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Last week, the prices of various cryptos such as Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) declining by more than 50 percent from their recent all-time highs. While there were a number of factors that led to the crypto market correction such as China’s crackdown on crypto miners and traders, Tesla CEO Elon Musk was also widely blamed as one of the reasons as well.
And he did it with just his market-moving Twitter posts. For instance, he tweeted on May 13 that Tesla stopped accepting Bitcoin payments for its cars, which promptly sent BTC’s price on a decline.
Naturally, investors were irked with Musk for sending the prices of their holdings tumbling. In fact, some crypto bulls are now wishing that theTesla CEO would stop tweeting and focus more on building cars, according to CNN.
“People who followed Musk blindly have lost a lot of money,” said Alex Mashinsky, the CEO and founder of crypto lending platform Celsius. “They may have gotten burned and never come back.”
“The crypto community needs to be more responsible in how it explains these assets and the risk,” Mashinsky said. “Pundits kept saying we'd never see a down market for bitcoin again because of institutional interest, Square and PayPal, etc. When you hear that, you have to worry.”
According to CNN, analysts and investors are annoyed at Musk for making flip-flopping remarks on cryptos. “Musk is very calculated,” cryptocurrency consultant and angel investor Eloisa Marchesoni said. “People are angry.”
While Musk might have criticized Bitcoin in the past weeks due to its carbon footprint, the Tesla CEO appeared to have backtracked from his previous stance and signaled his support for the crypto. In a tweet, Musk said that North American Bitcoin miners’ plan of using renewable energy for their operations is “potentially promising.”
“Spoke with North American Bitcoin miners,” Elon Musk posted on Twitter on Tuesday. “They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
Some are worried that Musk's tweets about crypto might confuse retail investors. “Institutional investors are very thoughtful and are not buying dogecoin just because Musk is pumping it,” said Megan Kaspar, managing director of crypto investing firm Magnetic. “But retail investors, who are not doing this for a living, may not be.”
