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Elon Musk Suddenly Doesn’t Care for BTC
One minute, Musk is acting like crypto is the greatest invention known to man. The next minute, he’s saying that it all smells foul and that people should potentially be avoiding it like the plague. Which one is it, Musk? Are you having a bad day, or do your opinions really switch that drastically all the time?
Many traders aren’t too sure of what to make of his recent crypto-related tweets, in which he says that bitcoin is “as bs as fiat money.” Now, it’s no secret that fiat currency has been doing quite poorly as of late. Many governments have been overprinting funds as a means of shelling out stimulus checks to everyday citizens, and thus these fiat currencies have been subject to inflation and other harsh economic circumstances.
But that’s no reason to take one’s anger out on all the financial alternatives out there. Now, let’s just say for the sake of argument that Musk had a reason for hating bitcoin suddenly. Maybe he has a legitimate purpose behind his angry, anti-bitcoin tweets. Well, unfortunately, he doesn’t bother to explain them to his followers. Aside from the one post referring to bitcoin as “bs,” there is no explanation and no additional information to be had.
At the same time, Musk continues to shell out positivity towards Dogecoin, the alternative digital asset that began as a joke and has a cute little dog as its mascot. Musk tweeted out the message, “One word: Doge” in a follow-up post to his original bitcoin comment that ultimately caused the currency to garner gains of roughly 20 percent in just a matter of hours.
Pushing the Doge Agenda
It seems like Musk shares some sort of personal connection with this asset considering he’s always there to push it into broader territory. It is often joked that Elon Musk served as the currency’s CEO in the past, though nothing official was ever established between him and the currency’s present executives. Either way, he’s got a thing for Doge and he doesn’t care who knows it half the time.
But as it stands, bitcoin appears to the object of some of Musk’s negative affection. Without an explanation, however, there is nothing to tell us why Musk is changing his tune, especially considering later tweets occurred between him and MicroStrategy CEO Michael Saylor, in which he inquired about engaging in large bitcoin transactions and converting several of his company’s funds into the digital asset.