By Shelly Melancon (Switzerland)
The CEO of Binance, Chapeng Zhao has recently taken to twitter to warn crypto traders about the pitfall of making trading decisions based on the tweets of Elon Musk. In his tweet on Saturday morning, CZ said; “I know zero people that became rich because they did things according to other rich people’s tweets”. The Canadian based billionaire has earlier expressed his disgust in Elon Musk’s role in the crypto market, affirming that he had unfollowed the Tesla CEO on Twitter.
Elon Musk’s Bitcoin Tweets
Earlier this year, Musk’s tweets were highly anticipated by members of the crypto community as his tweets usually drove the price of Bitcoin and Dogecoin up. The narrative has changed in recent times though. The Tesla King is now hated by a lot of individuals in the crypto community.
It all started when he announced that his company will no longer accept Bitcoin as a payment method due to the high amount of energy consumed in Bitcoin mining. His tweet sent the price of Bitcoin tumbling by about 15% as many short term crypto holders and followers of Musk sold off their coin in panic.
Following the Bitcoin saga, he also made some comments indicating that Tesla may sell-off its Bitcoin holdings. This further plummeted the price of Bitcoin and Altcoins in the month of May. The market has always responded to Musk’s tweets given that his company holds a significant amount of Bitcoin.
It seems however that the Musk banter did not stop in the month of May and it doesn’t look like it will come to an end anytime soon. Two days ago, the Tesla Tycoon posted two memes about Bitcoin. The first one implied that Tesla and Bitcoin are parting ways. He followed the tweet with a second meme which signified the crash in the price of Bitcoin, accompanied by a ‘heartbreak emoji’. The market reacted to these tweets, as expected with the price of Bitcoin falling from around $39000 to the $35000 region.
A lot of crypto analysts have proclaimed that Musk’s tweets are a deliberate manipulation of the crypto market. It has been assumed that the billionaire sends negative tweets about Bitcoin to make the masses sell-off their highly priced asset. This will in turn give room for Musk and his company to acquire more volumes of Bitcoin at a lower price.
Whether that hypothesis is true or not, many members of the crypto community are already fed up with his tweets. It seems however that a good number of crypto users who sell-off due to panic are relatively new in the crypto space.
Seasoned crypto traders are not scared to HODL their crypto assets for as long as possible. Experienced crypto traders and investors have constantly urged crypto community members to HODL onto the flagship currency no matter the negative news they may receive. In the meantime, all investors who have held Bitcoin for at least one year are in huge profits. At the moment, Bitcoin trades around $36000 and crypto inclined folks can’t help but wait for a bounce back of the world’s number one crypto asset.
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