Hafez Financial Services

logo-hafez04@2x

Crypto’s fraught relationship with Elon Musk: Ambassador or liability?

Uncategorized

In an optimistic interpretation, Musk’s relationship with crypto could be a force that always wills the evil and always produces the good.

When Tesla CEO Elon Musk revealed his company’s Bitcoin (BTC) exposure and announced the launch of crypto payments, BTC took off to reach its all-time high.

Shortly thereafter, however, Musk started tweeting about concerns over BTC’s environmental impact and Tesla reversing its crypto payments policy, leading to Bitcoin losing half of its value and the entire crypto market capitulating.

In short, Musk tweets lukewarm support for crypto, and the prices go up; Musk posts a meme hinting at his “breakup” with Bitcoin, and the prices go down.

Leave a Reply