The Bitcoin Effect: Social Sentiment On Elon Musk Turns Negative
The Bitcoin crowd is not your average group; they’re usually way more knowledgeable and versed in finance and currency and other subjects, therefore not so easy to pull the wool over their eyes. Most importantly, they are staunch defenders of Bitcoin which has not fared well for Musk:
The Bitcoin Effect: Social Sentiment on Elon Musk Turns Negative After Tesla Disallowed BTC Payments
Since earlier this year, Tesla’s CEO has shown quite the controversial approach – from regretting not buying bitcoin years go, to bashing the asset for its energy usage. Oh, and the EV-maker he manages bought $1.5 billion in BTC, sold a few hundred million, enabled and then disabled bitcoin payments in the meantime.
It appears that this changing attitude has harmed his popularity. Citing data by the sentiment tracking company Awario, Yahoo Finance reported that the positive-to-negative tweets about Musk had reached a new low in May, approximately at the time BTC, and the entire market, started dumping in USD value after his tweets.
In comparison, the ratio was somewhat equal in January and went well within a positive territory after Tesla’s BTC investment became known to the public.
“Elon is wading into an area that’s maybe not the best of statements to make because the fact of the matter is bitcoin is the future of digital currencies, it’s the root of it. But I think it’s a very dangerous area for Elon to get in when he’s causing people losses like he did the other day, and it turns people against him and ultimately Tesla.” – commented Tesla investor Ross Gerber.