The fluctuating turnout of Bitcoin and other cryptocurrencies after cryptic tweets from Elon Musk is unpleasant to crypto enthusiasts. The Head of Research at Fundstrat Thomas Lee has said that BTC needs to develop beyond reacting to social trends from a personality. He revealed that the present price movements in the cryptocurrency market do not indicate the presence of institutional impact.
For a while now, the controversial tweets of Tesla’s CEO Elon Musk, continue to affect the value movements of Bitcoin. When Elon Musk’s Tesla announced the purchase of Bitcoin earlier this year to the tune of $1.5 billion the crypto soared and repeatedly clinched newer highs. However, the reverse occurred some months after when Tesla dumped the virtual currency.
The influence Musk bears over BTC has made the foremost blockchain project prone to fear speculations in the market. A little as an emoji from Musk attributing to it could see the king crypto plummet in double digits.
Another visible evidence of Musk’s influence occurred yesterday as the billionaire tweeted that Tesla could go back to accepting payments in Bitcoin if its energy came from cleaner sources. The announcement saw its price price spiking and looking to soar over the $40,000 marker.
Big Individual Impact, Small institutional effect
Tom Lee who expressed his displeasure at Bitcoin reacting considerably to an individual’s tweets says the digital asset should evolve. He asserted that the impact of institutional investors on the digital asset hasn’t been much evident. This attestation is backed by several professionals as well.
Kevin O’ Leary, a popular businessman said in an interview that several institutions are yet to stake on Bitcoin. He explained that the reason for this could be the wait for the resolve of ESG issues. After the resolve, he predicted it would spike greatly in value.
About Musk’s – BTC saga, a South African billionaire businesswoman Magda Wierzycka opined that Musk was influencing Bitcoin for his profits. The Mayor of Miami Francis Suarez is also of the view that BTC will be a foremost store of value if Musk’s romance with it is quenched.