Opinion: Elon Musk is Crypto Poison
Date: 2024-09-06 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The platform now known as X is full of crypto accounts that support Elon Musk’s every move.
He’s the savior of free speech! He’s challenging corrupt governments! He’s defending the US Constitution! He’s creating an army of citizen journalists!
The admiration for the world’s richest man, often coming from DOGE-related accounts, borders on cultish. Even if Musk destroyed a kid’s Christmas presents, anonymous fans would still praise him as a visionary.
There’s no doubt he’s a successful businessman, with Tesla and SpaceX truly breaking boundaries and innovating. But when it comes to crypto, Musk is nothing short of poison, and the industry should stay away from him.
Too many of his devoted followers are quick to forget how he repeatedly hyped up Dogecoin in front of his millions of followers, only to call it a “scam” on Saturday Night Live. Hours later, DOGE had fallen 36% — and hasn’t returned to its peak of $0.73 since.
Aggrieved investors have filed a $258 billion lawsuit against Musk, accusing him of manipulating the price of the memecoin. Although that case was recently dismissed by a judge, there’s no doubt that his constant tweeting may have misled some people and left them financially damaged.
It’s part of a familiar pattern, as Bitcoin has also suffered from the billionaire’s whims. The world’s largest cryptocurrency jumped 20% when he added #bitcoin to his Twitter bio. Markets went wild when Musk announced that Tesla would accept Bitcoin as a form of payment, and the company itself bought $1.5 billion in BTC and added it to its balance sheet.
But it was all short-lived. Musk quietly removed #bitcoin from his bio, and the BTC emoji disappeared from his website. The Tesla Bitcoin purchase was cancelled due to environmental concerns. And, as a final insult, the company sold 75% of its BTC holdings to boost cash flow, despite Musk’s earlier promise that this would not happen.
When you add it all up, it’s laughable to assume that Musk is a cryptocurrency advocate interested in growing the industry and expanding its use. Instead, it’s clear that BTC and DOGE are just toys for him… to the detriment of his many fans.
