The survey in the USA showed the effect of Elon Musk on the Bitcoin drop

Elon Musk Effect Bitcoin

A poll was conducted on Tesla CEO Elon Musk tweets about Bitcoin and its effect on the environment. While some of the US investors announced that they sold their Bitcoins after Musk’s comments, some stated that they did not even have the slightest idea about the impact of Bitcoin mining on the environment before the tweets were posted.

50 percent of US investors stated that the environmental effects of Bitcoin are a problem for them. The survey shows that some of the investors are worried about this issue due to the statements of Tesla CEO Elon Musk.

Elon Musk effect on Bitcoin was seen very clearly

According to the results of the survey published by Investing.com on its website, 49 percent of 1103 participants see “Bitcoin’s harmfulness to the environment” as a problem from the eyes of an investor. The survey also revealed how much of an impact Musk’s comments had on respondents, who tweeted about Bitcoin’s environmental impact in May.

After Musk’s tweets on the subject, there was a drop of more than 50 percent in Bitcoin. Cathie Wood, CEO of ARK Invest, also stated in a speech on June 16 that the big drop was because people were aware of the significant amount of electricity spent in Bitcoin mining.

Elon Musk effect people by tweeting and they sold Bitcoin

While 70 percent of the respondents said they would prefer a much more “green” cryptocurrency, 36 percent said that before Musk’s tweets, they were not even aware of a connection between Bitcoin and its environmental effects. While 30 percent of the respondents announced that they sold their Bitcoins last month, 1 in 5 said that the TESLA CEO’s comments about the environment were effective in making this decision.

33 percent found it offensive

While 33 percent of the respondents found Musk’s tweets and comments “disturbing”, 22 percent said they were “unfair” and 27 percent found it “amusing”.

Commenting on the subject, Investing.com analyst Jesse Cohen said that Musk was first announced as the ‘crypto king’ but gained enemies due to his later actions, and said, “An asset whose price varies according to psychology and sentiment can be difficult to recover in this sense.”

51 percent believe Musk has too much power

When the respondents were asked whether Musk’s manipulations on cryptocurrencies changed their minds on this issue, 51 percent said that the Tesla CEO had too much power, while 24 percent said that the dollar billionaire investor did not have much influence on this issue.

SEE ALSO; Elon Musk Rocked the Market Again With His Tweet, Especially Bitcoin

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *