With the increase in the financial volume of a currency, we no longer see severe pumps and dumps in the price chart of a currency, but there are reasons that this is not the case with Bitcoin, despite the fact that the financial and trading volume of Bitcoin has increased significantly compared to previous years. What do you think is the reason for this?
We see pumps and dumps all the time. We just went from 29k to 47k in a couple of days. How is that not a severe change in price? I think you need to look at the price charts again because it is still very common for severe price drops and rises to happen.
I think people still look at digital currency as a tool of entertainment or a joke, and that's what happens. Ilan Mask's tweets can be ridiculously considered a fundamental factor, or a conflict between a financial institution and a developer of a currency can cause a lot of changes in the price of that currency.
In short, we can not see a change in the situation until the general public changes its attitude towards digital currency and looks at it more seriously and professionally.
Why will it be considered a joke? Elon Musk news is old and he has recently said he supports Bitcoin. Bitcoin is a currency and I do not know any one who thinks it is a joke even those people who dislike it. They know that serious money can be made from investing but they think it is to risky not a joke.
I would even say that the stock market itself is sometimes a pump and dump market. You mention Elon Musk and pick the 6 months chart, it jumps up and down between $750 and $550 like mad. Keep also in mind that Elon Musk does not have any specific interest in making people crazy about Bitcoin. He even twitters about his own companies. He said in a video or live stream that he thinks the Tesla shares are too expensive or that he has a consortium buying Tesla shares out for a certain price and it wasn't true. Which CEO would do that? The guy is just insane from time to time and I think that's it.