Many celebrities are so into cryptocurrencies, they are influencing others to motivate them, to start mining and investing. The name of Elon Musk is always related to the new trends in the world when it comes to technology. Many argue that when Musk mentions a cryptocurrency, interest in it either rises or falls sharply. In fact, whether we like it or not, he is certainly one of the biggest crypto influencers in the world.
It can be said that whenever he says something related to cryptocurrencies, then investors either can not wait to see what happens next or they are afraid that the value of their favorite currency may fall significantly. This gives a rough idea of how relevant Elon Musk’s views and opinions are to the public.
Last year he claimed that Tesla Inc. bought cryptocurrencies that are worth about $1.5 billion, and just the same day the price jumped by over 15% – and that’s what influencers are doing.
Some crypto investors think that Musk’s tweets and other posts are not dangerous for the crypto market, but there are those who really hate him. Some of them roll their eyes when they read his tweet, while others treat him as a trend forecaster. Both are right, but at the same time, they are wrong. In our opinion, he is using his great popularity to his advantage. It is much more likely that he wants to boast that he owns a certain amount of cryptocurrencies, not thinking that in this way he can influence the trends and the rise or fall of Bitcoin prices or any other currency.
Who are the other crypto-influencers and why is Musk special?
There are many public figures who are deeply involved in the crypto business. For example, Vitalik Buterin is known for his work for Ethereum and is a crypto billionaire. Roger Ver is well known as one of the earliest investors for Bitcoin. Jack Dorsey was a former CEO of Twitter, who is also a big crypto enthusiast, and many investors and crypto-influencers use his network to share their experiences with trading and mining cryptocurrencies.
So what makes Elon Musk special? His tweets attract a lot more attention than any of the others we’ve listed. He does not always tweet about cryptocurrencies, but when he mentions them, then the number of interactions is in the millions. At the same time, it is not only focused on Bitcoin, but also on other smaller cryptocurrencies, which thanks to it receive more attention.
Why do these currencies depend on influencers in any way?
As you already know, no cryptocurrency has its own monetary version, ie you can not physically hold them in your hand and go to the store and pay for a service. Their price is very volatile and unstable and is usually defined by supply and demand. This means that if one of the currencies is popular and in demand, its value increases, but if the market is too stocked even though there is not enough interest, the value decreases.
Influential people know that just a few words can destroy entire empires or help those who fail to ascend to heaven again.
According to the Gazette, social networks have a huge impact on how the crypto world is evolving, but in themselves, they are worthless, if not for the users who make changes in their behavior and who define and dictate new and significant trends. In fact, it can be concluded that even the influential would not be what they are if there were no social networks to share their opinion there. Such is the case with Elon Musk and his Twitter activity.
We can say that these people are prominent and important, and as long as they are popular, they will be able to establish some trends, help their “friends” in need, or even boost some business by accident.
Probably you all remember the events from May 2022, when Musk was publishing short speculations through his tweets, and many experts said he wasn’t even aware of the influence he has over the people. Others were sure he was doing that on purpose, telling his audience that Tesla hasn’t sold the stake. It was a whole drama, since he previously said they sold 10% of their BTC holding. And the world went completely crazy, and there was a huge price fluctuation in just a few days.
Can it be said that Elon Musk is the most influential in the crypto world?
Without hesitation, he is the leader of crypto-influencers, although we can not be sure if he did it on purpose or by accident. But the fact is that even with his one-word tweets, he attracts a lot more attention than anyone trying to share as much information as possible about cryptocurrencies.
Many believe that in this way he demonstrates superiority over all those who work hard to share useful information and try to keep the market as stable as possible. Some of the most important people for cryptocurrencies have half a million followers each, while Elon Musk, at the time of writing, has almost 71 million followers on Twitter.
It further proves his undisputed attention and influence, but also the fact that his audience is as large as all the crypto experts combined. That is why some people adore him and others almost hate him. In just a few words, powerful people on social networks can make huge changes in their own lives and in the lives of others.
Probably no one will know if Elon Musk deliberately wants to influence a market or he is not aware of his influence. Maybe someone else runs his profile. But the fact is that when he mentions cryptocurrencies, there are real waves of favorable or unfavorable conditions on the market.
From all that we have said so far, the fact remains that Elon Musk is a true leader on social media, especially on Twitter, and that sometimes one of his words makes a huge difference in what someone else is trying to keep things stable and steady.