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Has Elon Musk changed the mindset of investors about Bitcoin?

Source: https://bit.ly/3ydHKHY

Elon Musk, the famous billionaire and CEO of electric car maker, Tesla, continues to increase his influence in the cryptocurrency ecosystem.

A new report was published bearing the results of a survey conducted by “Investing.com” on evaluating the impact of eccentric entrepreneur “Elon Musk” on financial markets, and the results were as follows:

Poll results:

According to the survey, as many as 49% of the 1,100 respondents surveyed said that Bitcoin is not environmentally friendly and this point is a problem for them as investors.

After a widely publicized criticism in which he told Elon Musk that Bitcoin is not green, 30% of investors said they had sold their cryptocurrency in the past month, and 20% attributed their sale to Musk’s comments.

Energy concerns have shifted the focus on Bitcoin and other Proof of Work (PoW) cryptocurrencies to more energy-efficient alternatives.

Jesse Cohen, chief analyst at Investing.com, said:

Bitcoin has an energy problem, as its network consumes more power than entire countries, such as the Netherlands or Pakistan.

Ripple and Cardano, for example, are two cryptocurrencies that have a lower environmental impact than Bitcoin and are more efficient in terms of mining costs and environmental transactions.

The alarm raised by Elon Musk affected a number of investors surveyed, which raises the need to explore mining via clean energy.

According to Cohen:

The influence of Elon Musk made him earlier crowned King of the Crypto Society.

But now he has gained some new enemies.

“Elon Musk” and “meme” coins:

Elon Musk has always expressed his interest in and love of satirical cryptocurrency and used his social media to express it.

Taking into account the large number of followers on the social networking platform Twitter (over 57 million followers), Musk supports his favorite cryptocurrencies, especially coins with dog logos, such as:

“DOGE”, and “SHIB”.

Here is one of his latest tweets, which raised the price of “SHIB” and “FLOKI” by 25% and 13.3%, respectively:

Tweets like this are common with Elon Musk.

But will this effect remain in the market or is it just a matter of time?

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