Experts: Elon Musk is lying about cryptocurrencies

The gigantic confusion in the cryptocurrency market, caused by Elon Musk's tweets, was initially perceived as interesting, then there was a slight concern, and today the cryptocurrency industry is clear: Elon Musk should not be speaking about cryptocurrencies at all, because he knows nothing about them. He was also accused of knowingly misleading the public. 

Elon Musk, billionaire, owner of incl. companies Tesla i SpaceX in recent months, he has mixed up in the cryptocurrency market. First, he announced that Tesla purchased Bitcoin and will accept cryptocurrency payments for electric cars. In the so-called meanwhile he wrote Fr. Degecoin - speculative cryptocurrency, which translated into a quick shot of its course. And an equally rapid decline, so as is often the case - there were some wins on the market and a lot of disappointed people who lost a lot. When investing in the most speculative assets, however, no one should blame a loss. 

The problem is that Elon Musk also announced that he is suddenly resigning from accepting payments in Bitcoinach for Tesla cars, because cryptocurrencies ... leave too much carbon footprint and their extraction and service contribute to the climate catastrophe. Economists quickly ridiculed these claims, showing that much more energy is consumed not only by the banking system but even by gold trade. On the unstable market, however, this was enough and a price correction began, reaching 40%. 

Dogecoin Developer: Elon Musk? He did not speak to anyone

Regardless of what Musk wrote, the market was reacting. Whether "Dogecoin is cool", "Be the bitcoin billionair" or other tweets: there has always been a market reaction. But that's just changing, because the industry has stopped trusting the eccentric billionaire. Especially after he once again spoke about Dogecoin, writing that he would like to improve it and is already working with developers on this matter.

But he answered him quickly Bruce Fenton, the lead developer of Dogecoin, who stated that Elon Musk never contacted the team behind the development of the cryptocurrency made for a joke. Neither were any of its representatives spoken to.

There is no responsibility

Without a doubt, Elon Musk's tweets are quite frivolous. It is difficult to find any strategy in them, sometimes even logic. Even so, he found many followers who followed his "signals." And they did not do well. 

People who blindly followed Musk lost a lot of money. They could get burned and never come back - says Alex Mashinsky, CEO and founder of Celsius. - The cryptocurrency community must take responsibility for how it portrays these assets - he added on CNN.

Elon Musk wasn't the only one to blame?

"What Musk says still matters ... at least for now." - notes Ed Egilinsky, Managing Director and Head of Alternative Investments at Direxion.

He points out, however, that the sell-off on the cryptocurrency market was not caused solely by his tweets - often presented in the form of jokes or even memes. It had an impact as well tightening of regulations in Chinawhere almost half of the Bitcoin mines are, as well as the still undefined future of cryptocurrency taxes in the US. In recent days, the mining of cryptocurrencies has also suspended Iran, which is dynamically operating in this industry, for four months. Extraction has recently been so large that power outages have occurred throughout the country - power plants have not kept up with the production of electricity for the benefit of cryptocurrency mines. 

If these matters are not cleared up and Elon Musk continues to add fuel to the fire, increases may not soon return to the cryptocurrency market. Over time, however, even the voice of the richest man in the world will certainly be taken less seriously, as we can already see.