Topic: Elon Musk: "Bitcoin is almost as bs as fiat money" (Read 494 times)
Elon Musk is a well-known successful businessman who recently invested $1.5 billion in cryptocurrency Bitcoin and tweeted on Twitter. As a result, crypto has caused a great stir and the market for cryptocurrencies has expanded. I don't see any fault in him investing for profit.
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It's what celebrities are.Now I expect many people that will now sell their coins just because a celebrity claimed that it is "almost BS".
Well they'll overlook the "almost" but the BS is what they're gonna read.
I expect many would sell their BTC, but hey let's see who are the real hodlers like us.
Firstly most of the countries are not adopting bitcoin. Secondly bitcoin is a decentralized crypto currency. It needs more time to compare with fiat currency.
First of all, the countries don't need to adopt Bitcoin. For my part, I don't expect any of the UN member states to replace their national currency with Bitcoin. And we don't need that. What we need is acceptability from the governments, and not adoption. And secondly, I don't think that Bitcoin is competing with fiat currency at this point. The competition is with other assets, such as equities, mutual funds and bullion.
Anyone who is hurt/affected by this tweet because Elon says so that bitcoin is BS is totally biased, what he says is actually, somewhat, true. For example, when sending bitcoin that costs $$ just for fees which probably will mark to anyone who will just try accepting and sending bitcoin.
When it comes to fee issues or talks then we cant really deny that Bitcoin is really on that downward view or impression towards it because if we do try to compare against fiat payment fees then we would really able to tell the difference but the truth that we cant just ignore that Bitcoin does have advantage on several angles.
When it comes to sentiments came from those people then its not something to be shock on because those could either be positive or negative from time to time.
People who had been expecting too much from Musk would definitely get stressed nor shocked on what he had mentioned out about BS thing.
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I'd say that the fact that his own company invested in BTC is enough to think that he is indeed manipulating markets to his own advantage. Especially since he now knows that people do take action according to his tweets.
Even i was of the opinion that the tweets of Elon Musk are for his amusement to tease the cryptocurrency market as he was always trolling everyone with Doge coin and once the news came out that his company invested $1.5 billion in bitcoin it is a completely different story as he is taking advantage of his bargaining power with his tweets. I'd say that the fact that his own company invested in BTC is enough to think that he is indeed manipulating markets to his own advantage. Especially since he now knows that people do take action according to his tweets.
The "BS" statement is still a bullish statement, what's the problem here?
Is it? I wouldn't call the statement bullish. "It smells almost as bad as poop" doesn't make it sound like it's still a good perfume overall, does it? He still calls it BS, it's just that it's less BS than fiat is.but there's not much evidence that he is manipulating markets to profit from it.
I'd say that the fact that his own company invested in BTC is enough to think that he is indeed manipulating markets to his own advantage. Especially since he now knows that people do take action according to his tweets. 
Anyone who is hurt/affected by this tweet because Elon says so that bitcoin is BS is totally biased, what he says is actually, somewhat, true. For example, when sending bitcoin that costs $$ just for fees which probably will mark to anyone who will just try accepting and sending bitcoin.
Based on those tweets, it means Bitcoin is less BS than fiat money. CMIIW.
Both are air material
At this point, I can say it’s positive tweets for Bitcoin by Elon Musk.
I can’t see any negative sides of those tweets.
Fiat money (especially USD), is the most powerful “medium of exchange” at the moment. All countries rely on it.
He was trying to compare fiat money and bitcoin. Both are “bad”, but one of them is better compared to the other one.
Both are air material
At this point, I can say it’s positive tweets for Bitcoin by Elon Musk.
I can’t see any negative sides of those tweets.
Fiat money (especially USD), is the most powerful “medium of exchange” at the moment. All countries rely on it.
He was trying to compare fiat money and bitcoin. Both are “bad”, but one of them is better compared to the other one.
