Musk is not a fan of Bitcoin, he just enjoys manipulating everything.

“The day mankind finally recalls the fear of domination.

On April 1, 2019, April Fool’s Day, the Dogcoin community jokingly launched a poll to elect a Dogcoin CEO.

The candidates were Elon Musk, the world’s richest man and CEO of Tesla, Ethereum founder Vitalik Buterin, Litecoin founder Charlie Lee and Metal founder Marshall Hayner.

Musk received the highest number of votes with 54.4%.

On April 2, Musk sniffed and retweeted, “Dogcoin is my favorite digital currency!

At the same time, he set his Twitter account information to: Dogcoin CEO.

Musk is not a fan of Bitcoin, he just enjoys manipulating everything.

Everyone thought Musk was joking about why a tech founder would be the CEO of a worthless MEME cryptocurrency.

But you have to believe that “what people who are better than you say is true”. Musk may really want to be the CEO of Dogcoin.

Because we haven’t seen the former “Bitcoin supporter” since May. Musk started physically boosting dogcoin and blasting bitcoin.

The climax came in the early morning hours of May 17. Someone said “those bitcoin investors will snap their faces when they find out next quarter that Tesla has cleared its bitcoin holdings. Musk replied with a single word: “Indeed.

That word seemed to imply that Tesla may have sold its nearly $2 billion bitcoin position, and the market shook.

With one word, Musk sent the price of bitcoin below $42,200 at one point, dropping more than 10% in 24 hours to a new low since Feb. 8, 2021. Led by Bitcoin, the crypto market’s mainstream coins fell in general, and the cryptocurrency community started the day in tears and confusion.

A few hours later, Musk once again pulled Bitcoin up another 3% instantly with the 9-word statement, “Tesla did not sell any Bitcoin.

That day, humanity finally recalled the fear that had dominated it.

Through Musk’s erratic statements, we finally realized that Musk, who was once happily promoted to the “altar” of the crypto world, does not seem to love the idea of cryptocurrency.

In the midst of the cheers and worship of the crypto-faithful, he is just enjoying the thrill of being able to turn his hand into a cloud and turn it into rain.

Musk is starting to hate Bitcoin
If we were to find a point in time for this disagreement, we could perhaps trace it back to a May 9 tweet by Barry Silbert, founder of the Grayscale Fund.

In the tweet, Barry said that “the time has come to swap dogcoin for bitcoin, and Grayscale will short dogcoin. Over the next two days, the dog dropped by 30%.

Musk is not a fan of Bitcoin, he just enjoys manipulating everything.

The self-proclaimed “Godfather of Dogcoin”, Musk, who is heavily invested in Dogcoin, couldn’t sit still.

On May 13, Musk announced on Twitter that Tesla will stop accepting bitcoin payments because bitcoin mining consumes a lot of coal and other fossil energy and produces a lot of carbon emissions that seriously pollute the environment.

Musk is not a fan of Bitcoin, he just enjoys manipulating everything.

Musk’s move is certainly a comeback to greyscale. You know, Wall Street institutions, represented by the Grayscale Fund, are the ones driving Bitcoin higher and higher.

The cryptocurrency market was shaken by this statement, and the price of bitcoin instantly fell below $50,000.

Crypto V’s also took a stand and attacked.

On May 14, Cryptocurrency CEO Changpeng Zhao said he had taken down Musk’s Twitter feed.

On May 16, Michael Saylor, founder of US-based legacy messaging software company MicroStrategy, said the world needs bitcoin, not dogcoin.

A large number of investors in the value coin have said they want to stop Musk from “manipulating the market,” questioned the “over-centralization” of dogcoin, and said “dogcoin is a junk coin.

Faced with the accusations from the Twitter world, Musk did not back down, but fought back more fiercely.

On May 16, Musk insisted that dogcoin could become a global currency if it had 10 times faster block confirmation, 10 times larger block size, and 100 times lower fees.

In the early morning hours of May 17, Musk tweeted his displeasure, saying “all this threatening talk makes me want All In Doge.

He turned up the heat on Michael Saylor’s bullishness about bitcoin, saying, “He (meaning Michael Saylor) should wear sexy pants with a bitcoin logo on them for Halloween.

In addition, Musk argues that Bitcoin is actually highly centralized, with the implication that Bitcoin is no good either and could be completely subverted by dogcoin.

Musk is not a fan of Bitcoin, he just enjoys manipulating everything.

The comment hit the bull’s eye, drawing criticism from a growing number of Bitcoin believers, and Musk’s tweets were met with a barrage of abuse from Bitcoin HOLDERS.

The story then came to a climax with two 10-word tweets from Musk that sent the Bitcoin market flying up and down.

When Musk sends a tweet, how much does the crypto world move?
It was said that Musk was “using his influence to control the secondary market” and “profiting for himself”. So let’s take a look at how much Musk’s comments on Twitter affect the market for cryptocurrencies. Rhythmic BlockBeats went through Musk’s tweets for the past five months and found 40 mentions out of 3,000, compiling the following data.

