Musk is not a fan of Bitcoin, he just enjoys being at the controls

On April Fools' Day, 2019, the Dogecoin community jokingly launched a poll to elect Dogecoin CEO.

The candidates are the world's richest man, Tesla CEO Elon Musk, Ethereum founder Vitalik Buterin, Litecoin founder Charlie Lee, and Metal founder Marshall Hayner.

Musk received the most votes with 54.4 percent.

On April 2, Musk caught on, retweeting, "Dogecoin is my favorite digital currency!"

He also set his Twitter account to Dogecoin  The CEO.

Everyone thought Musk was joking about why a tech founder would be the CEO of a worthless cryptocurrency MEME.

But you should believe that "what better people say is true". Musk may really want to be the CEO of Dogecoin.

Since May, we haven't seen the same "Bitcoin supporter." Mr Musk has begun to bash Bitcoin by lifting Dogecoin.

The climax came in the early hours of May 17. One said that "Bitcoin investors will smack themselves in the face when they find out next quarter that Tesla has liquidated their Bitcoin holdings." Musk responded with one word: "Indeed."

The word rattled the market as it seemed to suggest that Tesla might have sold nearly $2 billion of its bitcoin holdings.

With just one word, Musk briefly sent the price of bitcoin below $42,200, a drop of more than 10% in 24 hours and the lowest since Feb. 8, 2021. Driven by Bitcoin, the mainstream cryptocurrency market dropped, and people in the coin circle began a new day in tears and bewilderment.

A few hours later, Musk used another nine words to send Bitcoin up another 3%, saying, "Tesla does not sell any Bitcoins."

"That was the day when mankind finally recalled the fear of domination."

Through Musk's capricious statements, it finally became clear that Musk, who has been hailed as the "altar" of the crypto world, does not seem to love the idea of cryptocurrencies.

The world Xi Xi all for the benefit, in the encryption believers cheer and worship, he just enjoy the pleasure of a hundred response, turn over one's hands into a cloud.

Musk has come to hate bitcoin

If there is a time frame for the disagreement, perhaps it can be traced back to a tweet from Grayscale founder Barry Silbert on May 9.

Barry tweeted that "the time has come to exchange Dogecoin for Bitcoin and Grayscale will short Dogecoin". Over the next two days, the dogs dropped 30 percent.

Self-described as the "Godfather of Dogecoin," Musk's heavy warehouse Dogecoin can't sit still.

On May 13, Musk announced on Twitter that Tesla would stop accepting bitcoin as a payment because bitcoin mining consumes a lot of coal and other fossil fuels, and produces a large amount of carbon emissions that seriously pollels the environment.

Musk's move is no doubt a response to Grayscale. We should know that Wall Street institutions, such as Grayscale Fund, are the important force driving Bitcoin higher and higher.

The cryptocurrency market shook in an instant, with the price of Bitcoin falling below 50,000   The dollar.

Encryption big V also have a position, and the attack.

On May 14, Binance CEO Zhao Changpeng said he had taken down Musk's Twitter account.

May 16, Microsoft Strategy& NBSP; Founder Michael Saylor says the world needs Bitcoin, not Dogecoin.

A number of Valuecoin investors have vowed to stop Musk from "manipulating the market," questioning Dogecoin's "over-centralization," and saying that "Dogecoin is junk."

Instead of backing down in the face of criticism from the Twitterverse, Musk hit back even harder.

On May 16, Musk insisted that Dogecoin could become the planet's currency if it could confirm blocks 10 times faster, increase the block size 10 times, and save 100 times the fees.

Musk took to Twitter In the early hours of May 17, saying "All these threats make me want All In Doge."

"He should be wearing sexy pants with the bitcoin logo on them for Halloween," Saylor said, taking a dig at Michael Saylor's enthusiasm for bitcoin.

In addition, Musk also argued that Bitcoin is in fact highly centralized, implying that Bitcoin is not a good thing and could be completely disrupted by Dogecoin.

The comments hit a bull's eye and drew criticism from a growing number of Bitcoin believers, with Musk's Twitter message being filled with abuse from Bitcoin Holders.

Then came the climax, when Musk's two 10-word tweets sent the Bitcoin market skyrocketing.

How much does the crypto world change when Musk sends a tweet?

Musk is "using his influence to control the secondary market" and "profit for himself." So let's take a look at how much Musk's tweets have affected the cryptocurrency market. The pulsating BlockBeats scoured Musk's tweets over the past five months, found 40 mentions out of 3,000, and compiled the data below.

Bitcoin: With 13 mentions, the biggest gain was 22.74%

Musk spoke about bitcoin 13 times, with four positive and four negative (including multiple tweets a day).

