It won’t be wrong to say that Elon Musk is the most influential personality in the crypto space. His tweets have swung the markets time and again. And Tesla accepting Bitcoin has also been one of the prime reasons for this bull run. Even though I am not influenced by his tweets anymore, but even my first investment in crypto was made after I got the news of Tesla’s $1.5 billion investment. And now, a recent survey suggests that Elon Musk has influence over 35% of crypto buyers.
The recent survey
A survey was conducted by talking to 1000 US investors in crypto. It was done by GamblersPick, an online casino site. The idea of this survey was to find how much influence does Elon Musk have over the crypto markets and their decisions. Out of the total respondents, 350 of them said that Elon Musk’s tweets or actions influence them. This is quite a big number showing how influential Elon is.
Some other things that the survey found were that Americans nearly have $1,700 worth of crypto in their portfolio. It was also found that nearly 37% of strong hodlers won’t cash out even though they need to pay any bills or critical payments. And 51% said that they wouldn’t cash out crypto for luxury payments. It is also seen that millennials invest a lot more in crypto than older generations. And they also skimp out on emergency savings and even expenses that could improve a lot of their life.
Elon Musk’s influence is not good
The fact that Elon Musk has influence over 35% of crypto buyers is not a good thing. With time this influence could decrease, but now it’s quite strong. If Elon tweets something negative about crypto right now, the markets will dwindle at once. We should also note that Elon has become a lot more responsible and doesn’t often tweet about crypto-like he used to before. But even after all this, remember that crypto existed a lot before Elon existed and will continue after he is gone.
What are your thoughts on the strong influence that Elon Musk has on the crypto markets? And do you think that once markets become more mature, this will decrease? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.