Why Elon Musk’s Cryptocurrency Criticism is Misguided

Elon Musk vs Bitcoin

How Elon Musk reacted to the recent cryptocurrency craze probably surprised many of his fans and followers. They saw him as an early pioneer in the world of crypto. Instead of jumping on the bandwagon, he made a series of disparaging comments. Those called into question the stability and future of cryptocurrencies in general. However, Musk’s statements were flawed and misguided. His statements suggested an incomplete understanding of cryptocurrency and how it works.

 

History of Elon Musk with crypto

ElonMusk is very vocal about digital currencies during occasions and particularly on Twitter. Since he has put vigorously in crypto and is perhaps of the most well-off individual on the planet, his perspectives appear to drive the crypto market.

 

At the point when he began tweeting his Shiba Inu pup’s photos, financial backers thought he was indicating claiming the crypto Shiba Inu. Accordingly, the cost of Shiba Inu expanded following his tweets.

 

In any case, he later uncovered that he doesn’t possess Shiba Inu and has just put resources into three digital forms of money.

 

History of Elon Musk & Dogecoin:

Musk began to tweet about dogecoin back in 2019.

However, Musk said he hasn’t been in touch with dogecoin developers but more than once referenced working with them over time. Musk has even kidded about dogecoin possibly turning into the future save money. The fun fact is that dogecoin was created as a joke. It was created to make fun of crypto money. “Destiny loves incongruity. What might be the most amusing result? The money that began as a joke as a matter of fact turns into the genuine cash. To the moon!” Musk or another force to be reckoned with or leader tweets about a digital currency doesn’t mean it is significant or a wise venture. Taking care of into online entertainment publicity will frequently bring about cash lost, specialists caution. That is to a limited extent why investors should do their own research before putting money into any crypto. As the SEC cautioned in 2017, “it is never smart to invest on any crypto when somebody popular says a wise venture. According to some rumors it is also said that Dogecoin is owned by Tesla or Elon Musk.

 

Which Crypto Currencies does ElonMusk Own?

At The B Word gathering in June 2021, Elon Musk said that he upholds Bitcoin. He likewise uncovered that Tesla could begin accepting Bitcoin once more. The SpaceX and Tesla CEO further said that Bitcoin could be utilized for monetary strengthening.

 

According to tweets and his interviews, he has revealed that he only own following three cryptos:

·       Bitcoin

·       Ether

·       Dogecoin

 

 

Dogecoin & SpaceX Employees:

Musk said that he put resources into Doge since it appears as People’s crypto. At the point when he talked with people working at SpaceX and Tesla, he found that a large portion of them own Doge. He said that these individuals are neither Silicon Valley technologists nor monetary specialists. Since Doge is getting support, it additionally caused him to put resources into the Crypto.

 

One more explanation Musk gave for putting resources into Doge is that he adores images and puppies. He said it would be an engaging and unexpected result in the event that a digital money that started as an image to make fun of digital forms of currency turned into the main one in the future.

In an interview, Elon Musk said that Dogecoin is a preferable choice over Bitcoin with regards to everyday exchanges. He said that Bitcoin is certainly not a decent substitute for transactional currency, though Dogecoin is more appropriate for exchanges

Elon Musk’s Twitter Misunderstands:

In the past few months when the cost of Bitcoin fell much further when a Twitter discussion made a misconception. A client tweeted that they wouldn’t blame Musk for releasing his Bitcoin, taking into account the fall of Bitcoin. Musk answered to this tweet with “Indeed,” prompting investors accepting that he might be wanting to sell his Bitcoin.

In any case, the following day, the extremely rich person consoled the investors that Tesla is not selling its Bitcoin.