Elon Musk again raises Bitcoin

Bitcoin managed to rise above $ 40,000 on Monday. Not surprisingly, the price increase came shortly after Tesla CEO Elon Musk announced on Twitter that the electric car company would potentially accept BTC payments once again when it was confirmed that miners had crossed over 50% using green energy to mine Bitcoin.
Musk’s tweet increased the price of Bitcoin, although some experts believe that Bitcoin is not a cryptocurrency that should be relied on. For example, during an exclusive interview with Cointelegraph on Bitcoin 2021 in Miami, Caitlin Long, founder and CEO of Avanti Financial said that, unlike other cryptocurrencies, solvency is more important than leverage and liquidity when it comes to Bitcoin.
The fury created by Musk’s unstable tweets could leave investors out of the game, but it could also bring new perspectives to crypto in the long run.
Elon Musk’s ability to use tweets to influence cryptocurrency markets poses a danger to the average investor, says CoinSwap founder Eric Nurm. Nurm pointed out that Musk’s tendency to tweet about Bitcoin, Dogecoin, and other cryptocurrencies started shortly after the head of Tesla was banned by the Securities and Exchange Commission from tweeting about his own company.
Elon manipulated the market by creating a FUD around Bitcoin. He’s playing the same game as the stock market, Nurm said.
After the SEC forbade him to tweet about Tesla, he shifted his focus to the crypto market, where he can run on social networks for free for now, he added. The founder of CoinSwap is currently experiencing turmoil in the markets, mainly thanks to the constantly changing temperament of Elon Musk, who seems hot and cold. Earlier in the year, Musk announced that Tesla would accept Bitcoin as a payment option for its electric cars, only to change its decision a week later.

Shortly afterward, Musk once again reversed its decision, announcing that Tesla would accept Bitcoin as a payment option when 50% of mining is done with clean energy use.
But Musk’s fickle nature when interacting with the crypto world could eventually attract more people-investors, even if it’s for the wrong reasons, Nurm says.
Although Musk is temporarily causing turmoil in the market, his participation could be useful for crypto, in the long run, he said.
His efforts to increase the prices of certain coins, such as Dogecoin and, more recently, CumRocket, are potentially more dangerous because these obvious pumping and throwing patterns could leave many ordinary people out of the game and empty pockets.