It’s hard to imagine, but one of the richest people in the world is hurting you in the cryptocurrency market. If you look carefully, billionaire Elon Musk cares less if you make money. He already has a net worth of $ 153.2 billion. That’s more than you or me, unless you’re Jeff Bezos.
At first, people thought it was fun when Elon Musk tweeted a couple of times about Dogecoin, which caused the price of the cryptocurrency to skyrocket. Plus, his appearance on Saturday Night Live didn’t hurt the week as the price continued to rise.
Then his mixed messages confuse everyone as one day he supports Dogecoin, but the next he says his company cannot support Bitcoin when Tesla made a big purchase just months ago. Elon should honestly focus on his two projects, Tesla and Space X.
The more he tweets, the less it helps the cryptocurrency community. His tweets and comments are damaging both the cryptocurrency community and the price. When he feels like it, his tweets also help cryptocurrencies, especially Dogecoin.
Do not get me wrong. I’m a huge Elon Musk fan.
I’ve owned Tesla stock for three years. In every video I watch Elon Musk, I see his legendary story as he worked harder than many people to get where he is today. Like many billionaires, he made great sacrifices to make his dreams come true.
Since not many people can tell billionaire Elon Musk what to do, if he did these three things, he would be helping the cryptocurrency community.
1. Stop tweeting Dogecoin. Elon Musk should stop tweeting about Dogecoin and the cryptocurrency market. This only gives the cryptocurrency market a brief upward trend. But this also encourages new investors to make bad investments.
Dogecoin is a good short-term investment, but some people can overdo it. Dogecoin is not like Bitcoin, Ethereum or any other popular cryptocurrency.
This cryptocurrency is a meme coin named after a Japanese dog, a Shiba Inu.
Despite its shortcomings, Dogecoin has outperformed many cryptocurrencies this year, including Bitcoin and Ethereum. I don’t expect Dogecoin to see similar returns in the second half of the year. Dogecoin can hit $ 1.00, but that’s only 200% from here.
Some entrepreneurs use Dogecoin as part of their business plans. Billionaire colleague Mark Cuban accepts Dogecoin so customers can purchase products and tickets at Dallas Mavericks games.
2. If Elon Musk wants to help the cryptocurrency community, he should. His cryptocurrency tweets are a distraction that fuels cryptocurrency euphoria. This gives people an inflated message about the market.
Many new investors have no experience and people cannot learn to invest in cryptocurrencies overnight.
3. Only he can answer whether Elon Musk was serious about Bitcoin’s energy consumption. Elon may have been honest as he and Michael Saylor, CEO of MicroStrategy, are working with leading Bitcoin miners on the use of renewable energy.
Your discussions could really help the bitcoin mining industry, especially since China has its own bitcoin mining problems.
Hopefully Elon Musk learns from the Bitcoin Mining Council and delivers valuable tweets in place of his FUD.
It’s hard to imagine a billionaire causing so many problems, but Elon sure is.