The iconic billionaire and CEO of electric car manufacturer Tesla Inc, Elon Musk continues to increase his influence in the Bitcoin and cryptocurrency ecosystem. A new survey report revealed how popular his opinion is. investing. The survey, conducted by com, aimed to assess the impact of famous billionaire and business leader Elon Musk on financial markets.
Elon Musk effect: Investors sold their Bitcoin holdings after tweedollarser!
According to the survey, 49% of the 1,100 respondents to the survey said that Bitcoin’s lack of environmental friendliness is a problem for them as an investor. Following Elon Musk’s loud criticism of Bitcoin, 30% of investors said they sold their coins in the past month, and 20% attributed their sales to Elon Musk’s comments.
Energy concerns have led to a shift to more energy efficient alternatives rather than focusing on Bitcoin and other Proof of Work (PoW) networks. investing. “Bitcoin has an energy problem as its network consumes more power than any country like the Netherlands or Pakistan,” said Jesse Cohen, com senior analyst. According to Jesse Cohen, Ripple and Cardano, for example, are two cryptocurrencies that have less environmental impact than BTC and are more efficient in mining and transactional environmental costs.
Elon Musk continues to influence the cryptocurrency market
Although the warnings created by Elon Musk affected a few investors who participated in the survey, they increase the need to explore green energy mining. Essentially, the influence of Elon Musk, who previously crowned him as the “king of the crypto community,” has given him “some new enemies recently,” according to Jesse Cohen. Elon Musk has always expressed his interest and love for cryptocurrencies using his social media handles.
Elon Musk, who has gained a large following on the social media platform Twitter, supports his favorite cryptocurrencies, especially dog-themed crypto coins, Dogecoin (DOGE) and Shiba Inu (SHIB). Cryptocurrencies were affected by Elon Musk’s latest posts, and “SHIB and Floki” skyrocketed. Cryptocoin. com
As we previously reported , this type of tweetollarser from Elon Musk is not uncommon. However, the billionaire has recently criticized Bitcoin mining for its high energy requirements and fundamental environmental impact.
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