Noted Ethereum co-founder Vitalik Buterin told CNN this week that crypto markets will no longer be captivated by the market-changing power of Tesla CEO Elon Musk’s tweets. He said the following:
“Tweeting Elon Musk is something that the crypto space was only literally introduced to the crypto space last year and this year. I think it's reasonable to expect a bit of craziness, but I do think the markets will learn. Elon will not have this influence forever. ”
He went on to explain that while cryptocurrencies are currently at the mercy of Musk’s tweets, it will build an immune system over time.
Elon Musk’s Influence
At the moment, no Twitter user has more influence on the prices of cryptocurrencies than Elon Musk. The tweets from the CEO of Tesla and SpaceX about Dogecoin and Bitcoin have had a major impact on the prices of the coins.
For example, he recently tweeted that Tesla would no longer accept Bitcoin payments due to environmental concerns surrounding the mining of the royal coin. This announcement has triggered a domino effect, causing the Bitcoin exchange rate to endure a significant correction.
In addition, Musk has also devoted several tweets to the well-known meme cryptocurrency Dogecoin (DOGE). However, these tweets often had a more positive note, as a result of which the currency even managed to enter the top 10 based on market capitalization. Currently, Dogecoin is in 6th place, above major projects such as Polkadot and Ripple.
Musk’s love for Dogecoin
In the CNN interview, Buterin also spoke about Musk’s love for Dogecoin. He said he saw it as a sign of the CEO of Tesla and SpaceX’s humanity, rather than any intention to mislead his followers. Buterin explained:
"The fact that he's over 100 billionaire and runs Tesla and SpaceX and all these things doesn't change the fact that he is ultimately human - and that people get excited about dog coins."
"I don't think Elon has any kind of malicious intent in this."
Buterin also indicated that he remains optimistic about cryptocurrencies, despite bearish news from China this weekend that the state plans to crack down on crypto mining. The announcement followed Tuesday’s bad news from China, when three banking and payment associations released a joint statement warning investors to stay away from cryptocurrencies.