Elon Musk’s New Move Against Bitcoin Is Starting to Backfire

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Why Vitalik Buterin Says Crypto Will Eventually Be Immune To Elon Musk’s Market-Moving Tweets
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People are pouring scorn on Tesla CEO Elon Musk. That’s according to data analyzed by Awario, a company that tracks sentiments in markets. Apparently, the backlash against Elon stems from his anti-Bitcoin tweets that have so far caused the digital asset a significant price drop.

It all started when Elon Musk started bashing Bitcoin, citing its “negative contributions” to the environment due to mining activities. This may be taken to mean that Bitcoin mining contributes to global warming. Elon went on to announce that Tesla would no longer accept BTC payments for its goods.

Since then, the top crypto has plummeted from the highs of over $60k to the current range of just about $37k, wiping out a significant chunk of the Bitcoin market and also affecting its dominance.

BTCUSD Chart By TradingView

Musk’s Reputation Is Plunging

According to data analyzed by Awario, Elon’s online reputation fell just as crypto prices took a swoop after his negative remarks, reaching the lowest point in May.

In January, there was a 50-50 standing between positive and negative tweets about Elon Musk. By May, these fell by 25%, with the largest percentage of 66% of the tweets being neutral. Of the rest, 19.2% were negative while 14.9% were positive.

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Varying Stances

Notably, Elon Musk still has some aficionados defending him even as his reputation continues to suffer. It appears that some of those defending him may have accepted his explanation that Tesla’s move to have Bitcoin on its balance sheet was a net positive for the crypto market. They’re of the opinion that Elon is actually helping the industry grow.

Interestingly, while a lot of people may not be happy with Elon, he’s been gaining quite a lot of attention on Twitter. He’s now one of the most followed business/tech personalities, with around 56 million Twitter followers.

He’s Been Into Doge

While the popular CEO has been bashing Bitcoin, he’s also shilled Dogecoin, even calling it “the people’s crypto.” Elon Musk has been so successful in the shilling business that his input led Dogecoin to its most latest all-time high. That’s before calling the coin a “hustle” on live TV, a comment that resulted in the crypto’s price fall.

In a recent interview, one Tesla investor, Ross Gerber, said that Elon’s adventures in the crypto markets may result in people having negative opinions of Tesla, although Elon himself may not be directly affected.