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F*** Elon Musk Tweets. We all saw the Elon Musk's tweets about Tesla and Bitcoin last Thursday. So, guys let us beware of this biggest scammer in crypto history. He is manipulating the price of the cryptocurrency. This is not what we stand for in cryptocurrency.
Many people are losing a lot of money because of this man. This needs to stop!!!
We do not want Elon Musk or any other influencer to manipulate the cryptocurrency market!!!!
I am worried that the price of cryptocurrency fluctuates every day after a word from electric car(Tesla) maker Elon Musk, the founder of space exploration company SpaceX. In February, Musk made a surprise announcement that it would be able to purchase electric cars with bitcoin. Investing in all cryptocurrencies such as bitcoin blew up, and prices skyrocketed. In fact, Musk, which has accepted bitcoin payments since the end of March, suddenly announced a suspension of payments on the 13th of this month after 50 days. The market turned upside down. Bitcoin price plummeted, and the world's cryptocurrency market cap evaporated within two hours after the payment was stopped.
Musk launched another cryptocurrency, Dogecoin the next day, saying "potentially promising," as if nothing had happened after triggering such a'market shock', and immediately the Dogecoin price soared 20%.
Last week, Musk appeared on a comedy show and threw a joke saying, "Dogecoin is a scam," and plunged the price by more than 30%. The next day, it revealed that Dogecoin could be used as a payment method for SpaceX space travel, raising the price again. This is why the New York Times criticized Musk as "an untrustworthy person." It has even been said that if he had done this in the stock market, he would have been arrested immediately on charges of manipulating the stock price.
Musk's moves to come and go after the cryptocurrency market is in great chaos deserves criticism. However, the essential problem is the bare face of the cryptocurrency market, which is so fragile that Musk's words can change the price. Cryptocurrency has established itself as an effective investment asset, with more than 100 million people in the world jumping into investment.
However, stability is greatly reduced in that influencers with great market influence, such as Musk, can change the price flow at any time. Excessive reaction to a certain person's words is itself a fatal weakness of cryptocurrency. This means that the greater the volatility of the price, the greater the risk that investors must bear. Still, it is unfortunate that some young people think of cryptocurrency as a liberation tool, saying, "What's wrong with investing in order to avoid lightning strikes? It's okay to blow up all the money."