Elon Musk Influence in cryptocurrency?

[Anachiwo]

Cryptocurrency have been suffering for a very long time till it was announced that Elon Musk have purchased Twitter. Now all coins are appreciating. How does he have such big influence in cryptocurrency sphere?

 

[Phabbyfundz]

Well, he is a billionaire and a lot of people trust him so if he talks about any coin or makes any financial move a lot of people would be convinced to make the same move as he did.

That's just part of the fundamental analysis.

 

[Nomad]

I don't think Elon Musk can actually influence the crypto market as a whole. If that were the case, he would have never sold his BTC holding for a loss.

 

[nana kwasi]

Since he is a billionaire and a lot of people believe him, if he discusses a coin or makes a financial decision, many others would be persuaded to follow his lead.

Just one element of the fundamental analysis is that.