Elon Musk became Bitcoin's biggest influencer.

Like it or not, investors in the digital currency "Bitcoin" listen well when the CEO of the American "Tesla" company, Elon Musk, speaks.

With the cryptocurrency down by nearly 40% from its peak, some investors are unhappy with Musk's tweets and company messages that have caused an exciting journey for Bitcoin this year.

Initially, prices rose by nearly 20% one January morning when Mask added the hashtag "#bitcoin" to his Twitter résumé. The coin jumped 16% in one day, and the following month Tesla revealed that it had bought 1.5 million dollars One billion dollars in cryptocurrency.

However, earlier this month, Musk tweeted that Tesla would not accept "Bitcoin" as a payment for its vehicles, and these comments led to massive currency sales, and investors blamed the tweet that trimmed hundreds of billions of dollars and wiped out the gains made since early February. .

After peaking in mid-April near $ 65,000, Bitcoin prices have fallen nearly 40%, including about 30% since Musk tweet in May.

The Wall Street Journal said, “Many investors were happy to dismiss Musk’s tweets as harmless noise, and some of them celebrated Mask’s support for Bitcoin, but now that prices have fallen, they are less happy, and many of them are even angry.

The Portuguese investor, Heidi Chakos, has invested in Bitcoin since 2014, but she says that Musk knows that he has a great deal of influence and has shown the extent of his desire to play with the digital currency, noting that Musk's tweets have sparked panic and speculation about whether Tesla is preparing to give up its holdings From Bitcoin.

Musk assured that Tesla will not sell any bitcoin and will resume the use of cryptocurrency in transactions when addressing concerns about the energy use associated with Bitcoin.

"I feel bad for anyone who makes investment decisions based on the tweets of someone who is just trying to stay relevant and benefit from their platform," she said, adding that he is not planning to sell Tesla's Bitcoin holdings.

Musk is not alone in influencing the markets through social media.

Over the past year, public figures have moved from investment managers to CEOs and celebrities to platforms like Twitter and Reddit, and the voice chat app Klaphouse to voice their thoughts on everything from cryptocurrencies to stocks.

The current generation of market influencers couldn't be more different from the previous generation.

In the 1960s, investors were mesmerized by fund manager Gerald Tsai, whose talent for building investment funds outperforming the market had turned him into a superstar.

Others fondly remember following the writings of Peter Lynch, whose Fidelity Magellan Fund outperformed 99.5% of all other funds in the last five years of its management.

And of course, there are quite a few today who wouldn't know Warren Buffett.

Mr. Musk is different from all of them.

Although he has opened in everything from Dogecoin to Gamestop stocks, he is an entrepreneur rather than a portfolio manager.

He is so well known that he hosted an episode of "Saturday Night Live" earlier this month.  

He is no stranger to controversy. Days after fraud charges were settled with the Securities and Exchange Commission in 2018, he wrote a tweet mocking the agency, calling it a "vendor enrichment committee."

In his opening music show for "Saturday Night Live," Musk defended his antics, saying, "To anyone who offended him, I reinvented electric cars and sent people to Mars in a rocket ship."

Do you think I would be a normal man?

“Someone like Musk doesn't care about your financial health,” says Lark Davis, a Bitcoin investor from New Zealand who has been in the market since 2017. “Part of the lower bitcoin price last month was caused by inexperienced investors abandoning their holdings when they were horrified by the role of Elon Musk. On Bitcoin, but there are other factors that accelerated the decline of Bitcoin, including the Chinese authorities, which say that financial institutions should not accept virtual currencies for payment.

"Unfortunately, big influencers like Mr. Musk have become very powerful opinion leaders in the industry," Davis added.

He added that it would be better for new investors to do their own research on cryptocurrencies and dampen their expectations for quick and easy gains.

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