{"id":262750,"date":"2021-05-30T19:20:00","date_gmt":"2021-05-30T16:20:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/experts-answer-how-does-elon-musk-affect-crypto-space\/"},"modified":"2021-05-30T19:20:00","modified_gmt":"2021-05-30T16:20:00","slug":"experts-answer-how-does-elon-musk-affect-crypto-space","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/experts-answer-how-does-elon-musk-affect-crypto-space\/","title":{"rendered":"#Experts answer: How does Elon Musk affect crypto space?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3405df9178e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3405df9178e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/experts-answer-how-does-elon-musk-affect-crypto-space\/#John_Wu_president_of_Ava_Labs\" >John Wu, president of Ava Labs:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/experts-answer-how-does-elon-musk-affect-crypto-space\/#Diana_Barrero_Zalles_director_of_ESG_Impact_at_Emergents_Weild_Co\" >Diana Barrero Zalles, director of ESG &amp; Impact at Emergents @ Weild &amp; Co.:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/experts-answer-how-does-elon-musk-affect-crypto-space\/#Denelle_Dixon_CEO_and_executive_director_of_Stellar_Development_Foundation\" >Denelle Dixon, CEO and executive director of Stellar Development Foundation:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/experts-answer-how-does-elon-musk-affect-crypto-space\/#Cristina_Dolan_founder_and_CEO_of_InsideChains_vice-chair_of_MIT_Enterprise_Forum\" >Cristina Dolan, founder and CEO of InsideChains, vice-chair of MIT Enterprise Forum:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/experts-answer-how-does-elon-musk-affect-crypto-space\/#Alex_Wilson_co-founder_of_The_Giving_Block\" >Alex Wilson, co-founder of The Giving Block:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/experts-answer-how-does-elon-musk-affect-crypto-space\/#The_energy_consumption_problem\" >The energy consumption problem<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/experts-answer-how-does-elon-musk-affect-crypto-space\/#The_publics_awareness\" >The public\u2019s awareness<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/experts-answer-how-does-elon-musk-affect-crypto-space\/#Introduction\" >Introduction<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Experts answer: How does Elon Musk affect crypto space?<\/strong>&#8221;<\/p>\n<p style=\"float:right;margin:0 0 10px 15px;width:240px\"><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy80ZDEzZDMzMWNjMTJmYjc2MDBhNTEwMGUxY2M0YjFjMS5qcGVn.jpeg\" class=\"type:primaryImage\"><\/p>\n<pre><code>                Here\u2019s what crypto and blockchain industry experts think about Elon Musk\u2019s recent comments on cryptocurrency.\n                &lt;h2&gt;Wes Levitt, the head of strategy at Theta Labs:&lt;\/h2&gt;&lt;p&gt;&lt;\/p&gt;&lt;p dir=\"ltr\"&gt;\u201cMusk\u2019s tweets and the resulting effects certainly may have hurt crypto in the eyes of some institutional investors. While a good deal of investors already consider Musk a bit of a clown and aren\u2019t making investment decisions based on his opinions, it raises concerns about the maturity of crypto markets that an errant tweet can erase hundreds of billions of dollars in market cap in just a few days.\u00a0&lt;\/p&gt;&lt;p dir=\"ltr\"&gt;The whole Dogecoin affair, in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>, is not helping crypto\u2019s image either. Many thought that 2021 was the year that cryptocurrencies would begin gaining mainstream acceptance as an asset class, but seeing a meme dog coin hit an $80 billion market cap and then crash 50% is not ideal for crypto to be taken seriously.\u00a0&lt;\/p&gt;&lt;p dir=\"ltr\"&gt;Institutional capital is still entering crypto rapidly, and that will continue this year, but the effects of these tweets undoubtedly led to some tough conversations in investment committees this month. For those of us in the crypto space, the best thing to do is not give so much attention and power to Musk or any other individual.\u201d&lt;\/p&gt;&lt;p dir=\"ltr\"&gt;&lt;span style=\"color:#999999\"&gt;&lt;em&gt;&lt;span style=\"font-size:11px\"&gt;These quotes have been edited and condensed.&lt;\/span&gt;&lt;\/em&gt;&lt;\/span&gt;&lt;\/p&gt;&lt;p dir=\"ltr\"&gt;&lt;span style=\"color:#999999\"&gt;&lt;em&gt;&lt;span style=\"font-size:11px\"&gt;The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.