behind SpaceX which also consumed tons of energy and generated so much pollution already.
Yours, Piotr
From my point of view, you have no idea how much energy the world's BTC mining machines consume.
Only here in Venezuela are there giant mining camps belonging to high-ranking military men who take advantage of Venezuela's social and economic chaos to mine without paying for energy. They also do it to the detriment of the rest of the population who suffer from constant power outages.
SpaceX generates its own energy from renewable sources.
The launch of a rocket into space, once a year, does not generate more pollution than a thermoelectric plant that burns fossil fuel 24 hours a day 365 days a year.
I do not support and I do not oppose the activity of the banks. If it weren't for them, we wouldn't have the financial system that governs the world, and BTC wouldn't even exist if it weren't for the global banking system.
BTC aims to end the dominance of traditional financial institutions but depends on them to survive. So we have a double speech on both sides, and in the middle are we mere mortals.
Thank you for this valuable comment @juanmolina
Interesting. I see that you're assuming that I'm wrong with my previous statement.
I wonder if you actually ever tried to find out how much entire banking sector around the world is consuming energy. According to data (Which I studied) entire blockchain network is not even close to this industry.
So I'm quite curious where did your assumption that I "have no idea" is coming from.
Again, let's assume that we disagree.
BTC maybe had similar goals many years ago. But for past few years it is being treated by investors and regulators as a store of value. Replacement to gold.
It does not challenge traditional financial systems and never will. There may be some small exceptions (as venezeula may be), but not one developed country will allow BTC to be recognized as legal tender.
Cheers, Piotr
Hello, dear Piotr, it's me again.
Honestly, I haven't.
And, I would like to apologize to you, for saying that "you have no idea." It was not the best way to express myself.
As for BTC's intentions on the financial market. My approach is that there is a double discourse on the part of the actors, that is, they lie.
They don't really mean to.
What is a fact, in my opinion, is that the world's ruling currency will inevitably be displaced by crypto.
Perhaps it will not be BTC but the USD will soon be replaced by a cryptocurrency for world use, which will be assumed by the nations of the world.
In fact, international import-export contracts are already being signed with the amounts established in BTC.
Thanks for this valuable feedback.
Your friend, Juan.
Hello @crypto.piotr
I recently saw a video of a very important Youtuber, Spanish speaking, very serious journalist and analyst. In which he mentioned that behind all these contradictions of Elon Musk around cryptos could be pressures from Biden's government, because while it is true that the BTC is still far away from.figures like 800k$ price, it could be that if it continues as it was going, it could have a value greater than the dollar in market terms, and that would be a strong blow to the US economy.
Finally, this is speculation, but it could all be related, in view of the fact that Elon's companies are headquartered in the U.S., tax pressures, for example.
But, the reality is that it is more harm than good that he has done to the crypto environment, but surely he has already left with his pockets very full while the fall of Tesla in terms of stock price may come, which does look like a big bubble.
BIG THX for sharing your view with me @josevas217
Enjoy your weekend :)
Hello @crypto.piotr 💕❤️
I think we both have the same view as regards to Elon Musk influence in the crypto space
I was really astonished when he created a FUD about Bitcoin and this really affected the crypto market making lot of investors to loose hope in BTC and the worst when the Chinese also added to the news about them not having anything to do with BTC anymore.
I think we just have to keep being optimistic and keep hoping for a strong pull back on the price of BTC. Some analysts claimed this recent dip may lead to BTC worthing more than $100, 000 as time goes on.
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead ❤️💕❤️
Thanks for dropping by and sharing your thoughts with me @hardaeborla
Truth be told, I actually believe that we can reach 100k now more than I believed in it before this recent corrections.
ps. Any interesting plans for upcoming weekend? :)
Cheers, Piotr
Hello my dear friend @crypto.piotr
After a few weeks you can see what was the goal of Elon Musk, his main strategy was to create a great speculation in the market, which is currently affecting, possibly there are governments behind these decisisicones using influencers to destabilize the crypto market. Let's hope for a recovery soon for the benefit of all.
See you later my friend, have a great week.
BIG THX for dropping by and sharing your view with me @amestyj
Enjoy your weekend :)
I am among those who believe that Elon is simply an opportunist in the crypto market and that he came into it to make as much profit as possible. With his investments he will try to fluctuate the tokens to acquire and sell, even to get his hands on some or launch them in the future. His opinion about Doge and the investment in it reinforces this. How long he will stay, whether it will help or worsen is difficult to predict, but it is certain that he is someone who seeks money for his projects and will try to get the most out of the crypto market.
Thanks for dropping by and sharing your thoughts with me @joseph1956
We are cleary on the same page here.
ps. Any interesting plans for upcoming weekend? :)
Cheers, Piotr
It is very important that we can interact with you from these types of articles because you can really bring us a lot of knowledge about it, I think this Mr. Elon Musk before acquiring his BTC knew the energy consumption from fossil fuel burning sources, therefore, that at this point comes out with these statements leaves much to think of him.
As many comment, it may be a game for him, and demonstrate the power they have over the market, however, I think he has to measure his words since many of us live from this, we must also highlight how unstable the market of the most important cryptocurrency on the planet as BTC is, since other mechanisms should be created to strengthen in a real way the market and the price of BTC.
For me a person with these characteristics hardly represents a blessing for any type of market, especially the crypto market, therefore, it is quite the opposite, maybe I am wrong but the facts so far prove me right.
Thanks for letting us know more about the world of cryptos and also nurture us with so many good comments from users with experience in this type of market. Greetings.
Hi @rbalzan79
Thank you for your kind and encouraging words. From my perspective: having discussions with you and other members of PH community broadens my horizons and my knowledge. So it's a mutual win-win :)
It seem that we're having different view on that issue. I surely do not see him as a blessing. Not that I ever really did, but till now I wasn't quite sure what to think. Now I consider Elon Musk to be nothing but threat and a curse for crypto markets.
I appreciate your feedback. Have a great weekend ahead of you
Cheers, Piotr
Elon Musk is bad news for the crypto space. When he was pumping the market and everyone was praising him, I was smiling because if he says one shit stuff, the market will crash and he eventually did and it's blood bath out there in the crypto space. A single man shouldn't be able to manipulate the market at his will, so Elon Musk is bad for the crypto space.
were clearly on the same page here @menoski
thx for dropping by and sharing your thoughts with me buddy
Elon Musk is bad news to crypto. No single human being should be able to manipulate the market like he does.
Wow. What an amazing feedback @madridbg
It's hard not to agree. More challenging and hostile regulations are on the way because of speculators like Elon Musk.
Appreciate it greatly.
Yours, Piotr