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Thursday, October 21, 2021

Why Is Elon Musk Playing With Bitcoin Price?

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Is Elon Musk Greater Than Bitcoin?

Bitcoin price yet again slumped more than 20% for the second consecutive time, due to Elon Musk. Initially he announced withdrawal of BTC payment mode and the price collapsed, and now, he just gave a hint that, probably Tesla may dump Bitcoin which dragged the price to much lower levels. 

However, BTC price rebounded well as Elon Musk clarified that Tesla did not sell any of its Bitcoin holdings. 

The whole crypto space became furious and passed many negative comments against Musk, also advised him to act responsibly. With a single mention from Elon Musk can alter the crypto space, then he needs to think twice before commenting. 

As speculated earlier, Musk destabilizes the market whenever the prices are stable and provides an ‘buy at dip’ opportunity for strong hands. However, the common retail traders always suffer because of the manipulation done by the big and influential people.

On the contrary, the people who are all blaming Elon Musk for the drastic dump are the ones who think Elon is bigger than Bitcoin. But the time has come for the entire crypto space to introspect themselves and do not fall into the trap of big people. 

Is DOGE A Threat To Bitcoin Price?

Wonder each time when Bitcoin price slumps or rises due to Elon Musk, what may be the reason behind his move. It’s pretty clear the BTC price and DOGE price get carried away with mentions from Elon, and knowing this he may be trying playing with it. 

One possible reason might be to strengthen Dogecoin, as Elon thinks DOGE is the future of currency. In the recent boom, Dogecoin turned out to be one of the strong assets that can be considered as investment from just a meme coin. And hence, trembling with bitcoin’s dominance may pave the way for the other assets to grow. 

However, both the assets are here to stay and can co-exist as rightly said by founder of Gokhstein Media, David Gokhshtein. Collectively, bitcoin price in the upcoming days will regain its lost positions and may rally high towards the set targets.

Yet, the concern would still remain as to when Elon Musk will come up with a new mention and how BTC price will be impacted. As Crypto is a tool for the people which should not be used as a toy by the world’s richest man. 

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