&lt;\/span&gt;&lt;\/em&gt;&lt;\/span&gt;&lt;\/p&gt;&lt;h2&gt;Tim Draper, founder of Draper Associates and Draper Fisher Jurvetson:&lt;\/h2&gt;&lt;p&gt;&lt;\/p&gt;&lt;p dir=\"ltr\"&gt;\u201cWe have, of course, seen many ups and downs in the crypto world, so we are somewhat immune to small, one-day <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> items like tweets from Elon or previous comments from Warren Buffett, Jamie Dimon, etc. In general, the negative comments have come from people who have a lot of fiat currency and don\u2019t want the system to change. Elon is somewhat different in that he is a change agent. I certainly hope he is not doing this as a pump and dump with selfish motivations. I like thinking of him as a change agent and hero.&lt;\/p&gt;&lt;p dir=\"ltr\"&gt;With regard to his energy statements: I almost always agree with Elon, but here he has gotten it wrong. Secondary effects of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> rarely are what they look like on the surface. Mining encourages the use of cheap alternative energy. We have actually found more energy on the Earth because of miners. Bitcoin uses far less energy than our existing system, which chops down trees for paper money and requires enormous infrastructure. How much energy do banks, buildings, mints, printers, etc., use up in the processing of fiat dollars?&lt;\/p&gt;&lt;p dir=\"ltr\"&gt;Fiat currency is inflationary and encourages wasteful spending. Bitcoiners are holders.&lt;\/p&gt;&lt;p dir=\"ltr\"&gt;And finally, with companies like OpenNode and the Lightning Network, we can have far more transactions per second than the Visa network, and for a fraction of the cost and almost zero cost of energy.&lt;\/p&gt;&lt;p dir=\"ltr\"&gt;There are, of course, coins that are more environmental. Tezos uses proof-of-stake instead of proof-of-work and uses less energy, but all crypto is way better than the 200 plus fiats we have out there.\u201d&lt;\/p&gt;&lt;h2&gt;Mati Greenspan, founder of Quantum Economics:&lt;\/h2&gt;&lt;p&gt;\n<\/code><\/pre>\n<p>\u201cEven Larry Fink, CEO of BlackRock, the world\u2019s largest money management firm, noted the ability to sway Bitcoin prices drastically with a small amount of capital. For Musk, who was briefly the world\u2019s richest man earlier this year, this seems to be about more than just making money. He\u2019s found a way to manipulate market sentiment in under 280 characters. We saw a bit of this from Trump as well, but Musk is clearly much better at playing this <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"John_Wu_president_of_Ava_Labs\"><\/span>John Wu, president of Ava Labs:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">\u201cElon has a flair for the dramatic, but there are definitely fair critiques and questions for the Bitcoin ecosystem to address. Hopefully, the increased attention from the broader public will catalyze faster adoption of renewable energy sources and transparency on how much these sources are used today.<\/p>\n<p dir=\"ltr\">When Tesla announced it would accept BTC for payments, I voiced my doubts that it would take hold because transactions on Bitcoin are too slow and the tax implications are significant. In taking this step, however, Tesla tested the waters on accepting crypto payments and can now explore networks optimized for near-instant finality, low fees and no environmental impact.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Diana_Barrero_Zalles_director_of_ESG_Impact_at_Emergents_Weild_Co\"><\/span>Diana Barrero Zalles, director of ESG &amp; Impact at Emergents @ Weild &amp; Co.:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">\u201cThis crypto market shows how investor psychology can heavily impact crypto markets.<\/p>\n<p dir=\"ltr\">Traditional notions of rational, frictionless finance, which dominated financial thinking in the second half of the 20th century, assumed that everyone in an economy is fully rational. The notion of efficient markets assumes that all assets are correctly priced at their fundamental value, adequately reflecting all public information. Investors cannot \u2018beat the market\u2019 by identifying mispriced assets.<\/p>\n<p dir=\"ltr\">On the contrary, behavioral finance traces its origins to a 1981 paper by Robert Shiller from Yale University and Nobel Prize recipient, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nber.org\/system\/files\/working_papers\/w0456\/w0456.pdf\">found<\/a> that market fluctuations can be too large to be consistent with fully rational thinking. This theory has gained wider acceptance since the 1990s. In the crypto markets, this has shown to be psychologically more realistic time and time again. Behavioral finance tries to make sense of markets in the context of irrational investor behavior and managerial actions.<\/p>\n<p dir=\"ltr\">Crypto markets, which represent a small fraction of the size of mainstream financial markets, still have plenty of room to mature and develop greater efficiencies. Irrational investors and decision-makers who drive prices based on emotion and exuberance may be creating opportunities for more rational investors to take advantage of arbitrage.