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Elon Musk from influencer to crypto market villain

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The Bitcoin free fall continues, for some analysts the reason for this unusual and tumultuous behavior is being induced by Elon Musk, within the arguments experts refer that the current unchecked price plunge is given after the magician and owner Tesla published on his twitter account that for him the prices of both Bitcoin and Ethereum seem to be very high.

Undoubtedly these statements by Musk are very captious and give much food for thought, because although the BTC rose in price after Elon Musk added the word Bitcoin to his Twitter biography and bought a considerable sum of Bitcoin, it is also true that this action may be a kind of plot to sabotage the cryptocurrency market.


Fig. 2 Bitcoin price line for the last 7 days. Image captured from: Coingecko.com


The unusual and sudden price plunge may also be associated with attacks by Janet Yellen, former chairwoman of the US Federal Reserve and current Treasury Secretary, who recently stated that bitcoin is "an extremely inefficient way to transact".

We already know that the economic power on a global scale has previously shown skepticism with Bitcoin, and during all this time it has not had any impact on investors, so it is time to be cautious and capitalize on this new movement that Bitcoin offers us.

BIBLIOGRAPHICAL REFERENCES CONSULTED:


[1] Paul R Elon Musk, Bill Gates and Janet Yellen are driving bitcoin down. CNN - Financial Market. February 24, 2021. Article: Online access

[2] Serbiá X Is bitcoin a threat to the US dollar?. CNN - Financial Market. February 26, 2021. Article: Online access


OBSERVATION


The cover image was designed by the author: @lupafilotaxia, incorporating the public domain image background: Juhele, 2019



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