As if being the richest man on the planet Earth is not a spotlight enough, this species has suddenly made himself relevant in the crypto hemisphere, now all the naive people we have on crypto will hang onto every bs that comes out of his tweet (mouth),
Anywhere I look now, Mr Elon is there, creating more relevance to his name, actually I do agree with him on one part 'crypto is full of bs' since we can think of discussing this guys tweet here in forum every gadamn time
There's a good chance that he's just trying to mess around plus there's no negative effect on it in the market so I wouldn't consider this as a manipulative tactics. We all know that he's just like this from the past, it's true that he's really creating more relevance in the market just by a simple tweets and look how people overreacting about it.Anywhere I look now, Mr Elon is there, creating more relevance to his name, actually I do agree with him on one part 'crypto is full of bs' since we can think of discussing this guys tweet here in forum every gadamn time
We don't need to worry about what he would say next time he's just like that unless if he got some valid points that would make the market to turn sideways. It just reminded me of some name though that no matter what he would say, people will overreacted about it and whoever forgets the name of John "the dickening" McAfee? lol
As expected of him. He was probably just trolling people around, just like when he shilled DOGE a few weeks ago. Or he might be plotting something under the curtains, and this is one of the few steps he must take to realize his plans. Whatever that is, it's not going to be good for us small time investors, knowing that he's one of the biggest bagholders in the market right now as we speak.
As if being the richest man on the planet Earth is not a spotlight enough, this species has suddenly made himself relevant in the crypto hemisphere, now all the naive people we have on crypto will hang onto every bs that comes out of his tweet (mouth),
Anywhere I look now, Mr Elon is there, creating more relevance to his name, actually I do agree with him on one part 'crypto is full of bs' since we can think of discussing this guys tweet here in forum every gadamn time
You can't really blame the people rooting for him all this time. He's loved by the internet, he is as relevant as a guy can be. So it comes to no surprise that people will gravitate towards him. Anywhere I look now, Mr Elon is there, creating more relevance to his name, actually I do agree with him on one part 'crypto is full of bs' since we can think of discussing this guys tweet here in forum every gadamn time
After so many pumps sparked by Elon Musk through his tweets, Musk calls Bitcoin "almost as BS as fiat money".
He had "Bitcoin" on his Twitter bio recently. His company just invested $1.5B in BTC. He sparked bull runs for a memecoin and called crypto the future currency of Earth - why would Musk back off the Bitcoin bullish mindset and call Bitcoin BS?
The tweet:
Source: https://twitter.com/elonmusk/status/1362600676174557186
He had "Bitcoin" on his Twitter bio recently. His company just invested $1.5B in BTC. He sparked bull runs for a memecoin and called crypto the future currency of Earth - why would Musk back off the Bitcoin bullish mindset and call Bitcoin BS?
The tweet:
Quote
To be clear, I am *not* an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla.
However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere.
Bitcoin is almost as bs as fiat money. The key word is “almost”.
However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere.
Bitcoin is almost as bs as fiat money. The key word is “almost”.
Source: https://twitter.com/elonmusk/status/1362600676174557186
Maybe he tries to manipulate market using his twitter influence so price drops so he can buy some more coins at abetter price
As if being the richest man on the planet Earth is not a spotlight enough, this species has suddenly made himself relevant in the crypto hemisphere, now all the naive people we have on crypto will hang onto every bs that comes out of his tweet (mouth),
Anywhere I look now, Mr Elon is there, creating more relevance to his name, actually I do agree with him on one part 'crypto is full of bs' since we can think of discussing this guys tweet here in forum every gadamn time
Anywhere I look now, Mr Elon is there, creating more relevance to his name, actually I do agree with him on one part 'crypto is full of bs' since we can think of discussing this guys tweet here in forum every gadamn time
I did understand what he meant, yet it's still weird that he first helped Doge pump this many times, his company invested in BTC, he then went bullish on BTC and shortly afterwards he calls it almost as BS as fiat.
The "BS" statement is still a bullish statement, what's the problem here?
It seems more like Musk is using his Twitter account to provoke FUD and FOMO to his advantage rather than expressing his own opinions. There is a big difference between expressing your opinion and using your so-called "opinions" to manipulate markets.
He also at some point that that Tesla is overvalued. Maybe this was even a reference to it. It's not a secret that he is a troll, and maybe it's irresponsible for him to mess with markets in this way, but there's not much evidence that he is manipulating markets to profit from it.
Did you understand his tweet? He even spelled it out this time by saying " The key word is “almost” ".
I did understand what he meant, yet it's still weird that he first helped Doge pump this many times, his company invested in BTC, he then went bullish on BTC and shortly afterwards he calls it almost as BS as fiat.Here are some other recent tweets from him:
Quote
That said, BTC & ETH do seem high lol
Source: https://twitter.com/elonmusk/status/1363021091086561285Quote
Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.
