Bitcoin bullion Mike Novogratz said in a recent interview that Elon Musk may be an outstanding entrepreneur of his generation, but his frequent tweets dominated by cryptocurrencies are not good for other investors.
The billionaire called Musk "smart and thoughtful", but he often posted eclectic tweets that "don't help the encrypted world."
"he likes to get attention," Novogratz said. He likes to talk about CumRocket. Come on, you're working for the best company in the world. What are you doing? I don't think that's going to help. "
Musk's tweet triggered wild swings in major cryptocurrencies such as Bitcoin and Dog Coin, showing how new the asset class is. In February this year, TeslaThe announcement of a $1.5 billion investment in Bitcoin has boosted the development of the world's most popular digital asset. But many new retail investors tend to sell his tweets in panic after his tweets, causing the price of bitcoin to fluctuate wildly.
While some analysts expect Mr Musk's tweets to have less impact on the market after institutional investors enter the sector, that seems a long way off. Morgan StanleyMr Musk's obsession with bitcoin may be the reason investors pay less attention to the electric carmaker's other businesses, such as renewable energy, storage networks and transportation, Mr Musk said recently.
Novograz also said that the real value of Bitcoin lies in the people around it, and if no one believes in its potential, it will be worthless.