Multi-faceted Musk, does the currency circle still need him?

On Thursday, Tesla announced that it had sold 75% of the bitcoin on its balance sheet. The company appears to be making a small profit on the BTC it first announced buying in early 2021. At the same time, it also stated on the conference call that Tesla has not sold any Dogecoin it holds. As expected, the bitcoin price fell about 1.7 percent to $23,300. But prices quickly recovered after Musk's comments on the earnings call.

Its events have also been reported in China, and one of the reports left a deep impression on me, praising Chinese language art.

This report shows the size of the situation. Selling is not called selling, it is called converting into legal tender. Once again, let people see the pattern of the currency circle and the simplicity of the currency circle. For example, if it rises, it is "digital gold", and if it falls, it is an "air scam"; A collapsed capital market"; if it rises, it will be "the only artwork in the world", and if it falls, it will be "an ugly little picture".

Of course, today we are not discussing whether the currency circle is simple or not. Today we will talk about whether the currency circle still needs Musk?

Judging from the market reaction, Tesla's selling of BTC prices seems to have a corresponding negative impact on market sentiment. In fact, Bitcoin rose slightly on the day. Does this mean that the market is not impressed by what Bitcoin, Musk or Tesla think?

The bottom-line speculator Musk

Whether it's Tesla or Musk, their entry cryptocurrencies are very ingenious, and they released relevant information when the hype in the currency circle was the most intense, when a large number of new cryptocurrency users could easily be attracted by a well-known technology billionaire. swayed by actions.

This is Musk’s ideal view of Dogecoin at the beginning. Of course, he was also refuted later that he did not understand the blockchain. But I have to say that the growth of Dogecoin is indeed inseparable from Musk. Tesla and Musk, who have been carrying out various hypes, have also attracted a lot of abuse from practitioners in the currency circle.

However, after experiencing a huge currency bubble and a nearly 60% drop in the price of Bitcoin, the remaining holders are more firmly committed to the fundamentals of Bitcoin, rather than how a person who talks about choosing a currency. The current situation of Bitcoin and cryptocurrency is very different from before. Although the hype in the currency circle in the past two years has produced a lot of scams and garbage, it is undeniable that it has also greatly promoted the development of the currency circle.

Musk

Counting the actions of Musk on Twitter over the years, it is not difficult to see that Musk likes to talk and is impulsive.

Musk's privatization event, Musk tweeted that he would privatize Tesla at $420 per share.

Tesla shareholders have since filed a class-action lawsuit against them and won key rulings that could lead to billions of dollars in damages for Tesla and Musk. The U.S. Securities and Exchange Commission (SEC) also filed civil charges and fines of $20 million against Musk and Tesla in this matter.

On May 13 last year, Musk carried the banner of environmental protection and said on Twitter: Tesla has suspended the use of Bitcoin to pay for car purchases, and is considering using cryptocurrencies with lower energy consumption. A little over two hours after the announcement, the entire cryptocurrency market lost around $365.85 billion in market capitalization.

But on May 14, Musk said that he was working with Dogecoin developers to improve transaction efficiency. Then, the price of Dogecoin rose from $0.43 to $0.52, an intraday increase of more than 20%.

Musk’s behavior of pulling and stepping has made many investors angry, thinking that this is the behavior of big V’s naked manipulation of the cryptocurrency market to cut leeks.

One more thing, in May of this year, Musk changed the profile picture of BAYC on Twitter.

Subsequently, ApeCoin skyrocketed by 20.7%, but the vice president of Sotheby’s responded that Musk used the collage pictures at the BAYC auction a few days ago, implying that he did not really hold NFT, and then Musk responded that it seemed Can be replaced secretly ridiculed the use of NFT as an avatar, causing ApeCoin to fall by 14.17%.

Many netizens said that NFT buyers did not know that what they bought was just a URL link to the picture, and some said that Musk’s behavior was not illegal, because NFT holders have no legal way to fully advocate forbidding others from disabling his PFP pictures . And then some bigwigs responded, saying that everyone took Musk’s tweets too seriously.

Musk used to be known as the "Silicon Valley Iron Man". He dreamed of Mars to research brain-computer technology and send Tesla cars into space, just like a world leader in technology. Today, Musk frequently provokes the price of the currency circle to repeatedly "refine" on social media, which is a bit annoying.

Musk's Gradually Sour

Back in 2018, Musk was still arguably transitioning from Silicon Valley hero to global figure. Tesla's stock exploded in early 2020, and by January 2021, that rally made him the richest man in the world. But then, what we saw was indeed, all kinds of hype, all kinds of hilarity, Musk, who has gradually turned sour, the most prominent of which include alleged sexual harassment of SpaceX employees and secretly having a child with an employee.

Of course, the most important thing is the move to acquire Twitter, and then try to withdraw for various reasons. Meanwhile, those who really follow Musk's business may have noticed Tesla's continued failure to deliver on its "Full Self-Driving" promise, as well as delays to the much-hyped Cybertruck.

All in all, Musk may still retain a little halo in the eyes of Tesla shareholders and fans of green technology. But to many others, he is nothing more than the embodiment of hype-obsessed capitalism, not taking responsibility for the society that made him rich, and indifferent to the harm done to other little people.

Especially for crypto pundits, Musk's ridiculous and destructive tweets about Dogecoin, he either doesn't understand what Bitcoin is about, or at best doesn't care that much.

So it is not difficult for us to understand that Tesla dumping Bitcoin confirmed what some of us have always known. Musk is not someone you should ask for cryptocurrency guidance. An unreliable follower. As one online said, Musk needs Bitcoin more than Bitcoin needs Musk.

write at the end

So is Musk still "Iron Man"? Of course still. Musk has the world's most potential new energy vehicle company in his hands, as well as a company that can recover and utilize rockets among private companies. In time, with so many auras, it doesn't affect us to trust him blindly. Musk, who "points the country" on Twitter, no matter who he is or how many public opinion topics he has created, you are free to think about him, but Musk's more and more irresponsible remarks have gradually been backlashed. Make people start not respecting him as much as before.