ElonCoin to the moon.
If you are wondering what the heck is with this headline, let me give you a little bit of context.
In the last months, Elon Musk has been playing around with the crypto market. He has been tweeting about Bitcoin and Dogecoin making them dump and pump in price.
After publicly saying Tesla will accept Bitcoin as a payment method and buying 1.5 billion dollars worth of Bitcoin, he then flipped upside down. He sold part of Bitcoin and no longer accepts Bitcoin as a payment method for no logical reason.
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In a tweet, Elon Musk said that Bitcoin uses electric energy for mining coming from fossil fuels, which doesn’t match with Tesla’s green energy philosophy. Come on!
Elon Musk is the man who created Paypal, sends rockets to Mars, and triggers the E.V. boom. He knows much more than he wants to show on Twitter.
Long story short, Bitcoin and the crypto market went down 20% after Elon Musk’s tweets because of panic. Why people? Why be a sheep?
This proved to me how many gamblers are in the crypto market.
Of course, I didn’t sell anything. I don’t understand what the big plan of Elon Musk is though. A genius like him must have a plan. Or he may just like having fun with his influence.
With great power, comes great responsibility.
Anyway, the lessons from this experience are:
- listen to influencers with a grain of salt;
- crypto is prone to (psychological) manipulation, which makes it far from adoptable.
If we go below the 200-day EMA, most probably. However, I am 90% confident we will bounce back to a greater bull market as we’ve seen before in crypto.
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