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Denelle_Dixon_CEO_and_executive_director_of_Stellar_Development_Foundation\"><\/span>Denelle Dixon, CEO and executive director of Stellar Development Foundation:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">\u201cI think there\u2019s good news and bad here. On the good side, bringing cryptocurrencies and blockchain into a mainstream conversation is a positive development that gives all of us in the industry an opportunity to also talk about the real benefits of the technology.\u00a0<\/p>\n<p dir=\"ltr\">On the downside, more consumers will see Bitcoin or Dogecoin headlines and think cryptocurrency is only a highly volatile investment for speculators. So, we have to swim upstream a bit to explain the real and valuable uses of the Stellar network and other protocols and how they are tackling the world\u2019s problems. I would rather the focus be on use cases, which is what we choose to talk about.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cristina_Dolan_founder_and_CEO_of_InsideChains_vice-chair_of_MIT_Enterprise_Forum\"><\/span>Cristina Dolan, founder and CEO of InsideChains, vice-chair of MIT Enterprise Forum:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">\u201cIn some ways, Elon Musk seems to enjoy creating controversies and capturing attention with statements about his bold business goals and achievements, which have earned him a sizable fan base, as well as SEC fines. Adoption of Bitcoin by corporate treasuries has caught the attention of many investors, especially after Tesla made $101 million in profit from the sale of its Bitcoin. It is no surprise that Elon would poke fun at Bitcoin as an investment after cashing out with a profit and focusing on Bitcoin descendent, Dogecoin, which had acted more as a temporary store of value and method for value transfers.<\/p>\n<p dir=\"ltr\">In 2018, Elon Musk and Tesla were reported to have reached an agreement with the SEC to each pay half of the $40 million in fines because of Elon\u2019s careless, bold tweet about the future stock price of Tesla. This \u2018misleading tweet\u2019 caused a significant ESG impact because the Tesla stakeholders are the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> component, or \u2018S,\u2019 of ESG. This action also affected the \u2018G\u2019 in ESG since this was a governance issue that required changes at the board level, and it caused a 14% plunge in the Tesla stock price. This was an ESG impact, specifically on the S and the G! It is hard to argue that Elon Musk\u2019s behavior is guided by ESG principles. His playful statements about Bitcoin and Dogecoin may have impacted the market, but there were other factors that may also have affected market sentiment. Crypto value tends to decline as tax deadlines <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach.<\/p>\n<p dir=\"ltr\">In addition, as more institutional money has been invested in crypto, there may be other traditional macro market drivers at play like inflation or the possibility of raising rates for the 10-year treasuries. The banning of Bitcoin or crypto in places like China and Turkey hasn\u2019t prevented citizens from accessing the cryptocurrencies, although the restrictions may now have a greater impact as more institutions engage in crypto.<\/p>\n<p dir=\"ltr\">As headlines about Bitcoin and crypto ignite more interest, we will see a combination of emotional reactions to celebrity endorsements, together with behaviors that correlate with traditional market behaviors. Market perceptions of crypto are not totally based on what one celebrity says or does, but there is an emotional component to all markets. There are many different payment networks that currently accept Bitcoin payments, and Apple recently posted a new job for alternative payment partnerships.<\/p>\n<p dir=\"ltr\">The momentum for DeFi isn\u2019t stopping as the crypto networks continue to grow. A temporary change in market conditions or price will not eliminate the effects of Maxwell\u2019s laws on the crypto networks. There are many dimensions of crypto innovation that are flourishing.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Alex_Wilson_co-founder_of_The_Giving_Block\"><\/span>Alex Wilson, co-founder of The Giving Block:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u201cBitcoin has been through much worse. Long term, I don\u2019t think it will have a major impact. Short term, I think it hurts investor confidence because it shows how much impact one person can have on short-term price movements. It\u2019s a whole different debate, though, if Elon\u2019s tweets were really the only thing driving the price movements.