How one Elon Musk tweet crashed the Bitcoin market?
There's an old saying that goes, "Bend the rules only if you've learned them; break the rules only if you've mastered them."
We live in a world that is full of rules, and we need them. Every other day, we hear about another celebrity being banned from Twitter for inciting violence or other hate crimes. Crimes take many forms, and one universal way a crime can affect the majority is if it affects people's finances.
In this world of social media, the president of the United States was barred from attending an event that "may" have been organized using his social media accounts. Then there's Elon Musk, who comes along on a good day, tweets something about cryptocurrency, and we see people's finances spiraling out of control.
Musk is a revolutionary in his field; he develops concepts that no one is prepared to use and alters the industry's landscape. This, along with many of his other accomplishments, has tech and space enthusiasts hanging on every word he says. Musk uses memes or sometimes just sh*t posts on a virtual platform to make an impact in the real world. This financial scam, however, escapes the notice of policy enforcers, and Musk continues to operate a Twitter account and, more recently, the entire company.
“Tweets that hurt other people’s finances are not funny, and irresponsible.”- CZ
There may be many who discuss it, but given that CZ is the CEO of Binance, the world's largest crypto exchange, the statement has weight, as CZ knows firsthand the impact this can have on the masses.
There are many people who do not believe in cryptocurrency as a legitimate form of payment/investment, including the chairman of Russia's VTB Bank. In a world where we are attempting to have a positive impact on the environment by transitioning to a new economy that uses fewer natural resources, it is disheartening to see powerful people like Musk make the field untrustworthy.
Musk, who has greatly popularized cryptocurrency in the general public, is now becoming the one who discourages people from investing in it.
Musk purchased Twitter after using it to manipulate the price of the most popular cryptocurrency (Bitcoin) and turn a joke into an actual cryptocurrency coin (dogecoin). We can either remain mute spectators to the entire show and simply follow the crowd, or we can try to fill in the gaps and make this revolutionary technology of decentralized power more credible in our new-tech world.
The choice is yours.