The story was the same for other cryptocurrencies on the market, such as dogecoin DOGE and shiba inu SHIB who benefited greatly. I say once upon a time because today's reality makes that time seem so far away, like children's stories and myths of the ecosystem, since now the personalities and influencers of the community do not seem to have much influence over destiny. of the bitcoin market.
Some will be against what I am saying, since these characters like Elon Musk or Michael Saylor are more active than ever tweeting about bitcoin. Likewise, the community tends to react to the opinions of these people and even come to attach great importance to what they publish on their social networks as if that proves the future success or failure of cryptocurrencies. However, despite the fact that at the social level the dynamics remain the same, the market throws up other data.
Let's take a recent example. Today, March 14, Elon Musk —in a conversation he had with Michael Saylor on Twitter— confessed that given the galloping inflation that worries Americans, and the possible international economic crisis, he would not sell any of his bitcoins, ethers or doges held. There were not a few who cheered Musk's courageous resolution on social networks, as if he had discovered America by recognizing the characteristics of a refuge-of-value asset that bitcoin has always had in unfavorable economic situations.
On Twitter, many reproduced Musk's words applauding them, just as the media spread the tweets of the Tesla and SpaceX tycoon under the well-known tone of the markets are going to the moon. But to the sadness of many and the satisfaction of others, the price of bitcoin did not react to Musk's favorable words and continued to do its thing. That is, lateralize between $37,000 and $38,000, as he had been doing for weeks when Russia's invasion of Ukraine exploded.
This is a huge difference if we take into account that, by the beginning of 2021, when Elon Musk changed his biography to Bitcoin, the community went crazy and the price of the asset rose 20% in just hours. Musk had become the new God of some bitcoiners, who swore that his figure would lead bitcoin to the path of global adoption.
Then, a few months after that moment of glory, Musk antagonized the bitcoiner community when he argued that cryptocurrency mining harmed the environment and stopped receiving it as a payment method for his Tesla cars. At the time, his tweets were devastating, causing the price of the asset to drop from $60,000 to almost $40,000.
A single person with such influence in the market, can you believe it? Well, this happened less than a year ago when Musk's words seemed to be even more important than those of the most experienced specialists in the cryptoactive market.
Today I breathe a sigh of relief to see that what Musk says no longer has much effect on the performance of bitcoin. I take this to be an indication that the market has matured and that investors putting their capital into bitcoin are not as eager as they were in the past. While before they were carried away by the opinions of people whose knowledge about bitcoin is limited, today it seems that the trend of users who do their research, read various sources and have their eyes on the macro-economic panorama in which they live reigns. we are submerged
How did Musk lose his influence over bitcoin?
But before we get too excited to learn that no one person now has the power to make the bitcoin market go up or down more than 20% in a single day, I think it's important to delve into the reasons for Musk's declining influence. and other personalities in the price of cryptocurrencies. In my opinion, it is due to two essential issues: Musk's views are no longer new and there are global economic factors that have much greater weight in the financial market.
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