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FX.co ★ Elon Musk is the king of cryptocurrencies

Elon Musk is the king of cryptocurrencies

Elon Musk is the king of cryptocurrencies

Michael Sonnenshein, CEO of the cryptocurrency investment fund Grayscale, urges traders not to pay attention to all the messages and comments about cryptocurrencies that constantly come from Elon Musk.

"It's time for everyone to stop responding to the thoughts and comments of the CEO of Tesla about Bitcoins, and is influenced by your decisions about cryptocurrency trading," Michael Sonnenshine said. It should be noted that Grayscale positions itself as the world's largest digital currency asset manager, which manages a variety of crypto ETFs.

However, as usual, Bitcoin (BTC-USD) traders failed to ignore Musk on Thursday.

Bitcoin's prices have declined by more than 10% since Musk expressed concerns about bitcoin mining practices. He announced that his company has decided to abandon the use of Bitcoins as car payment for the time being because their extraction is harmful to the environment.

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Elon Musk is the king of cryptocurrencies

Musk's comments also put serious pressure on Dogecoin (DOGE-USD), which fell by 32% in afternoon trading on Thursday.

Elon Musk is the king of cryptocurrencies

Ripple declined as well by 25%:

Elon Musk is the king of cryptocurrencies

In his address, Michael Sonnenshein noted: "If your beliefs have not changed, and you still continue to believe in the future of bitcoin and in the general cryptocurrency after Elon Musk's tweets and my speech, then now is the time add these assets to their portfolios at more interesting prices ".

Troy Gayeski, Skybridge CIO, agreed with him, adding: "If you weren't disappointed and continue to believe in cryptocurrencies as a promising asset, you should be willing to roll back 20%-30%. However, if you look back and think about macroeconomics, you find yourself in an environment where you have unprecedented monetary incentives."

According to him, their company continues to increase the amount of money at a rate of 16% to 18%, and then run into a budget deficit, which is clearly seen. But if traders are worried about storing their assets in an easily transferable medium, then it's time to get hold of Bitcoin, at least to protect against the endless depreciation of money.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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