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iTWire - GlobalData slams Elon Musk's crypto pricing influence, says he has 'too much power'

iTWire
Monday, 17 May 2021 22:53
GlobalData slams Elon Musk’s crypto pricing influence, says he has ‘too much power’
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With Elon Musk able to influence the price of various cryptocurrencies up or down based on what he tweets, concern is growing, for with great power comes great responsibility, and no-one really knows how responsible Musk is, or isn’t.
Following last week’s news that Tesla will stop accepting Bitcoin payments, and with rumours that Elon Musk plans to sell Tesla’s Bitcoin; Danyaal Rashid, Thematic Analyst at GlobalData, a leading data and analytics company, offers his view:
“Musk’s flip-flopping makes for good entertainment and a great bit of news, but its consequences are much more real. For a man who truly believes in the future of currencies being digital and decentralised, he is doing a poor job of selling it. The fact that he can drive such price volatility just though his words should have people w ....

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