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Nexo

How Elon Musk Is Weakening The Bitcoin Hedge Narrative

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
0
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The masses cheered as Tesla CEO Elon Musk added the Bitcoin hashtag to his Twitter bio, and later revealed his company would accept BTC for purchases. Since then, however, the moon man himself has done enormous damage to the crypto bull market structure, and to investor’s bottom lines.

Worst of all, Musk is weakening the Bitcoin safe haven and hedge against everything narrative. Here’s how.

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Elon Musk Is Why Crypto Needs Regulation

Elon Musk struggles to keep his mouth closed related to regulated markets and has been slapped with fines and worse by the SEC in the past. But with crypto completely unregulated, the eccentric CEO that recently hosted SNL and vehement Dogecoin supporter has had diarrhea of the mouth for weeks now.

Related Reading | Why Bitcoin Doesn’t Need Musk, Saylor, Or Anyone Else

What started with some well-placed tweets expressing guised concerns over Bitcoin’s potential impact on the environment, has now turned into a total circus. A clear fan of meme coins, Musk has recently turned to sharing reprehensible memes poking fun of the carnage he created across crypto markets.

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The billionaire and often times richest man in the world appears to be taking joy and gloating that he destroyed the finances of those less fortunate than him. He also appears to be enjoying the damage he is clearly doing to Bitcoin.

bitcoin elon musk is an asshole

A series of Musk tweets have caused each major drop in crypto | Source: BTCUSD on TradingView.com

How The Tesla CEO’s Tweets Are Destroying The Bitcoin Narrative

Bitcoin has been pitched as the answer to everything, even when no one is asking a question. Inflation? BTC is the perfect hedge against the dollar. A sudden government seizure of assets? Blockchain keeps coins out of reach.

It is considered digital gold due to it acting as a safe haven similar to the precious metal. It has even been lauded as an insurance policy against the unknown. What can’t the first ever cryptocurrency do? It can’t seem to survive the storm of Elon Musk tweets that continue to cut the price per BTC down with every 140 characters sent out.

Related Reading | Crypto Mouthpieces Need Muting: Why There’s No Coordinated Bitcoin FUD 

Musk is perpetuating the “shitposting” and meme culture that’s ruining the internet. He is also unfortunately proving that speculators responding to his tweets in the first place fueled much of the rally and are now easily being flushed out. They’re now at a loss, and the guy they followed led them to their doom and is getting a kick out of it.

Bitcoin being decentralized is supposed to do away with one person having all that power. The technology is there for the world to use, but instead, crypto holders prefer to let Musk and others influence their every behavior.

Featured image from iStockPhotos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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