Bitcoin: 13 mentions, largest gain of 22.74%

Musk talked about Bitcoin a total of 13 times, with Bitcoin closing positive 4 times on the same day and closing negative 4 times on the same day (with multiple tweets in one day).

The impact of Musk’s tweets on Bitcoin’s positive feedback is waning, judging by Bitcoin’s biggest gains. Initially, on two occasions, bitcoin only went up, and both times by more than 10%. Then, Musk’s tweets were only effective for a very short period of time on bitcoin’s price. Note that Musk’s messages about bitcoin were on the positive side at all times except for May 13 and May 17.

In terms of timing, Musk’s bitcoin pull effect is waning and the smash effect is getting stronger. Of course, the reason may have nothing to do with shouting orders. In the last six months, Musk first bought bitcoin in the name of Tesla Inc. and then later announced that users could use bitcoin to buy Tesla electric cars. The market’s expectations for Musk and for Tesla are gradually diminishing.

When Musk bought a large amount of bitcoin, the market then feared that his sale would trigger a new wave of selling, so this could and is one of the reasons why bitcoin plummeted after Musk’s two recent unpromising tweets about bitcoin.

Dogcoin: Mentioned 27 times, up 132.74% max

Over the past six months, Musk has explicitly mentioned dogcoin on Twitter a total of 27 times (excluding replies to emojis). On the day it was mentioned, dogcoin closed positive 11 times on a daily basis and closed negative 8 times (where there were multiple tweets in one day).

Unlike bitcoin, the table shows that dogcoin is much more speculative, and after Musk’s tweets about dogcoin, they all rose to varying degrees, with an average gain of 21.13%. And, the highest 24-hour rises were basically all within a very short period of time after Musk’s tweet to the 24-hour high.

The data shows that within 20 minutes of Musk’s tweet, in 50% of cases, the price of dogcoin tops out in the short term. This means that this is more of a short-term market hype in line with Musk’s release.

Indeed, Musk’s tweets of just a few words can really have an impact on the crypto world, and this, it seems, is the experience Musk has been seeking.

Because what he enjoys is control.

Calling the shots Musk
As a world-class marketer, he excels at making cool crystals of the wisdom of crowds and building powerful connections with himself until he eventually becomes the face of it. Several of the major labels on him, Tesla, Space X, and Dogcoin, have all gone through this process.

Experiments on electric cars and autonomous driving started early in the history of automotive development, with Google receiving the first self-driving vehicle license in the United States from 2012. However, Musk, with his strong influence and daring style, became the absolute face of electric cars and autonomous driving as a late-stage investor by gaining the position of chairman and full decision making power directly over Tesla.

In the case of Space X’s Mars project, Musk has become the life icon of a new generation of young boys, the real-life “Iron Man,” regardless of whether or not the project is ultimately successful.

Likewise, within the company, Musk is the absolute center of attention. Recently, Tesla’s PR skills have been spat out one after another, with people questioning why a globally renowned company’s PR in China is so ungrounded. But to put it another way, this is probably the best strategy Tesla China could come up with. In an episode of the Old Talk News podcast, he says that as an employee who has worked under Musk for many years, Tao Lin certainly knows how to survive in a company where Musk is the absolute core, and what she can do is what Musk wants to see, and what she doesn’t do is what Musk doesn’t want. All Musk needs is ‘no rebuttal’.

Conversely, in the world of cryptocurrencies, Musk has pulled his influence to the limit in a virtual world filled with plunges and surges.

Is there a better and freer testing ground than this? I’m afraid few people can resist this temptation.

In the crypto world, one word from Musk can make the market value of dogcoin skyrocket and followers’ wealth free. A change in his face can make the market plunge and tens of thousands of people explode their positions.

The strong move their fingers, and the weak go forward and backward. I’m afraid it doesn’t get much closer to the feeling of ‘God’ than this.

Is he really a fan of Bitcoin? The odds of that are getting slimmer and slimmer. What does being a fan of Bitcoin do for him? As a controller, that makes him feel like he’s beneath Bitcoin, and as a businessman, it won’t do him any financial good.

And is he really a fan of dogcoin? Probably not either, but acting as a fan of dogcoin maximizes his influence and is extremely cost effective for Musk, who graduated with a degree in business.

For Musk, who enjoys the feeling of turning the clouds upside down, if he wants greater control, he will have to put Dogcoin on the throne of cryptocurrencies and overturn the historical status of Bitcoin. The CEO of Dogcoin would then be the logical choice to become the CEO of the cryptocurrency.

However, as he indulges in his influence, he may have forgotten the original purpose of cryptocurrencies, which is to reduce the influence of a single person or organization and establish a decentralized monetary system for truly independent value transmission and storage.

What he is doing now is contrary to the beliefs of the crypto world.

The stick of emotion may command the rise and fall of the market in the short term, but in the long term evolution, the forces of the market will eventually abandon the influence of one individual and rely on a consensus on the code to reach a calm agreement, as has been proven several times in the past few cycles.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/musk-is-not-a-fan-of-bitcoin-he-just-enjoys-manipulating-everything/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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