Binance CEO Changpeng Zhao (CZ) is among the most prominent figures in the crypto space who openly and sharply criticized Elon Musk’s manipulation of the prices of the biggest cryptocurrencies, including bitcoin and Dogecoin.
Like others on Twitter, CZ accuses Elon Musk of abusing his power to manipulate the market. Elon is known for tweeting humor and expressions that cause serious price changes for major crypto assets. In a tweet attended by TRON CEO Justin Sun, CZ said that for such an important person, Elon Musk’s crypto shows were not fun.
Using great power with great responsibility is positive. The Great Power with random “humor” isn’t great and it’s not funny either.
Most Bitcoin investors are now taking action against Elon Musk
As a result of the drama, a large number of prominent crypto enthusiasts and primarily bitcoin traders and long-term investors blocked him on Twitter to show their reactions to Elon. With 56.5 million followers, Elon Musk is one of the world’s and crypto industry’s most famous innovators for his support and investments in the digital assets class.
According to data from CoinMarketCap, in addition to promoting the mainstream adoption of Bitcoin, it is the one that put Dogecoin in the top 10 coins by market cap and the current 6th place behind Cardano and Binance Coin.
Renowned crypto analyst and trader Michael Van de Poppe said that Elon’s quirks make it difficult for analysts to trust real market data.
“Price is at a crucial point -> Elon Musk is tweeting again, -> price is moving again. It’s sad to note that it has so much influence in this #Bitcoin market. This is sad”
Elon Musk plays the role of a recognizable whale
Elon Personalized with Crypto. The ability to control the crypto market is due to two factors. First, a large part of their followers are the tech-savvy millennials, who are the biggest adopters of the digital asset class.
Second, even with a market of over $1.6 trillion, the crypto market is relatively small compared to other financial markets like the stock market. This makes it more susceptible to manipulation from whales (heavy money bearers) like Elon musk. According to tech writer and entrepreneur Jeff Booth, Elon Musk highlights the need to bring decentralization in financial markets.
If you rely on centralizing your currency, then 1 person or a small group of people can change their mind with surprising results for you. Ironically, @elonmusk tweets just prove how important #Bitcoin is to curbing that risk.
According to crypto investor and author Chris Burniske, crypto has commented more harshly on the current impact of Elon:
Crypto will outlast Elon’s antics.