Concerning the many contradictory speculations on Musk and his view on cryptocurrencies, many have gathered that Musk had only been abusing his power and influence over the market. It was concluded that the billionaire had no regard for cryptocurrencies and therefore had been trolling with his recent tweets honoring cryptocurrencies. At last, he puts these opinions out with one tweet expressing favoritism of crypto over fiat.
Major Updates
- Musk tweets his support for crypto over fiat.
- Musk puts speculations and criticisms down with a recent Tweet.
- Cryptocurrencies are now gradually recovering from last weeks dump
The CEO of Tesla and SpaceX, Elon Musk, has just reaffirmed his devotion to cryptocurrencies.
This is following a series of conflicts that have contributed to the market plunge this previous week. From removing Bitcoin from the Tesla balance sheet to implying he would liquidate his entire crypto portfolio, Musk had sparked many negative sentiments recently.
To disprove the many experts and their claims of Musk disregarding the crypto market, Musk has attested he favors crypto against fiat-issued cash via Twitter. His support for cryptocurrencies has been questioned a lot recently.
Many critics of crypto experts, retail traders, and whale investors have all taken to Twitter to bash the billionaire. His tweet replies consist of many expressing hate and displeasure towards Musk. Some refer to their losses resulting from the previous bloodbath, while others accuse Musk of abuse of power over the crypto market.
Elon Musk now expresses on his Twitter that he is, by all accounts, on the crypto bandwagon. The businessman currently turned digital money influencer had uploaded the following tweet reply;
This is a glaring sign of support to crypto money from Musk after a harsh time of criticism over Bitcoin’s energy use. Musk's recent anti-Bitcoin moves have displeased many crypto advocates as recent cryptocurrency celebrations have been contradictory.
It was critics like this that had contributed to the major market losses from the last seven days. This alongside the recent news of China prohibiting crypto money exchange and mining.
Conclusion
Now currently recovering, the crypto market is well on its way to bouncing back from a rough week of massive dumping.
Question of the Day
Do you think Musk is genuinely in support of cryptocurrencies?
