There’s been an attitude shift among crypto investors: people have started to ignore Elon Musk and his Twitter hype calls to rally a token. I, for one, am happy that this attitude is finally occurring among crypto investors and more people are seeing him for what I personally see him as: a grifter.
It’s important for crypto investors and the cryptocurrency industry as a whole to move away from Elon Musk and start ignoring him. Now, this is all my opinion and not a statement of fact; however, I will be using facts and real-life events to back up my argument.
Too Much Power
The inspiration for this opinion came from this article on Yahoo News where Musk tried to rally Dogecoin again on July 1 via his Twitter account, and while there was a small surge that day, the crypto is actually down. Alexandra Clark, who is a sales trader at digital asset broker GlobalBlock, said it best “[people] are finally realizing that the tweets of one man should not be the deciding factor for whether they buy or sell their assets.”
Release the Doge! pic.twitter.com/9bXCWQLIhu
— Elon Musk (@elonmusk) July 1, 2021
Clark raises a good point: why are we letting one person, however rich or funny he is, dictate how we utilize our assets?
In my opinion, cryptocurrency already has an image issue from a long history of scams (Bitconnect, Bitsonar, pump-and-dumps) to wildly fluctuating prices scaring off investors. I’m sure we’ve all heard stories of people putting a lot of their money into Bitcoin only for them to losing it all over the course of a single night.
No day is complete without me losing $10K on Tesla and $100 on dogecoin. Almost there on both! 🤣🤣🤣😳😬😫😫😫
— Keith Dorschner 🖖 (@keith_dorschner) July 7, 2021
Back in May when Elon Musk was on Saturday Night Live, he jokingly called Dogecoin “a hustle” and apparently that was enough for the crypto to go down 35% over the weekend, but then it goes up again a week later. People openly joke about losing money with Dogecoin because it’s so common; now ask yourself “is that a good sign?”
Not a Champion
Earlier I referred to Elon Musk as a “grifter” and what I mean by that is he uses his influence as Tesla CEO, as one of the richest people in the world, and as “one of the people” to make himself richer. Fans and social media users have bought into the idea that he and other celebrity billionaires are “a part of the people” with the interest of the masses at heart; however, that just isn’t the case with Elon Musk.
Musk said during the COVID-19 pandemic that a stimulus package “is not in the best interests of the people”, he also downplayed the pandemic (and got himself infected), violated workers’ rights, busted Tesla unions left and right. I mean the list goes on and on.
The idea that Elon Musk is somehow a champion of the masses because he posts funny pictures of a yellow dog on Twitter is ludicrous to me.
Good Hype Man
Don’t get me wrong: Musk has done a lot of amazing things. He played a big role in getting PayPal off the ground, revitalized interest in electric vehicles and space travel, and the Starlink service is a legitimately great idea. Many commendable things have been accomplished.
Elon Musk would never lie or exaggerate or misstate something on Twitter
— Edward Ongweso Jr (@bigblackjacobin) April 20, 2021
But at the end of the day, Elon Musk is a really good salesman; he’s really good at creating hype and making money off of his following. However, his biggest interest is himself in my opinion.
For cryptocurrency to continue without hindrance, we have to stop listening to him.