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_energy_consumption_problem\"><\/span>The energy consumption problem<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/p>\n<p dir=\"ltr\">The reason Tesla suspended its support for vehicle purchases using BTC was the company\u2019s concerns regarding the \u201crapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.\u201d Sounds reasonable for a company that develops electric cars, right?\u00a0<\/p>\n<p dir=\"ltr\">First of all, the question of whether BTC is a waste of energy isn\u2019t new and has been debated by industry experts for some time already. Meanwhile, the mainstream media \u2014 The New York Times, Financial Times and Bloomberg, to name a few \u2014 went all out with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2021\/04\/14\/climate\/coinbase-cryptocurrency-energy.html\" data-amp=\"https:\/\/www-nytimes-com.cdn.ampproject.org\/c\/s\/www.nytimes.com\/2021\/04\/14\/climate\/coinbase-cryptocurrency-energy.amp.html\">headlines<\/a> following Musk\u2019s comments, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/1aecb2db-8f61-427c-a413-3b929291c8ac\">blaming<\/a> crypto for enormous <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-22\/bitcoin-s-carbon-footprint-conveniently-downplayed-during-rally?sref=o5jhwH7b\">energy<\/a> use. They <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cbeci.org\/\">referred<\/a> to Cambridge University\u2019s Bitcoin Electricity Consumption Index, where the total electricity used worldwide by Bitcoin miners is currently at around 113 terawatt-hours per year. But what they failed to mention \u2014 intentionally or unintentionally \u2014 is that the latest study by the Cambridge Centre for Alternative Finance <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.jbs.cam.ac.uk\/faculty-research\/centres\/alternative-finance\/publications\/3rd-global-cryptoasset-benchmarking-study\/\">stated<\/a> 39% of all energy consumption used in BTC mining was from renewable sources.<\/p>\n<p dir=\"ltr\">More interestingly, Galaxy Digital published a report entitled \u201cOn Bitcoin\u2019s Energy Consumption: A Quantitative Approach to a Subjective Question,\u201d where the company estimates the energy consumption of the traditional finance space to be around 260 terawatt-hours per year, more than twice as big as the Bitcoin industry. However, the estimations only came from available data, meaning it would be fair to say that the actual number is much higher.\u00a0<\/p>\n<p dir=\"ltr\">Another important note is that after the COVID-19 outbreak and the tremendous shift globally toward digitization, we must place the problem of crypto energy consumption within the broader context of internet usage. As Greenpeace USA media director Travis Nichols pointed out:\u00a0<\/p>\n<blockquote>\n<p dir=\"ltr\">\u201cAs web services grow and become more complex, the demand for computing power will continue to go up over the next few years, and that will require much more energy.\u201d\u00a0<\/p>\n<\/blockquote>\n<p dir=\"ltr\">Also, Mark Cuban, billionaire investor and owner of the Dallas Mavericks, decided not to withdraw support for Bitcoin payment, arguing with Elon Musk:<\/p>\n<blockquote>\n<p dir=\"ltr\">\u201cWe know that replacing gold as a store of value will help the environment. [&#8230;] Shrinking big bank and coin usage will benefit society and the environment.\u201d<\/p>\n<\/blockquote>\n<p dir=\"ltr\">If we go back to Musk\u2019s accusations against Bitcoin, they did negatively affect the industry. For example, an environmentally-focused bill in the state of New York would place a three-year moratorium on crypto mining if it passes the state\u2019s senate. But every cloud has a silver lining, as they say. What is good is that by bringing attention to the carbon footprints made by the crypto industry, the space can more quickly move toward sustainability, as happened with the global pandemic, which forced governments globally to work on green energy amidst COVID-19.<\/p>\n<p dir=\"ltr\">Cointelegraph reached out to crypto and blockchain industry experts for their opinions on the following question: <em>How do all these Elon Musk comments affect the entire crypto space?<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_publics_awareness\"><\/span>The public\u2019s awareness<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/p>\n<p dir=\"ltr\">Earlier this month, DOGE surpassed BTC in the global public interest. A survey later revealed that Americans are more familiar with the meme coin than they are with Etherum. This result might be upsetting to some, as the Ethereum ecosystem \u2014 which introduced smart contracts and became the fabric of the decentralized finance (DeFi) sector \u2014 surely deserves more recognition than a meme.