The cryptocurrency world should dare to look beyond Elon Musk
A person with too much power may be bad for the market
Elon Musk needs no introduction in the tech world. Even though Elon has not directly been a part of any blockchain or cryptocurrency development (other than indirectly holding 1.5 billion in bitcoin through Tesla and holding some dogecoin), every tweet of his on any cryptocurrency impacts the crypto market significantly.
This is against the basic principle of a decentralized industry that always resists any one person’s influence. And the concern is not that Elon has the influence, the concern is that it's possible for a person to have this kind of influence on the decentralized currencies.
Impacts Elon had on Crypto Prices:
Elon’s tweets started impacting the cryptocurrency market back in December of 2020 when he first tweeted asking about the possibility of converting a large portion of Tesla’s balance sheet into Bitcoin. From that point, every tweet on cryptocurrency had either positive or negative impacts on cryptocurrency prices.
- Jan 29, 2021: Bitcoin price jumped 14% after Elon Musk tagged “#bitcoin” on his Twitter biography.
- Feb 08, 2021: Tesla (founded by Elon) announced it would buy $1.5…
