The executive said that Elon Musk deserves the hero cryptocurrency, but it may not be what it wants

CoinSwap founder Erik Nurm said that Elon Musk’s ability to promote the cryptocurrency market through tweets poses a danger to ordinary investors, but in the long run, the CEO of Tesla The sensation caused by social media activities may attract more attention to cryptocurrencies.

Nurm pointed out that Musk tends to post tweets about Bitcoin (Bitcoin), Dogecoin (dog) And other cryptocurrencies began to appear soon after Tesla’s CEO took office Prohibit A tweet from the US Securities and Exchange Commission about his own company.

“Elon has been manipulating the market by creating FUD around Bitcoin. He is playing the same game as the stock market,” Noum said.

“After he was banned by the US Securities and Exchange Commission from posting tweets about Tesla, he has turned his attention to the cryptocurrency market, where he can now run it on social media for free,” he added.

The founder of CoinSwap believes that the current market turmoil is largely due to Musk’s changing temperament, and he seems to be hot and cold from time to time.Earlier this year, Musk announced that Tesla Will accept bitcoin As a payment method for its electric cars, it is only used for Change his decision A few weeks later.

Recently, Musk changed his decision again, announcing that once 50% of mining uses clean energy, Tesla will accept Bitcoin as a payment option.

related: Elon Musk plans when Tesla will start accepting Bitcoin payments

But in the long run, Musk’s unstable nature when interacting with the crypto world may eventually attract more people to join, even for the wrong reasons, Nurm said.

“Although Musk temporarily caused market turmoil, in the long run, his participation may be beneficial to cryptocurrency because he is attracting newcomers to cryptocurrency, although sometimes for the wrong reasons,” he said.

Nurm quoted Musk’s The latest cryptocurrency plaything: CumRocket (CUMMIES), a token purportedly created for the adult film industry, when Musk started tweeting, its price quadrupled in 10 minutes.

“His efforts to increase the price of certain coins, such as Dogecoin and most recently CumRocket, may be more dangerous, because these obvious skyrocketing and selling plans may cost many ordinary people out of their pockets.”

related: Primitive arrogance and greed: Elon Musk slams crypto manipulation

Nurm said that when interpreting Musk’s tweets, a little sodium chloride is needed. He added that the billionaire CEO may have ulterior motives for a given coin with a thumbs up or thumbs down.

“I hope people will have reservations about all of Musk’s encrypted tweets and other comments-they must remember that he has ulterior motives,” Noum said.