Binance CEO, Changpeng Zhao (CZ), is among the top personnel in the crypto space to openly and sharply criticize Elon’s Musk’s continued unfair price impact on top crypto assets including bitcoin and Dogecoin.
Like many others on Twitter, CZ is accusing Elon Musk of abusing his power by using it to manipulate the market. Elon is well-known for tweeting memes and statements that have been causing drastic price changes for major crypto assets. In his tweet, which TRON’s CEO Justin Sun also agreed with, CZ said for such a prominent person, Elon Musk’s crypto-stunts are not amusing.
“Great power with great responsibility, great. Great Power with random “humor” not great, and not funny.”
Bitcoiner’s Cancelling Elon Musk
As a result of the drama, numerous prominent crypto enthusiasts and primarily bitcoin traders and HODLers have gone the extra mile to rail at and block Elon on Twitter. At 56.5 million followers, Elon Musk is one of the most celebrated innovators in the world and the crypto sphere for his support and investments in the digital assets class.
In addition to promoting Bitcoin’s mainstream adoption, he has also been responsible for sending Dogecoin to the top 10 coins by market cap to its current 6th position behind Cardano and Binance Coin, according to data by CoinMarketCap. However, his inclusion in the crypto community is wavering, since he is now under fire for repeatedly using memes to induce what many affected players are calling an unfair advantage.
Renowned crypto analyst and trader Michael Van de Poppe, said that Elon’s antics are making it hard for analysts to rely on real market data.
“Price is at a crucial point-> Elon Musk tweets again,-> price moves again. It’s sad to state that he has so much impact on this market of #Bitcoin. It’s sad”
Elon Musk is Just Playing the Ultimate Whale
Elon Has Made It Personal With Crypto. His ability to control the crypto market stems from two factors. First, a huge number of his followers constitute tech-savvy millennials who are the biggest adopters of the digital assets class.
Secondly, even with a market of over $1.6 trillion, the crypto market is relatively small compared to other financial markets like the stock market. This makes it more susceptible to manipulation from whales (heavy money movers) like Elon musk. According to tech author and entrepreneur Jeff Booth, Elon Musk is highlighting the need to introduce decentralization in the financial markets.
“If you trust currency to centralization, then 1 person, or a small group of people, can change their mind, with staggering consequences for you. Ironically, @elonmusk tweets are only proving how important #Bitcoin is to remove that risk.”
According to crypto investor and author Chris Burniske, crypto is more permanent than Elon’s current influence.
“Crypto will outlast Elon’s shenanigans.”
BTCUSD Chart By TradingView
Meanwhile, Bitcoin is currently experiencing high volatility. The top coin has dipped by close to $4,000 which is more than 5% in the last 48 hours, from $39,255 to the current price of $35.8k.