Bitcoin has been trending since the end of January, with the red arrow indicating the date of Musk's tweet relating to Bitcoin

RulyStats summed up the timing of Musk's tweet involving Bitcoin, as well as the maximum rise and fall of Bitcoin in the 24 hours following the tweet and the timing of the tweet. The chart below shows the following:

Judging by bitcoin's biggest gains, Musk's tweets' influence on positive feedback on bitcoin is waning. The first two times bitcoin went up, it went up by more than 10%. Musk's tweets subsequently had an effect on the price of Bitcoin only for a very short time. Note that with the exception of May 13 and May 17, Musk's news on Bitcoin has tended to be positive.

In terms of timing, Musk's bitcoin pull effect is waning and the crash effect is getting stronger. Of course, the reason may have nothing to do with the order. For nearly half a year, Musk first bought Bitcoins in Tesla's name and then announced that users would be able to use Bitcoins to buy Tesla electric cars. The market's expectations for Musk and Tesla are gradually being lowered.

When Musk buys large amounts of bitcoin, the market fears that his sale will trigger a new wave of selling, which could be one reason why bitcoin has plummeted after Musk's two recent bearish tweets about the currency.

Dogecoin: 27 mentions, the largest increase of 132.74%

Over the past six months, Musk has explicitly mentioned Dogecoin 27 times on Twitter (not counting the emoticons). Mention that day, Dogecoin daily line close positive 11 times, close negative 8 times (including the existence of a day published many times on Twitter).

8 Dogecoin January to date, the red arrow is the date of Musk's tweets related to Dogecoin

RulyStats summed up the timing of Musk's tweet involving Dogecoin, and calculated the maximum rise and fall of Dogecoin in the 24 hours after the tweet, as well as the timing, to come up with the following table:

Unlike Bitcoin, Dogecoin is more speculative, rising by an average of 21.13% after Musk's tweet about Dogecoin. And almost all of the highest gains in 24 hours rose to 24-hour highs shortly after Musk's announcement.

Here's a breakdown of the time (in minutes) it took for Dogecoin to reach its highest in 24 hours after Musk tweeted about Dogecoin:

Data showed that within 20 minutes of Musk's tweet, Dogecoin's price peaked in the short term 50% of the time. That means it's more of a short-term hype in conjunction with Musk's announcement.

Indeed, Musk's tweets can have an impact on the crypto world, and that's the kind of experience Musk seems to be pursuing.

Because what he enjoys is control.

Elon Musk

As a world-class marketing guru, he is adept at creating a strong connection with the cool crystallization of the wisdom of the crowd, until he becomes a spokesman. His labels, Tesla, Space X and Dogecoin, all went through the same process.

Experiments with electric vehicles and autonomous driving started early in the history of the automobile, with Google securing the first U.S. license for autonomous vehicles in 2012. However, with his powerful influence and bold thinking style, Musk, as a late investor, directly got the position of chairman of Tesla and full decision making power, and then became the absolute spokesman in the field of electric vehicles and autonomous driving.

With Space X, too, whether it succeeds or not, Musk has become a role model for a new generation of young boys, a real-life Iron Man.

Also, inside the company, Musk is absolutely central. Tesla's public relations skills have been poked at recently, with people questioning why a world-famous company is so out of touch in China. But think about it another way, it might be the best strategy Tesla China could come up with. In a podcast for Old Talk News, he said that as someone who has worked for Musk for years, Taurin certainly knows how to survive in a company with Musk as its absolute core. She does what Musk wants, and she doesn't do what Musk doesn't want. All Musk needs is "no rebuttal."

In the world of cryptocurrencies, on the other hand, Musk has stretched his influence to the limit in a virtual world of booms and busts.

What better, freer test site could there be? It's a temptation few people can resist.

In the crypto world, Musk's words can make the market value of Dogecoin skyrocket, followers wealth freedom. His a change of face, and can let the market collapse, tens of thousands of people burst warehouse.

The strong move their fingers, the weak march on and on. You don't get much closer to being divine than that.

Is he really a fan of bitcoin? With the odds increasingly slim, what's in it for him to be a fan of bitcoin? As a controller, that makes him feel less competent than Bitcoin, and as a businessman, it doesn't bring him any economic benefits.

Is he really a fan of Dogecoin? Maybe not, but acting like a Dogecoin fan can maximize his impact, and for the business graduate Musk, the price is extremely good.

For Musk, who is enjoying the feeling of upheaval, if he wants more control, he wants to put Dogecoin on the throne of cryptocurrency, upending Bitcoin's historical position. At that point, the CEO of Dogecoin would be the logical CEO of cryptocurrency.

However, in indulging in his own influence, he may have forgotten that cryptocurrencies were created in the first place, which is to reduce the influence of one person or organization and create a decentralized monetary system that allows for truly independent transmission and storage of value.

Everything he's doing now goes against the beliefs of the crypto world.

Emotional sticks may drive markets up and down in the short term, but in the long run, market forces will eventually abandon the influence of one individual and rely on a cool consensus on the code, as has been demonstrated several times over the past few cycles.

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