The Elon Musk Effect: They Sold Their Bitcoin After These Tweets!
With Elon Musk Effect Tweeting, Many Bitcoin Owners Are Selling Their Assets. Elon Musk scared many investors again on June 30, 2021 with his shares on Twitter.
After These Tweets, They Sold Their Bitcoins!
Elon Musk, the iconic billionaire and CEO of electric car maker Tesla Inc, continues to increase his influence in the Bitcoin and cryptocurrency ecosystem. A new poll report has revealed how popular his view is. The survey, conducted by Investing.com, aimed to evaluate the impact of famous billionaire and business leader Elon Musk on financial markets.
According to the survey, 49% of the 1,100 people surveyed said that Bitcoin’s lack of environmental friendliness is a problem for them as an investor. After Elon Musk’s loud criticism of Bitcoin, 30% of investors said they sold their crypto in the past month, and 20% attributed their sales to Elon Musk’s comments.
Energy concerns have led to a shift towards more energy efficient alternatives rather than focusing on Bitcoin and other Proof of Work (PoW) networks. “Bitcoin has an energy problem as its network consumes more power than any country like the Netherlands or Pakistan,” said Jesse Cohen, senior analyst at Investing.com. According to Jesse Cohen, Ripple and Cardano, for example, are two cryptocurrencies that have less environmental impact than BTC and are more efficient in terms of mining and transaction environmental costs.
While the warnings Elon Musk created have impressed several investors surveyed, it raises the need to explore green energy mining. Essentially, the influence of Elon Musk, who previously crowned him as the “king of the crypto community,” has given him “some new enemies recently,” according to Jesse Cohen. Elon Musk has always expressed his interest and love for cryptocurrencies using his social media handles.
Having gained a large following on the social media platform Twitter, Elon Musk supports his favorite cryptocurrencies, especially dog-themed cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB). Cryptocurrencies were hit by Elon Musk’s latest posts and “SHIB and Floki” skyrocketed. As Cryptokoin.com previously reported, such tweets from Elon Musk are not uncommon. However, the billionaire has only recently criticized Bitcoin mining for its high energy requirements and underlying environmental impact.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.