Elon Musk Influence On Crypto Won’t Last

According to Ethereum Cofounder Vitalik Buterin – Elon Musk Influence On Crypto Won’t Last

Since Tesla discontinued Bitcoin payments citing environmental concerns over Bitcoin mining, some ups, and a lot more downs have been seen in the Cryptocurrency markets. 

Vitalik Buterin, Ethereum co-founder, when speaking to CNN explained why he thinks the Elon Musk influence on Crypto won’t last. Elon has been tweeting about Cryptos for a short space of time and Vitalik said:

(Elon’s tweeting on Crypto) is something that the Crypto space has only been introduced to for the first time literally last year and this year…I think it’s reasonable to expect a bit of craziness. But I do think that the markets will learn. Elon is not going to have this influence forever.”

Buterin believes the Crypto space will build an “immune system” over time that makes it less vulnerable to market disruption and impact from one powerful or influential person. Buterin did make it clear that he doesn’t believe Elon deliberately manipulated markets or indeed that there was any malice:

“The fact that he is a 100-plus billionaire and he runs Tesla and SpaceX and all these things do not change the fact that ultimately (Elon) is a human. And humans get excited about doge coins. That’s just a thing that humans get excited about. I don’t think that Elon has a kind of malevolent intent in any of this.”

 

Do you think Buterin is right and the Elon Musk influence on Crypto won’t last? Let us know in the comments section below. 

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