Post
Topic
Board Bitcoin Discussion
Re: It's not a good rise, actually it's bad
by
BlackHatCoiner
on 08/02/2021, 18:10:23 UTC
I'll agree with that, but it isn't as simple as it looks. Elon Musk is a huge influence to his followers, especially now with tesla. And also, note this. Since one person with big impact on the economy/technology/<put whatever you want here>, states that he likes *something*, then it doesn't rise by itself. Investors and only investors get panicked and thus they buy believing that Elon will cause the bitcoin's rise.

In reality, Elon didn't do anything. The conviction that bitcoin will rise, is what made it rise. Although, I recently read that Tesla invested 1,5 billion dollars on it, which is why it reached $42k today.

I don't think it's a healthy behaviour from people.
That requires a lot of discussion. Why exactly do you define it unhealthy? It is a social phenomenon, in which people believe that since someone significant announced something it means that it'll come true. In reality, that person does nothing, the belief is what panics everyone.