Once, not too long ago, the price of bitcoin (BTC) reacted dramatically to the tweets of the famous billionaire Elon Musk, CEO of Tesla (Tesla shares - TSLA ticker). The story has been the same for other cryptocurrencies on the market, such as dogecoin (DOGE) and shiba inu (SHIB), which have benefited greatly. I say "once upon a time" because today's reality makes that distant era seem like children's stories and ecosystem myths, as now community personalities and influencers don't seem to have much influence on the fate of the bitcoin market .
Does Musk no longer have power?
Some will be against what I'm saying, as these personalities like Elon Musk or Michael Saylor are more active than ever in tweeting about bitcoin. Likewise, the community tends to react to the opinions of these people and even attach great importance to what they post on their social networks as proving the future success (or failure) of cryptocurrencies. However, despite the fact that socially the dynamics remain the same, the market shows other data.
Let's take a recent example. Yesterday, March 14, Elon Musk - in a conversation he had with Michael Saylor on Twitter - confessed that in the face of the galloping inflation that worries Americans, and the possible international economic crisis, he will not sell any of his bitcoin, ether or loose dogs. . More than someone on social networks has applauded Musk's "courageous" resolution, as if he had discovered America by recognizing the characteristics of bitcoin as a safe haven that he has always had in unfavorable economic situations. Should I mention the cases of Venezuela, Zimbabwe and Argentina?
At the moment it seems that the crypto economy is taking another direction
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 his things. That is, sideways between $ 37.000 and $ 38.000, as he had been doing for weeks when the Russian invasion of Ukraine exploded.
This is a huge difference when you take into account that, at the beginning of 2021, when Elon Musk changed his biography to the acronym Bitcoin, the community went crazy and the price of the asset increased by 20% in a few hours. . Musk had become the new god of some bitcoiners, who swore that his figure would put bitcoin on the path to global adoption.
Today however, we breathe a sigh of relief to see that what Musk says no longer has much effect on bitcoin's performance. I believe this is an indication that the market is mature and that investors who invest their capital in bitcoin are not as anxious as in the past. If before they were carried away by the opinions of people whose knowledge about bitcoin is limited, today it seems that the trend of users doing their research, reading various sources and having their eyes on the macro-economic landscape in which they live, seems to reign.
