Investors are urging Musk not to comment about cryptocurrencies

Investors in cryptocurrencies are bothered by the significant price fluctuations that Elon Musk and his posts on the topic on the social network Twitter cause. Over the past week, their prices have fallen by several tens of percent, but since Monday, the price of the virtual currency bitcoin or ethereum has been rising again. Investors are therefore urging the billionaire not to comment, at least for a while. Virtual currency fans mind that Elon Musk and his tweets have a big impact on cryptocurrency. According to these investors, Musk should thus get rid of tweets and focus more on the automotive industry and the expansion of its Tesla. The CNN portal informed about it. "People who follow Elon Musk on Twitter have lost a lot of money in recent weeks. As a result, their confidence in cryptocurrencies may decline, which could put the entire cryptocurrency sector at risk, ”Alex Mashinsky, CEO and founder of the Celsius platform, which allows users to lend cryptocurrencies, told CNN. Investors thus oppose Musk's considerable remarks about cryptocurrencies. "People are upset, Musk is very calculating," said Eloisa Marchesoni, an investor and cryptocurrency consultant, who said the remarks could often be confusing to investors. According to Elon Musk, Tesla will stop accepting payments in digital bitcoin. Musk is concerned about the environmental impact of bitcoin mining and trading. Cryptocurrencies are mined on powerful machines, which often consume huge amounts of energy. Until a few months ago, however, bitcoin heavily praised and motivated many investors to buy this digital currency on Twitter. About a fortnight ago, the entrepreneur joked on the TV show Saturday Night Live, for example, about the cryptocurrency dogecoin. According to some, this is precisely why the price of this currency fell immediately. The decline was very significant, as it attacked the 40 percent mark and at one point dogecoin traded for only about 44 cents. "I still can't understand how Musk actually relates to dogecoin. He supports him for a moment, then makes fun of him. Although institutional investors do not buy dogecoin, ordinary investors do, which may hurt them in the future, "Megan Kaspar, CEO of Magnetic, which invests in cryptocurrencies, told CNN. "Bitcoin does not have a long enough history. As with other cryptocurrencies, this is a very young asset. Still, in my opinion, it's more of a speculation. There will continue to be price fluctuations in the future, especially if Musk doesn't put down his phone and stops tweeting, ”added Ed Egilinsky of Direxion, a financial products company.