CoinSwap creator Erik Nurm has acknowledged the formidable influence the Tesla’s CEO; Elon Musk has on the crypto market, with his twitter entries causing immense market fluctuations. However, there maybe a positive side to the situation because more people are made aware of crypto through such social media platform.
Erik stated that Elon’s propensity to tweet on cryptocurrencies was manifested after the Securities and Exchange Commission prohibited him from posting entries concerning his own firm. The CoinSwap number one man said Elon’s market influence was predicated on the cryptic information he disseminated about crypto replicating the exact thing he did with the stock market. The paradigm shift to crypto according to Erik was the Tesla’s CEO’s response to his ban on tweeting about his firm.
Erik noted that the widespread uncertainty surrounding the crypto market was a direct consequence of Musk’s mutable mood which vacillitaed at will. At the beginning of the year, Elon publicly declared that Tesla would adopt Bitcoin remittance for its electric cars, only to change his mind few weeks afterwards. Musk however in his latest announcement said that Tesla would adopt Bitcoin remittances on the condition that 50% of Bitcoin mining is done with renewable, zero emission energy.
According to Erik, the vacillating peculiarity of the billionaire will favour crypto at last as more people would be drawn to the currency even though that was not his reason for doing so.A case study for Erik’s assertion was Elon’s mocked cryptocurrency; CumRocket, a deflationary token made for use in the not safe for work entertainment industry which had a four times price increment 10 minutes after Elon started tweeting on it.
The CoinSwap creator noted that the Tesla CEO’S input which has raised the price of some cryptocurrency is risky as many will not be able to keep up with such pocket draining fluctuations. Erik emphasized that Elon’s tweets should not be taken literally as there are other secret reasons behind his approval or reproval of any cryptocurrency.
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