The outcry by Elon Musk’s arbitrary tweets could compel the investors out of the crypto market, but in the broad spectrum, this might bring new faces to crypto. Erik Nurm, the founder of CoinSwap, described that an average investor is endangered by the fluctuation of the cryptocurrency market caused by the tweets of Musk, but in the long run, the outcry developed around the social media by the activities of Tesla’s CEO could draw the attention of new eyes to crypto.
After being banned by the Securities and Exchange Commission from tweeting in favor of his own company, Musk more prominently spoke about the other cryptocurrencies like Dogecoin (DOGE) and Bitcoin (BTC), as pointed out by Nurm.
The crypto market has been manipulated by Tesla’s CEO by the arousal of FUD around Bitcoin. Nurm revealed that the same game is being repeated by Musk, which he played with the stock market. He diverted his attention toward the crypto market after the SEC banned him from tweeting regarding Tesla. Nurm added that the crypto platform was the place where he had the freedom of running social media.
Because of the abrupt temperament of Musk, the founder of CoinSwap views turmoil in the markets currently as the fluctuation is creating an imbalance in it. Musk declared earlier this year that Bitcoin would be adopted by Tesla as an option for the payment of electric cars, but shortly after a week, he reversed his decision.
Recently, the decision was once again reversed by the declaration that Bitcoin will be accepted as a payment method when over 50 percent of its mining would be carried out by clean utilization of energy. Nurm discloses that the temporary turmoil for the market by the involvement of Musk can be beneficial for the crypto community in the wide perspective as new people are being attracted toward crypto by him, although for some wrong reasons.
Musk’s latest plaything regarding cryptocurrency, CUMMIES (CumRocket), which was created exclusively for the film industry of adults, was referred by Nurm to have quadrupled in its price in a mere duration of 10 minutes after Musk’s tweets about it. The conclusion given by Nurm stated that he expects people to consider Musk’s tweets regarding the cryptocurrency as the nips of salt, keeping in view that he has some ambiguous targets behind the backdrop.