Can Elon Musk change the cryptocurrency market?

Elon Musk, one of the biggest names in business, is at the centre of the crypto market. i am talking from crypto mentions on his social media pages to Tesla accepting bitcoin payments. In early 2021, Tesla announced it would buy $1.5 billion worth of Bitcoin.

The rise of various cryptocurrencies, which include Bitcoin and Dogecoin, is also attributed to Elon Musk. i think so.

The price of Bitcoin also fell

Within the first few minutes of Tesla’s announcement, the Bitcoin price dropped by 5%. It should be noted that Bitcoin is not the only cryptocurrency affected by this development. Cryptocurrencies such as Dogecoin fell by over 30% within an hour of the announcement.
What is the future of it?

I don’t doubt that Elon is a very good indicator for Bitcoin and he has a big effect on the market. However, he is not the only one to look out for. The changes regarding crypto currencies in China and the movement towards making BTC legal tender in some countries can have a massive effect on the market. Elon Musk & Tesla do not rule the crypto markets.

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I often wonder what is the ruler or better described - driver of crypto.

Is it the fact it’s going up so buy or going down so sell, or is it maybe the chance it might become a legal tender in one of the world’s economies or indeed a tweet from a guy in business.

Is there a fundamental support - something of value that can be valued in comparison, e.g the value of Gold vs USD - or does it have it’s value because it has it’s value?

Then again the thought crosses my mind re the Emperor with no clothes - only history will tell.


Well said- thanks


I think the big enchilada that zero people are talking about is China’s drive to a digital Yuan. Its coming and sooner than we all think.

While I am sure many crypto bulls will recoil in horror at the thought of the CCP having a digital coin - its gonna be used as the defacto settlement currency for a whole lot of countries doing business with China.

It will cause major upset to the US dollar, and while many might prefer a Bitcoin -type currency that nobody controls, the sheer ease of use, and wide availability of it will likely mean that many cryptos go the way of the dodo.

Not to mention, other central banks will likely follow suit.

The bitcoin anarchist cyber punks might want bitcoin to be the digital coin of choice, but I just cannot ever see that happen other than in El Salvador

And take note the Chinese are a decade ahead of the US when it comes to a digital currency.

PS From a technical point of view BTC is looking pretty damn good right now


Right now, isn’t this already the case for them though? Or do you mean that they’ll also use the blockchain technology? :open_mouth:

It’s here.

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Yes I was referring to a blockchain

You are correct though, in China go anywhere and using cash is like some ancient practice.

The first phase of China’s digital Yuan was to get the population used to using payment wallets. Now everyone uses Wechat and to a lesser extent Alipay.

Even here in Thailand, there is a shift to wallets. In my home of Chiang Mai, pre covid whenever Chinese tourists walked in 7-11 they were scanning QR codes and causing frustration to locals as service was slow.

But you can’t go into a 7-11 anywhere now without seeing them. The Thai government even used their own Kon la Krg payment app to get covid stimulus out to the locals.

My girlfriend even uses it to buy cat food at the wet market - lol

So in Asia generally there is a move to wallets.

But that was China’s first step - they let industry develop the tech without getting to involved.

The next step is a trial of blockchain Yuan - they are already trialing it in one or two provinces.

The ultimate goal is for a full digital Yuan (maybe even backed by gold) that they can use with all their Belt and Road client states.

And, these client states, countries in Africa, Central Asia, SE Asia, Latin America, Portugal, Italy, Greece, and Turkey - will all use it - because of convenience

It will be on a blockchain as you say, so where is Bitcoin’s place in a world like this?

And Western CBs are already panicking and developing their own, although they are well behind the curve.

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