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At the moment, the crypto market has entered a phase in which the tweets of so-called significant persons have begun to influence its price fluctuations. Can these well-followed individuals seize control of the market just by “randomly” tweeting something?
Elon Musk, CEO of Tesla, is one of the few powerful persons who has recently had a significant effect on the price of Bitcoin. Commenting on this very slippery slope on a recent podcast, Dan Held, the Growth Lead at Kraken said,
“It’s supremely disrespectful. We embraced him [Musk] with open arms and he kind of just trashed it… It felt very “trolly.” It was just ridiculous.”
Hold expressed his dismay and went on to say that there was little insight into Musk’s behavior. Podcast presenter Peter McCormack, on the other side, said that other industry figures, such as Adam Back, deserved to have more influence over the markets than “morons” like Musk.
To add to the aforementioned viewpoint, Held added that the Tesla executive was just “lucky” to have had an influence on the market. He stated,
“Bitcoin is bigger than Elon. Bitcoin is bigger than anyone else. The market now knows that he’s just jerking around. We don’t really care about what Elon has to say about Bitcoin anymore.”
Held, additionally, endorsed that the future of Bitcoin should be decided by the consensus of the entire network, instead of a small, wealthy, and hugely influential committee. He also propagated that such events made Bitcoin even more “anti-fragile.” Commenting on the same, he said,
“Well, these big folks who come in and swing around are going to lose influence pretty fast.”
Further disregarding the ‘Bitcoin Council’ idea, propagated by MicroStrategy’s Michael Saylor and Elon Musk, Held affirmed that he “fundamentally” did not agree with the idea of the same. Commenting on the recent Bitcoin energy debate fuelled by Musk, Held advocated that Bitcoin was doing a “phenomenal” job and did not have to defend its own energy consumption.
“We should push back the narrative that Bitcoin is wasteful or dirty. It’s completely ridiculous and a double standard narrative.”
At the end of the day, Musk may come and Musk may go, but Bitcoin will go on forever!