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Some things are so crazy and unbelievable in real life that you can’t make them up. I mean just look at the recent developments on Twitter, especially since Elon Musk took over.
There is a lot of hot stuff brewing on Twitter these days but I like to focus on just one aspect. I don’t want to write about fired employees, the rise of hate speech, or advertisers fleeing in masses from the platform.
There is a lot of noise that distracts you from one of the biggest issues with the Twitter — Musk deal, something that is obvious but yet almost no one is talking about it.
I would like to focus on Crypto Twitter and how Elon Musks' takeover of Twitter is changing the cryptocurrency industry but unfortunately not for the better.
Everyone who cares about decentralization in the cryptocurrency space should read this post carefully and come up with their own conclusions.
Crypto Twitter Is A Powerful Tool
Every cryptocurrency project out there has an account on Twitter, really every single project. If you don’t have a Twitter account as a cryptocurrency project then it is like you are not existing in social media.
The reason for this circumstance is simple. Crypto Twitter is an extremely powerful tool. It is so powerful that you can not only initiate riots but also move the markets, well only if you have enough followers of course.
I also like to point out that Elon Musk did not invest in Twitter with his own money but with money from other investors and, fun fact, from credit from Twitter itself. Yes, he bought Twitter with money from Twitter and a bunch of other investors.
One of these investors is Binance, by far the biggest cryptocurrency exchange. BINANCE knows exactly what it is doing by investing in Twitter and could use the current bear market for enormous growth. Today, Binance is also an owner of Crypto Twitter.
Let THAT sink in!
An Altruistic Billionaire?
Do you believe that Elon Musk bought Twitter only because he likes to promote free speech? This would be very altruistic if the only reason for investing billions of dollars in a company is promoting free speech.
Since Sam Bankman Fried and the whole FTX complex, all your alarm bells should ring when a billionaire proclaims altruistic motivations. It is simple, he wouldn’t be a millionaire with an altruistic attitude like “I live to give
You can bet that this is not the case and that Elon Musk wants to make money with Twitter.
Who still seriously believes in the fairy tale of the altruistic billionaire these days? All I know is that this is definitely not me.
The Dogefather
Elon Musk is also known as the Dogefather and there is a good reason for it, a reason that everyone knows about but I rarely hear any complaints.
Every time Elon tweets about Dogecoin the price makes a significant move. This should not be new to you as everybody in the cryptocurrency space knows it.
Dogecoin was once created for fun and it has no real use case. This made Dogecoin the perfect altcoin for his pump-and-dump experiments. Don’t get me wrong, Dogecoin is one of the oldest altcoins out there, and at one point, I was also holding some for fun.
Dogecoin had always been fun but no one really considered Dogecoin an investment because of the lack of use cases. Dogecoin still has no use cases and if it gets integrated into Twitter is pure speculation right now.
The fact is and even Eleon fanatics won’t deny it, that Dogecoin wouldn’t be there where it is today, among the TOP 10 cryptocurrencies, without Elon Musk tweeting about it.
Elon Musk Did The Same With Bitcoin
After Elon Musk had successfully manipulated the Dogecoin price, he went on to manipulate the Bitcoin price as well, also in both directions. Crypto Twitter has no long-term memory and most users have already forgotten about it.
He also manipulated the Bitcoin price and shortly after he pumped the Bitcoin price, he quickly unpumped it again. Both happened on Twitter when Elon Musk announced on Twitter that Tesla will buy Bitcoin and also accept it as a payment method.
Only a few days later he tweeted that the energy consumption of Bitcoin is too high. This would be an issue that needs to be solved first before Bitcoin can be accepted as a payment method by Tesla. Here we go, the price of Bitcoin went down again.
If you think you can somehow benefit from these market manipulations by acting accordingly to Elon Musks' tweets. Well, you can try that but this is not only unethical but also dangerous for your investment. Keep in mind that it is not you who is pushing out the manipulative news (no matter, if false or true) via Twitter.
Musk Even Manipulated Twitter Stocks Before Buying It
Elon is actually not only manipulating the relatively tiny cryptocurrency markets but also the traditional stock markets.
He was accused to have manipulated the Tesla stock several times in the past and he even manipulated the Twitter Stocks before buying it and he did this, of course via Twitter, how pervert is that?
Six months ago, investors sued Elon Musk and Twitter for manipulating the Twitter stock via Twitter. He did this by announcing stepping back from the Twitter deal because of different issues like too many bots, too many fake accounts, and a bad CEO. After these tweets, the Twitter stock went down as expected and Elon did it again. He successfully manipulated the financial markets to get a discount on the Twitter deal.
Also, the SEC is currently looking into this latest case of market manipulation. However, these market manipulations are not new and they will most likely continue. Now that he even owns the whole platform, the attacks on the financial markets will much more effective than they already had been.
Elon Is Everywhere
It seems like you either love Elon or hate him. Those who are blindly following this guy are giving him the power he has right now. He can manipulate the markets by farting out simple tweets while sitting on the toilet!
And to everyone who thinks that he guarantees free speech on Twitter let me clearly say that this is not the case. Elon Musk is actually not only manipulating the financial markets but also the political discourse as he is the one who decides to get a reach on Twitter.
Since Elon took over Twitter, he is literally everywhere on my timeline. I am not even following him but thanks to the new algorithm the nonsense from Elon and his friends is getting extremely pushed.
It is nearly impossible to escape Elons tweets on Twitter. This is probably the main reason why Elon has 120,000,000 followers on Twitter. This man gives a high five to holocaust deniers on his platform and nevertheless, he still has this many followers. People who complain about being brainwashed by the mainstream media are now getting brainwashed by Elon. Honestly, where is the difference?
People want financial freedom and decentralization and then they are following the people who are taking it from them and I am not only talking about the $8 for a Twitter membership.
Screaming for decentralization and financial freedom while at the same time following Elon Musk is like a black rapper stating that he loves Hitler. It is just weird.
That so many people are not questioning Elon Musk demonstrates that many of his followers are Elon fanatics. These fanatics don’t allow any criticism of their guru.
In the end, Elon Musk is a billionaire because he is a part of the elite. Stay critical and don’t let yourself be fooled by a billionaire who pretends to be the altruistic savior of Twitter. If you really believe Elon saves Twitter then you probably also believed that Sam Bankman Fried is a nice guy.
Twitter, which is an extremely powerful tool, is now in the hands of a billionaire who uses it not only to manipulate financial markets but also public discussions. He uses Twitter for promoting his own companies while bashing those to don’t like to advertise on his platform. In short, he bought Twitter for his advantage only.
My Final Conclusion
Honestly, writing this article and expressing my opinion felt extremely good.
Of course, I am also interested in your opinion on Elon Musk and his market manipulations via Twitter. You are welcome to leave a comment.
Thank you for reading and if this is the kind of stuff you like to read here on Publish0x, I would be happy about a follow.
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