Kevin Kang: Elon Musk Shouldn’t Have All This Power Over Crypto

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Crypto hedge fund manager Kevin Kang is not too happy with Elon Musk as of late.

Kevin Kang Wishes Elon Musk Would Lighten Up

The South African entrepreneur is known for his quick action on Twitter and other social media platforms regarding bitcoin and cryptocurrencies. As the leader of billion-dollar companies such as SpaceX and Tesla, Musk – in many ways – has had a lot of positive influence in the space. His purchase of more than $1.5 billion worth of bitcoin last February really got the ball rolling for a lot of other institutions who were thinking about buying digital assets but did not quite have the nerve.

Following that purchase, the digital currency rose to a new all-time high of approximately $57,000. Musk has also talked up a storm about Dogecoin, a popular meme-based cryptocurrency that has risen in the past few months to stand amongst the top five digital currencies in the world.

However, at other times, Musk can be quite hazardous to crypto and those who delve in it. For example, after announcing that Tesla would ultimately accept bitcoin payments for goods and services, Musk quickly rescinded this decision, claiming he had fears and concerns about energy usage in the mining sector. He later hinted that he was willing to part with his personal BTC stash.

BTC experienced heavy price drops following both incidents, and Kang believes Musk is too “influential” and too powerful when it comes to deciding where the asset will go. In an interview, he explained:

Musk is definitely too influential on bitcoin prices.

His words also come after Musk caused another bitcoin spill when he posted a cracked heart next to the bitcoin logo on Twitter. This got everyone talking and believing that the entrepreneur was now looking to separate from crypto permanently and at press time, bitcoin is down approximately four percent.

But while Kang is certainly upset with how Musk uses his power, he admits that what Musk does is no different than what many strong investors are doing in standard markets. He also believes that while Musk is an influential figure now, this is primarily because bitcoin is still a new and developing asset class, and that eventually it will become “immune” to any negative vibes he wants to put in the air.

Lots of People Are Doing This…

Kang says:

[It is] no different to what we see in traditional assets when big-name hedge fund managers disclose their positions, and those names move… I believe the more [Elon Musk] tweets, the more immune the market will get in the future but for now, he is definitely one of the big influencers of the bitcoin market.

Not too long ago, a study emerged saying that Musk, lately, was among the most hated individuals in the crypto space due to his recent behavior.

Tags: bitcoin, Elon Musk, Kevin Kang, Tesla



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