Many new investors in the crypto market, especially those from other financial markets (stocks), were puzzled and surprised when they saw that a few words from “Elon Musk” on Twitter shook the crypto market positively or negatively.
Elon Musk is one of the few influential people who have significantly influenced the price of Bitcoin recently.
In a recent podcast, Dan Held, Director of Growth Marketing at Kraken, spoke about the impact of Elon Musk:
It is very humiliating.
What Musk is doing is ridiculous and makes this market look like nothing.
“Dan Held” expressed his disappointment about the influence of Elon Musk, as he explained and continued to emphasize that there was no idea about the actions of “Mask.”
On the other hand, podcast host Peter McCormack reacted to Held’s statement and also stated:
Others from the industry, including the likes of Adam Buck, deserve more influence in the markets than idiots like Musk.
Continuing the perspective mentioned above and the idea, Held stated that the CEO of Tesla was just lucky to have affected the crypto market in this way.
Bitcoin is bigger than Elon Musk.
Bitcoin is bigger than anyone else.
We don’t care what Elon has to say about Bitcoin anymore.
Bitcoin’s future should be determined by the consensus of the entire network rather than a small, wealthy, and influential group.
Even those big guys who come and sway will lose their leverage very quickly with time.
Regardless of the idea of the “Bitcoin Board,” which was promoted by “Michael Saylor” and “Elon Musk”:
“Held” emphasized that he fundamentally disagrees with the idea itself.
Commenting on the recent discussion about bitcoin’s energy consumption that Musk took as an excuse, “Held” said that bitcoin was doing an exceptional job and didn’t have to defend its energy consumption.
We should fall back on the narrative that Bitcoin is a waste of energy or filth.
In the end, many like Musk will come and leave, but bitcoin will last forever
Crypto Market – Michael Saylor Defends Elon Musk
At the CoinDesk conference on 25 May, Bitcoin enthusiast Michael Saylor and CEO of MicroStrategy defended the newly formed Bitcoin Mining Board against criticism that it goes against the “decentralized” spirit of Bitcoin.
Saylor announced the board after Musk tweeted about his meeting with North American bitcoin miners about sustainability.
Saylor described the board as an organization to standardize energy reporting, pursue ESG industrial mining goals, and educate and grow the market.
ESG is an investment strategy centered around environmental, social, and governance concerns, which stands for corporate sustainability.
Critics were quick to attack Saylor and his followers, and how they could say that Bitcoin is about “decentralization,” that is, there is no central governing body, while they promote the central board.
Musk himself has criticized bitcoin for being too centralized, citing a single incident in a Chinese coal mine that destroyed about 30% of the total computing power behind the global bitcoin network.
Saylor, who personally invested hundreds of millions of dollars in bitcoin, didn’t address these concerns other than to say that everyone in that meeting, including Musk, believed in a passion for decentralization.