The crypto world is exceptionally buzzing with Elon Musk's retraction on his stances concerning bitcoin and why it seems Tesla will not be accepting it going forward. Twitter particularly is agog and of course everyone seem to be tying it with the dips we have particularly seen lately and who wouldn't want to?
Truth is, Elon musk is a businessman evening before he started shilling BTC and by all means I wouldn't really say his shilling and purchase is the reason why bitcoin did those massive gains in like 6 months. We have a lot of people who aren't pro-crypto but are die hard fiat fans and a lot of these people might be shareholders in Tesla, inasmuch as we don't really know the truth behind Musk's decisions, I still feel he's getting too much praise or too much slate as well.
Source
First off, the real reasons why I think Elon was buying BTC in the first place is because it's the bull season, the money was there, the thrill of having your investment multiply and sometimes these motivation are Only temporary.
Now I'm not saying Elon's impact didn't push the BTC prices all I'm saying is, BTC has given Elon more money than his impact has brought to BTC, like I said earlier we're already in the bull season and even if Elon didn't buy all that BTC, it'll be bought up by some other people, the push in the prices will Only he slower and not spontaneous like it's been lately. So first of all people forget Elon isn't Vitalik Buterin, Elon is all about spaceships and all that crap that comes with it.
He's a billionaire by any miles, this doesn't mean he's a die hard crypto fan, he's a crypto enthusiast, one who's drawn to the outrageous value his wealth will skyrocket by just by putting it into crypto for a long time he was ahead of Jeff Bezoz in terms of wealth as a result of bitcoin.
He's not one that seem to want to build with crypto, if not this buzz about how he loves bitcoin will be sufficing during the bear market a longer time before. It's straight up business for Elon, let's take sentiments aside. This was also the same for doge but then I think Elon is trying to separate his dealings with bitcoin away from Tesla, he's like trying to excommunicate Bitcoin with Tesla and the PR stunt that he's rather thinking of another crypto for Tesla is all lies.
While I don't think Elon will completely sell all his btc or so I think he's trying to make BTC more of his personal dealings, call it passion or a thing. He's got a soft spot for Crypto entirely because of how futuristic the technology is and seems but then he's not really educated on how crypto works and should he had been, more people would make better financial decisions, had basic understanding of these tokenomics based on what they've seen from Elon's tweets.
This brings me to how crypto in general needs celebrities who understands crypto in totality. Inasmuch as people might argue that crypto doesn't, this isn't true. Adoption sometimes should be based on understanding of the risks and the challenges and this would help prospective Crypto adopters to understand better.
By all means, I don't think people should be hating on him (Elon) because of his tweets and decisions lately, I think he's trying to create a standpoint. A kind of pause or *re-evaluation as a result of Tesla. People like him will only propel adoption to a sizeable extent which can only be temporary. It's a sort of a bubble that the burst looks inevitable.
Needless to say, nerves and feelings are boiling as a result of the dips in prices, but it's only a shade that will disappear with time. Nevertheless let's not be quick to deride him, I still feel there are things he isn't saying. His tweets are complete innuendos and they're not really hitting the bull's eye. But we ride or die and many "Elons* will come and go and crypto will remain.
Interested in some more of my works?
DeFi In The Nigerian Space; Controlling Finances You Can Understand?
Understanding Cyclical Responsibility; Making A Case Scenario (3Speak)
Comparing Asians & African Food; What Determines The Unique Eating Habits Of Most Nigerians?
The Stench Of Change (An Original Poetry)
Some Of The Most Unique Things About Schooling & Living In Lagos State Nigeria
My name is @Josediccus, a young Nigerian student who is a Vlogger, A Psychologist, Poet And Sports Writer/Analyst. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers
@Josediccus, your brother-in-pen & heart
I'm hoping to reach more people who are broken at heart and spirit, so share on any platform or reblog