It’s hard to imagine but one of the richest people in the world is hurting you in the cryptocurrency market. When you look carefully, the billionaire, Elon Musk, cares less if you make money. He already has $153.2 billion dollars in net worth. That is more than you or I own unless you’re Jeff Bezos.
Initially, people thought it was fun when Elon Musk tweeted a few times about Dogecoin which sent the price of the cryptocurrency skyrocketing. Plus, his appearance on Saturday Night Live didn’t hurt the week of as the price continued to rise.
Then his mixed messages confuse everyone since one day he supports Dogecoin but then the next he says his company can not support Bitcoin when Tesla made a big purchase only months ago. Elon should honestly focus on his two projects, Tesla and Space X.
The more he tweets, it doesn’t help the cryptocurrency community. His tweets and comments hurt the cryptocurrency community as well as the price. When he feels like, his tweets also help cryptocurrencies, specifically Dogecoin.
Don’t get me wrong. I’m a big fan of Elon Musk.
I have owned shares of Tesla for three years. In each video that I see Elon Musk, I watch his legendary story as he worked harder than many people to get to where he is today. Like many billionaires, he made big sacrifices to get to achieve his dreams.
Since not many people can tell billionaire Elon Musk what to do, if he did these three things, he would help 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 short push upwards. But this also encourages new investors to make poor investments.
Dogecoin is a good short-term investment but some people may overdo it. Dogecoin is not like Bitcoin, Ethereum, or other well-known cryptocurrencies.
This cryptocurrency is a meme coin named after a Japanese dog, a Shiba Inu.
Despite its flaws, Dogecoin has outperformed many cryptocurrencies this year including Bitcoin and Ethereum. In the second half of the year, I don’t expect Dogecoin will see similar returns. Dogecoin may reach $1.00 but that is only another 200% from here.
2. If Elon Musk wants to help the cryptocurrency community, then he should do that. His cryptocurrency tweets are a distraction that fuels the cryptocurrency euphoria. This gives people an inflated message about the market.
Many new investors have no experience and people can not learn to invest in cryptocurrencies overnight.
3. Whether Elon Musk was serious about the energy usage of Bitcoin is something only he can answer. Elon may have been truthful since he and MicroStrategy CEO Michael Saylor are working with top Bitcoin miners about the renewable energy usage.
Their discussions could really help the Bitcoin mining industry especially as China is having its own Bitcoin mining issues.
Hopefully, Elon Musk learns from the Bitcoin mining Council and provides valuable tweets instead of his FUD.
It’s hard to imagine a billionaire causing so many issues but Elon certainly is.