Earlier this yr, Elon Musk was thought-about a crypto hero following Tesla’s $1.5 billion Bitcoin purchase. However in line with sentiment monitoring agency Awario, public opinion has since swung the opposite means.
This transformation of coronary heart comes following Musk’s announcement that Tesla would now not settle for Bitcoin as cost for its automobiles. The now notorious tweet gave an environmental justification for the motion.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Many thought-about this as an assault on the main cryptocurrency. As such, it’s not shocking that attitudes in the direction of the eccentric billionaire have sunk to a brand new low. However simply how dangerous has it turn into?
Information from Awario reveals tweets of a constructive opinion on Musk reached a brand new low final month. This corresponded together with his U-turn on Bitcoin and the next crash in its worth.
Initially of this yr, tweets in favor and in opposition to Musk have been stage pegging in quantity. However by Could, the ratio of positive-to-negative sentiment dipped by a couple of quarter hitting its lowest proportion since October 2020, which was when Awario first started monitoring this metric.
.@elonmusk’s constructive/unfavourable sentiment on Twitter has hit a brand new low since he introduced Tesla would now not settle for #bitcoin for cost. The reversal sparked a 35% decline within the worth of $BTC & a wave of unfavourable tweets
— Zack Guzman (@zGuz) June 2, 2021
Again then, impartial tweets about Musk shaped the most important class, accounting for 66% of tweets. This was adopted by unfavourable tweets at 19.2%, and constructive tweets citing the rear at 14.9%.
Commenting on the scenario, Ross Gerber, the CEO of funding agency Gerber Kawasaki, warned that manipulating markets and enjoying with folks’s cash is a dangerous technique for Musk to take.
“However I feel it’s a really harmful space for Elon to get in when he’s inflicting folks losses like he did the opposite day and it turns folks in opposition to him and finally Tesla,” he stated.
Okung tells Musk to remain in his lane
Gerber wasn’t the one one to supply Musk recommendation. Former offensive sort out for the Carolina Panthers, Russell Okung launched a billboard marketing campaign that includes himself, suggesting Musk preserve out of Bitcoin and concentrate on house as an alternative.
The marketing campaign will run for 2 weeks in Miami, Florida to coincide with the Bitcoin 2021 convention being held within the metropolis. In addition to on cellular billboards round SpaceX’s launch website in Texas, and a Tesla facility in California.
The press launch accompanying the marketing campaign stated this was a “light reminder to the general public” that Musk is comparatively inexperienced to cryptocurrency and shouldn’t be thought-about an authority on the subject.
Okung hit the headlines final yr when he opted to obtain half his $13 million wage in Bitcoin.
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