I like the ambitions that Elon Musk has and the charisma that he carries but what's happening right now is very bad. One man has a huge influence on everything, one word of Elon Musk can destroy or rise the things like Phoenix. Tesla invested in Bitcoins and price went from 38K up to 44K in just some hours. Yeah, if Paypal, Visa or any other company bought bitcoin that would happen too but what happens around Musk is very different.
Elon Musk says that Signal is better and everyone moves on that.
Elon Musk says that Doge is a good coin and everyone invest.
Elon Musk says that Bitcoin is a good thing and it rises.
Elon Musk's company invests in bitcoin and it rises.
What if Elon Musk said that he changed his mind and today bitcoin is bad and Ripple is better? I'm saying that just for example. People can't think themselves, they think: If Elon Musk says that something is good, then it's good.
I don't think it's a healthy behaviour from people.
You highlighted a very important point, there are many influencers present in the world and Elon Musk is one of them. The reason why crypto market and other tech related things increased in value when Musk tweet could be, because he is a tech entrepreneur and people think if he is backing some technology then there must be something present. But definitely, this is not a healthy behavior. As far as BTC price surge is concerned I think, it is influenced by the positive news regarding crypto investment happened in the past as well.