Source: https://twitter.com/elonmusk/status/1362598034866118658It seems more like Musk is using his Twitter account to provoke FUD and FOMO to his advantage rather than expressing his own opinions. There is a big difference between expressing your opinion and using your so-called "opinions" to manipulate markets.
My personal opinion on this wouldn't be suitable for others, Elon Musk was sometimes years ago kicked against bitcoin and this has been on records even though he's reaching out for bitcoin now. When they can't control or manipulate the market they will tend to speak bad but whenever they can they praise, basically he's doing this twits becasue he's now among the manipulator of the market, just wait for him when the market dips.
His statement can be interpreted in thousands of different ways, but at least as far as I am concerned, I don't find anything wrong in what Musk has said. Here is what he has said about fiat cash:
That explains why he prefers Bitcoin over fiat. Now here is the next statement:
He is saying that Bitcoin is superior to cash, but it has some flaws that needs to be taken care of. I completely agree with him. Bitcoin is not free from flaws. Delay in getting confirmations and high transaction fee remains as some of the negatives of Bitcoin.
Vishnu knows how to interpret Musk's tweet. I think it is all context dependent and it is left for you to interpret without that context. In my case, I agree with what's suggested above that Elon is still saying that BTC is better than fiat, is a better alternative to it but it is no yet a perfect solution, though it is a solution nonetheless. Quote
However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere.
That explains why he prefers Bitcoin over fiat. Now here is the next statement:
Quote
Bitcoin is almost as bs as fiat money. The key word is “almost”.
He is saying that Bitcoin is superior to cash, but it has some flaws that needs to be taken care of. I completely agree with him. Bitcoin is not free from flaws. Delay in getting confirmations and high transaction fee remains as some of the negatives of Bitcoin.
Well, this is what we expect from them, the [institutional] investors and the [influencer] investors, that anytime they will control the price of bitcoin. Believe me or not, that man was trying to manipulate bitcoin and start making negative comments towards bitcoin. That is not the first time he called bitcoin as a [BS] if I am not wrong last year, he also called bitcoin is a BS currency fiat not this as the first time. He obviously now a market manipulator, who knows he wants a dump so that he can able to invest again.
There is huge chance he is trying to lower the price of bitcoin so that he can have fresh entry. Imagine guys how much profit he has already earned from the 1.5 billion USD investment (!) It's big, and if he somehow influence others to dump the bitcoin and lower the price then he could re-invest the principle amount and profit again and again. The dude can go upto trillion dollars.
We MUST watch this strategy and be ready to earn bite of this big pie! I'm seeing great future ahead due to his strategy. Let him call it BS, let him call it shitcoin, he will and gonna control the market ahead.
After Tesla Investment Of 100B Bitcoin buy when bitcoin were reached his Ath and many financial company like Apple, Mastercard using bitcoin transaction musk might bee saw the future. In this digital era is there any need of cash money? Where people's like to using digutal currenct and there bitcoin crypto market is very reliable secure coin. I think thats why elon musk wanna made his future more strong. And bought 1.5B bitcoin and made is bitcoin bs
guess he bought at $30k .. sold at $45k for a easy 50% win.
now wants to ride the price down below $45k again to buy in cheap and get more coin
sounds about normal
buy low sell high. wait for next low.
If he wants, he can do such a thing. but I don't think he will do such a thing. he already has enough money and he should not have any intention of making more money. If he tells the truth, what could change his thinking so easily? now wants to ride the price down below $45k again to buy in cheap and get more coin
sounds about normal
buy low sell high. wait for next low.
He had mentioned or bit emphasizing on the word "almost" and just like others said that there are several things that this kind of sentences or words would really be intepreted.
Thing here is that he do mentioned about being BS as fiat then most likely its on the negative side of things. Intentional? Possible but who knows if he's just trying to make out some
negative words for the market to possibly dump and able for him to buy cheaper?
So far, the price is still holding up on 57k and there are still no significant movement after that tweet.
Thing here is that he do mentioned about being BS as fiat then most likely its on the negative side of things. Intentional? Possible but who knows if he's just trying to make out some
negative words for the market to possibly dump and able for him to buy cheaper?
So far, the price is still holding up on 57k and there are still no significant movement after that tweet.
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