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Elon Musk the Protagonist crypto deserves, but not the one That It Needs, says exec

Elon Musk's capacity to maneuver cryptocurrency markets along with his tweets represents a threat to the typical investor, states CoinSwap creator Erik Nurm, however, the furore made around the Tesla CEO's social networking action may draw more eyes into crypto in the long term.

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Elon Musk the Protagonist crypto deserves, but not the one That It Needs, says exec

"Elon has been manipulating the marketplace by producing FUD about Bitcoin. He's playing the exact same game he did with the stock exchange," explained Nurm.

"After he had been prohibited from the SEC from talking about Tesla, he's shifted attention to the crypto marketplace, where he could run free on societal websites for today," he further added.

The CoinSwap founder sees chaos in the markets at present, mainly by virtue of the ever-changing nature of Elon Musk, which seems to run cold and hot. Earlier previously Musk declared Tesla would take Bitcoin for a payment alternative for its electrical automobiles, simply to undo his conclusion weeks afterwards.

More lately, Musk reversed his choice once more, declaring that Tesla would take Bitcoin as a payment option once 50 percent of its own mining was completed with clean energy use.

However, Musk's erratic character when interacting with all the crypto world could finally draw more people to it in the long term, even though for the wrong reasons, states Nurm.

"Although Musk is temporarily causing chaos on the marketplace, his participation might be helpful for crypto in the long term as he's bringing new people to crypto, albeit to occasionally the wrong motives," he explained.

Nurm referenced Musk's latest cryptocurrency plaything: CumRocket (CUMMIES), a token allegedly created to be used in the adult movie industry that appeared in price in the area of 10 minutes when Musk started tweeting relating to it.

"His attempts to push the cost of particular coins, for example Dogecoin and more lately CumRocket, are possibly more dangerous since these obvious pump-and-dump schemes could render many regular people from pocket"

A pinch of salt chloride is required when interpreting Musk's tweets, states Nurm, who added the multi-billionaire CEO could have ulterior motives when he gives the thumbs up or thumbs down on a particular coin.

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