Tweets by Elon Musk cause the bitcoin price to rise or fall radically - depending on whether the Tesla CEO has something positive or negative to say about the number one cryptocurrency. But is this really true? How much power does the entrepreneur exert on the crypto markets? A new survey has now investigated this aspect - and comes to a clear conclusion.
Bitcoin and Elon
Bitcoin's energy balance, it seems to be a concern for Elon Musk. On Twitter, the 50-year-old regularly speaks out on the subject. Mostly critically. And that is precisely what influences investors - because they listen carefully to one of the richest men in the world. This is the result of a new survey by the financial portal Investing.com.
The website surveyed more than 1,100 investors at the beginning of June. The result: 38 percent of all respondents had only learned about how damaging bitcoin mining allegedly is for the environment through Musk's tweets. More than 60 percent of the investors also consider Musk to be the most influential personality on the financial markets. Bitcoin FUD and great influence - an unfavourable combination for the BTC price.
Run half of the respondents (49 percent) also stated that it is a problem for them that Bitcoin is said to be harmful to the environment. 20 per cent of Bitcoin investors surveyed have sold Bitcoin (to buy on eToro) in the last month - and 20 per cent justify the sale with Musk's Bitcoin environmental criticism. 72 percent of investors also argue for a more environmentally friendly cryptocurrency.
Jesse Cohen, senior analyst at Investing.com, commented:
"Bitcoin has an energy problem because its network uses more electricity than entire countries, like the Netherlands or Pakistan."
However, opinions differ widely on whether Bitcoin actually has an energy problem. Many analysts stress that the reality is somewhat more complex and that Bitcoin is in fact nowhere near as damaging as is commonly believed (as BTC expert Nic Carter, for example, explains in this English-language post)
Elon Musk: Does he have too much power?
58 percent of respondents agree that the Tesla CEO "has too much power". This contrasts with just 24 percent who do not see Musk as having much influence on cryptocurrencies. 12 percent even stress that Musk's influence makes them "more confident about digital currencies."
An interesting detail of the survey: the vast majority of investors surveyed (84 percent) are convinced that Bitcoin's future does not depend on Musk. 33 per cent even describe his tweets as "annoying", while for 27% they are "entertaining" or "unfair" (22 per cent). 28% don't care about them. And 52% of those surveyed want a government that stops people like Musk from manipulating the markets.