Experts answer: How does Elon Musk affect crypto space?
“Musk’s tweets and the resulting effects certainly may have hurt crypto in the eyes of some institutional investors. While a good deal of investors already consider Musk a bit of a clown and aren’t making investment decisions based on his opinions, it raises concerns about the maturity of crypto markets that an errant tweet can erase hundreds of billions of dollars in market cap in just a few days.
The whole Dogecoin affair, in general, is not helping crypto’s image either. Many thought that 2021 was the year that cryptocurrencies would begin gaining mainstream acceptance as an asset class, but seeing a meme dog coin hit an $80 billion market cap and then crash 50% is not ideal for crypto to be taken seriously.
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