His tweet, though cryptic, has caused an alarm on the global bitcoin community, pushing the cryptocurrency to slump 3.4%. But compared to the previous effects of his tweets on various cryptocurrencies, the latest bitcoin downturn can be considered modest.
The Tesla and SpaceX founder’s tweets prove to be a swaying power, both in the value of cryptocurrencies and various companies.
The list for such events can be long, but the latest one involved the Samsung Publishing Co, a shareholder in the producer of the popular “Baby Shark” song.
The company’s value has suddenly surged after Musk made a tweet about the viral YouTube song.
Even with the swaying power of his tweets, there are major challenges that his tweets cannot possibly counter and even influence.
Recently, he announced that Tesla would stop accepting crypto payments in response to the mounting pressures from environmentalists about the effects of crypto mining on nature.
On top of that, the progress of bitcoin is being disrupted by the Chinese government’s crackdown on miners, which stems, again, from environmental issues.
Some analysts have already forecasted that the value of bitcoin is starting to consolidate from its recent slumps and on its way to achieve new record highs again.
But Musk’s latest tweet proves that these forecasts, no matter how data-driven they are, can always be disrupted by outside forces, even by a simple tweet from the billionaire.
Crypto advocates have yet to see if the latest downturn of bitcoin would continue or gain momentum and rise again.
Image courtesy of Cointelegraph News/YouTube
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