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Is Elon Musk Losing Favor With the Crypto Community?

bitcoin, dogecoin, cryptocurrency, crypto, elon musk
markez on Deposit Photos

The public has a love-hate relationship with Elon Musk. And right now, a lot of people — namely, in the Bitcoin community — are leaning toward hate. Why is he suddenly falling out of favor with his disillusioned fanbase? He hyped up Bitcoin “to the moon,” and then he publicly backed off to focus his efforts on Dogecoin. Many people wonder if he’s only in this crypto game for the money and popularity and if they should stop investing based on his tweets.

Musk’s stance on Bitcoin

If you need to catch up on Musk’s crypto track record, he has been one of the driving forces behind cryptocurrency. His company Tesla invested $1.5 billion in Bitcoin and announced it would start accepting the digital currency as payment for its vehicles. It seemed that the coin price would jump after Musk’s Twitter antics, such as adding #bitcoin to his bio and tweeting, “Bitcoin is my safe word.” Many regular investors created a movement behind Musk’s die-hard support. But as soon as the momentum gained some traction, one announcement from Musk stopped it in its tracks. He announced that Tesla would suspend purchases of Bitcoin until the currency becomes more sustainable. 

The reaction of Bitcoiners

People wonder if the Bitcoin success was only because of Musk’s support. Bitcoin stans are upset, but some believe their investments will still be profitable. 

For example, Twitter user @JamieStuckert said “We don’t need you @elonmusk.”

And another Twitter user @CoinCornerDanny was optimistic, saying Musk’s “attacks only make #Bitcoin stronger.”

Dogecoin supports are feeling good.

On the other hand, Dogecoin supporters are encouraged now that Musk’s attention is focused on their coin of choice. 

Musk Tweeted that he is “working with doge devs” and that their projects are “potentially promising.”

Many Doge investors have voiced their sustained support for Musk. Twitter user @CoinUnstoppable called the “#dogearmy” the “Iron Dome of @elonmusk.”

Will people continue to follow Musk?

Some people have created an investing strategy of following Musk. Aquiles Larrea Jr. is the founder and CEO of Larrea Wealth Management, and he believes even hedge funds may stay on the Musk train.

“Anybody who’s following [Musk] could easily make some bucks just long or shorting what he does,” Larrea said. “There are certain funds that will follow men like Musk and other popular figures who can move markets … by either going long the currency or shorting it. 

Despite some Dogecoin proponents staying with Musk, will their support stay if/when he changes his mind? Will Musk return to Bitcoin? Will Doge go to the moon? Let us know your thoughts.

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