Elon Musk and Bitcoin — No One Should Have This Power
Bitcoin price drops are part of life. They always happen, and always will. But this recent price drop, from a high of $65k in April to a low of almost $30K as of writing was caused by blatant market manipulation by an unhinged man: Elon Musk.
A chart put together by Vox shows exactly how much influence Musk has:
Tweets he gave, some of them shitposts, caused the market to crash.
Whatever Elon Musk’s final end game is (spoiler: it is more money in his pocket), this is highly disturbing. Elon Musk has shown he can single handily plunge the largest cryptocurrency into the dumps, and that’s not good.
Bitcoin is a currency for the people. It is there to help fight against big banks, there to fight inflation, to empower those suffering, to democratize money. Elon Musk’s actions bring all that into question. Depending on what side of the bed he gets out of, can Musk wipe out the savings of people, or propel them to the moon? (pun intended) He apparently can.
We as a Bitcoin community need to gather around and fight against this. This is exactly what we fight against, the fight against billionaires from controlling our money. Just because that billionaire is “cool,” smokes weed, hosts SNL, and builds rockets and electric cars doesn’t diminish from his billionaire status. Wall Street Bets proved we the people can fight against this, and we the Bitcoin community have to prove it too.
We have to stay strong, use our Bitcoin daily, don’t sell based off shitposts from unhinged billionaires, and believe in our daily fight.
That isn’t to say we completely shun investors of that type. They can invest, in fact the increased institutional investment scene’s interest in Bitcoin offers hope for increased stability and growth in Bitcoin — there is projected long term growth in the cryptocurrency. But we cannot let them control us. We are the power behind cryptocurrency, not those institutional investors, not any billionaires, and certainly not Elon Musk.