\u00a0<\/p>\n<p dir=\"ltr\">But look at this situation from another perspective: People who were not previously familiar with cryptocurrency, blockchain technology and DeFi are starting to google Dogecoin. It might interest them and they might go deeper into the topic, resulting in a rise of awareness, which might lead to mainstream audience involvement in the crypto space. As Nick Spanos, the founder of Bitcoin Center NYC and the Zap Protocol, rightfully noticed:\u00a0<\/p>\n<blockquote>\n<p dir=\"ltr\">\u201cDOGE is a powerful marketing tool, driving attention and adoption of crypto and decentralization as a concept. And in that respect, it is invaluable.\u201d<\/p>\n<\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span>Introduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/p>\n<p dir=\"ltr\">Recently, Tesla CEO Elon Musk has been all over the news. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/technology-55578403\" data-amp=\"https:\/\/www-bbc-com.cdn.ampproject.org\/c\/s\/www.bbc.com\/news\/technology-55578403.amp\">became<\/a> the richest man on the planet but later <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.entrepreneur.com\/article\/366582#:~:text=With%20Elon%20Musk%20fighting%20two,a%20fortune%20of%20%24155.6%20million.\" data-amp=\"https:\/\/www-entrepreneur-com.cdn.ampproject.org\/c\/s\/www.entrepreneur.com\/amphtml\/366582\">lost<\/a> that title alongside about $6.2 billion of his fortune. Four of his SpaceX Starship rocket tests <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/phys.org\/news\/2021-03-spacex-starship-rocket-failure-musk.html#:~:text=SpaceX%20chief%20Elon%20Musk%20confirmed,its%20test%20flight%20cut%20out.\" data-amp=\"https:\/\/phys-org.cdn.ampproject.org\/c\/s\/phys.org\/news\/2021-03-spacex-starship-rocket-failure-musk.amp\">failed<\/a>, but a later launching and landing were a success. This same type of roller coaster behavior \u2014 which might be a part of Musk\u2019s nature \u2014 has also been witnessed within the cryptocurrency space.<\/p>\n<p dir=\"ltr\">In February, Tesla allocated $1.5 billion of its balance sheet to Bitcoin (BTC). Bitcoin\u2019s price jumped by almost $3,000 in minutes and then surged 20% in 24 hours. A month later, Tesla decided to accept Bitcoin for payments on its electric vehicles before Musk changed his mind.<\/p>\n<p dir=\"ltr\">There was also the whole Dogecoin (DOGE) story: After Musk helped to pump up the meme cryptocurrency, a performance with his mother on Saturday Night Live helped to tank it. The self-proclaimed \u201cDogefather\u201d later denied any official involvement in the DOGE project.<\/p>\n<p dir=\"ltr\">This article won\u2019t focus on the legal concerns of Musk\u2019s behavior, something already covered by law professor and former SEC attorney Marc Powers in his latest opinion article, where he raised important questions:\u00a0<\/p>\n<blockquote>\n<p dir=\"ltr\">\u201cDoes Musk have some undisclosed personal or business interest in knocking BTC and promoting DOGE? Are his tweets, which contain what some would consider wild speculation on the prices of Dogecoin and other cryptocurrencies, mere puffery and permitted First Amendment speech, or are they violations of securities, commodities, consumer or other laws?\u201d<\/p>\n<\/blockquote>\n<p dir=\"ltr\">It will also leave aside all the price movements caused by Musk\u2019s reckless tweeting and commenting to market analysts and experts. Instead, let\u2019s focus on how all of this is affecting the crypto space in general.<\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/explained\/experts-answer-how-does-elon-musk-affect-crypto-space\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Experts answer: How does Elon Musk affect crypto space?&#8221; Here\u2019s what crypto and blockchain industry experts think about Elon Musk\u2019s recent comments on cryptocurrency. &lt;h2&gt;Wes Levitt, the head of strategy at Theta Labs:&lt;\/h2&gt;&lt;p&gt;&lt;\/p&gt;&lt;p dir=&#8221;ltr&#8221;&gt;\u201cMusk\u2019s tweets and the resulting effects certainly may have hurt crypto in the eyes of some institutional investors. While a good deal&#8230;<\/p>\n","protected":false},"author":1,"featured_media":262751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1024_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy80ZDEzZDMzMWNjMTJmYjc2MDBhNTEwMGUxY2M0YjFjMS5qcGVn.jpeg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-262750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/262750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=262750"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/262750\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/262751"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=262750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=262750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=262750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}