CoinSwap founder Eric Nurum says Elon Musk’s ability to move the cryptocurrency markets with his tweets represents a threat to the average investor, but the ruckus created by the Tesla CEO’s social media activity in the long run Cryptocurrencies may attract more attention.
Noorum pointed out that Musk’s tendency to tweet about bitcoin (B T c), Dogecoin (Doge) and other cryptocurrencies launched shortly after Tesla chief banned Tweeting about your own company by the Securities and Exchange Commission.
“Elon is manipulating the market by creating FUD around bitcoin. He is playing the same game he did with the stock market.”
“After the SEC banned tweeting about Tesla, he focused on the crypto market, where he could walk free on social media for now,” he said.
The CoinSwap founder is currently seeing turmoil in the market, largely thanks to the ever-changing nature of Elon Musk, who seems to be hot and cold. Musk announced Tesla earlier in the year will accept bitcoin As a payment option for your electric cars, only reverse your decision weeks later.
Recently, Musk once again reversed his decision, announcing that Tesla will accept bitcoin as a payment option when 50% of its mining is done with clean energy use.
But Musk’s uncertain nature when interacting with the crypto world could eventually attract more people in the long run, even if for the wrong reasons, Nurum says.
“Even if Musk is temporarily causing market turmoil, his involvement could be beneficial to crypto in the long term as he is attracting new people to crypto, albeit sometimes for the wrong reasons. from,” he said.
Noorum referred to Musk’s latest cryptocurrency playthings: low rocket (CUMMIES), a token believed to have been created for use in the adult film industry, quadrupled in price in the span of 10 minutes when Musk began tweeting about it.
“Their attempts to raise the price of some coins, such as Dogecoin and more recently ComRocket, are potentially more dangerous as these obvious pump-and-dump schemes could put many ordinary people out of pocket.”
A pinch of sodium chloride is needed when interpreting Musk’s tweets, says Noorum, who said the multi-billionaire CEO may have the ulterior motive when he gives a thumbs up or thumbs down on a given coin.
“I hope that people will take all of Musk’s crypto tweets and other comments with a pinch of salt – and they should remember that they have intentions behind them,” Knerm concluded.