The influence of the second world richest man, Elon Musk in the crypto space can no longer be underplayed especially as his tweets go a long way in determining crypto prices of from time to time.
Previously, BlockDesk reviewed the influence tweets from Elon Musk had on the entire crypto space and how this influence could be underplayed.
However, recently, Erik Nurm founder of crypto firm CoinSwap spoke about the positives and negatives of Elon Musk’s cryptic tweet on the entire crypto space. He noted that the billionaire’s ability to move cryptocurrency markets with his tweets represents a danger to the average investor among many other things.
When Elon Musk began tweeting crypto
According to the CoinSwap founder, the billionaire began tweeting about crypto (Doge and Bitcoin) shortly after he was banned from tweeting about his own company (Tesla) by the United States Securities and Exchange Commission.
“Elon has been manipulating the market by creating FUD around Bitcoin. He is playing the same game he did with the stock market,” said Nurm.
“After he was banned by the SEC from tweeting about Tesla, he has shifted focus to the crypto market, where he can run free on social media for now,” he added.
He notes that Elon Musk’s current power on the crypto space spells doom for the industry’s future which he says is as a result of the billionaire’s ever-changing temperament that always blows hot and cold.
Good, Bad of Musk tweet on crypto
After highlighting that his tweets are a danger to investors and the fact that the market would continue to bow to the ever-changing temperament of the billionaire he spells a few positive the industry can gain from Elon Musk’s actions.
Nurm states that interactions between the billionaire and the crypto space could ultimately attract more people to the industry on the long run.
“Even though Musk is temporarily causing turmoil in the market, his involvement could be beneficial for crypto in the long-term, as he is attracting new people to crypto, albeit sometimes for the wrong reasons,” he said.
“His efforts to drive up the price of certain coins, like Dogecoin and more recently CumRocket, are potentially more dangerous as these apparent pump-and-dump schemes could leave many ordinary people out of pocket.”
The CoinSwap founder ended by saying that he hopes Musk’s cryptic tweets are not taken seriously and everybody gets aware that the billionaire has ulterior motives.