Reaction to Crypto Crash; Bitcoin Evangelists Musk, Saylor and Winklevoss

  • June 18, 2022

Critics of the digital currencies have voiced out on the crash of crypto and more specifically Bitcoin.

Detractors and skeptics are going after coin and token evangelists, besides having the main argument that cryptocurrencies are a scam. 

The majority of their attacks target the past statements made by proponents of cryptocurrencies and more specifically of Bitcoin.

CoinGecko reports the fact that the cryptocurrency market has seen nearly $2.7 trillion wiped out since hitting an all-time high of just over $3 trillion last November.

Since November 10, when Bitcoin hit its all-time high of $69,077.44, it has lost more than 70% of its value. The most popular cryptocurrency is now trading at around $20,657.77. 

Ether, the second-largest digital currency by market cap, is down 77.6% from Nov. 10 when it hit $4,878.26. Ether is currently trading at $1,094.06.

After having kept silent about the crash, the evangelists are now responding. 

Elon Musk, the CEO of Tesla  (TSLA), whose tweet about a cryptocurrency can impact its price is arguably the biggest influencer in the crypto industry. The digital currency surged when Tesla announced on February 8, 2021 regarding its investment of $1.5 billion in Bitcoin. 

Musk can also change the fate of Dogecoin, the meme coin that was created as a joke. According to industry sources, Dogecoin owes much of its current value to the backing of the world’s richest man. 

Tesla and SpaceX, the rocket company founded by Musk accepted Dogecoin as payment for their merchandise.

After several days of not commenting on the crypto crash despite requests from his fans, Musk has finally come out of his reserve.

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