Musk’s tweets have often caused price fluctuations

[MarkRoberts]

Musk’s tweets have often caused price fluctuations in the cryptocurrency market, which he has also ridiculed. It all began when Tesla dropped the Bitcoin payment option after just a few weeks of offering it, blaming it on environmental concerns. Musk, on the other hand, has said that Tesla would reconsider once Bitcoin mining becomes more environmentally friendly.

Musk’s viewpoint on Bitcoin is diametrically opposed to Jack Dorsey’s, who has said that Bitcoin is one of the most significant innovations in modern history. He previously said that if necessary, he would quit both Square and Twitter for Bitcoin. While Musk advocates for Proof-of-Stake mining over Bitcoin’s Proof-of-Work, Dorsey believes POS is more centralized and less secure.



MyCryptoParadise

[CryptoStar19]

Compared to Dorsey, Musk is an outsider to crypto... that he influences the market is because of his large following and the fact that many of his fans will follow him blindly without understanding things for themselves.