Much is being said about the effect of social media on cryptocurrency values, especially due to the impacts of billionaire Elon Musk’s tweets. His influence when publishing any type of message on Twitter is very powerful and has been notable, and it has also generated very high degrees of anxiety in investors. The world seems to be paying great attention to what Musk posts on his account, but how long will he influence the market for? Vitalik Buterin, the co-founder of Ethereum, the world’s second-largest cryptocurrency, considers that Musk’s influence will not be forever.
According to Vitalik Buterin, it’s all about learning lessons
The latest crashes in the cryptocurrency markets were closely related to the opinions that Elon Musk, Tesla CEO, posted on his Twitter account.
Vitalik Buterin, the youngest known crypto millionaire in the world, believes that investors must learn not to be so hooked on these types of posts. And this attitude will strengthen the market.
He shared his ideas in a video interview with CNN Business, where he pointed out that a certain degree of madness is normal in the crypto world. He said that it is so new and still needs a lot of work to be done to make it valuable to humanity. He believes that as markets learn, Elon Musk’s claims will lose influence.
He assured that markets will create an immune system but this requires some time. This is why the values of cryptocurrencies have been vulnerable to recent events that have crushed them, such as Musk’s tweets.
However, he dismissed the idea that the CEO’s activity, more precisely related to Bitcoin and Dogecoin, had to do with malicious intentions.
Did the crypto bubble explode?
The 27-year-old billionaire also noted that he believes cryptocurrencies are in a bubble, although it is very difficult to predict when this bubble might burst, if not already has it. He argued that the reason for this is that often an event happens and makes it clear that the technology is not there yet.
Recent events have impacted negatively on market values, as Murk’s opinions and China’s actions and decisions to ban mining and trade activities. These are some of the events responsible for the severe collapse of the world of cryptocurrencies. But despite the falling prices of cryptocurrencies, both Buterin and many others see tremendous potential in them to evolve and be used in the real world.
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