Elon Musk is ‘crypto tourist’, says Celsius Network CEO
After the bitcoin price fell on Friday following Elon Musk’s ‘breakout tweet’, Celsius Network CEO Alex Machinsky dismissed the role of Tesla CEO (TSLA) in cryptocurrency at the conference Bitcoin 2021 in Miami.
“Elon [Musk] is a crypto tourist, âMashinsky told Yahoo Finance Live. âHe’s here to collect subscribers. I don’t think he’s there to make the world a better place, and we can go where we’re going with Elon or without Elon. “
Bitcoin (BTC-USD) the price fell nearly 7% on Friday after Musk tweeted a meme describing a breakup and captioned “#Bitcoin” with a heart-wrenching emoji.
âElon keeps tweeting, the price of Bitcoin continues to stay below what it probably should, giving the whole crowd the opportunity to buy cheap Bitcoin,â said Anthony Pompliano, founder of Pomp Investments and Bitcoin bull in an interview with Yahoo Finance Live at the conference.
Currently, bitcoin is down more than 40% from its record high of over $ 64,000 in April. Tesla’s decision to stop accepting cryptocurrency as payment lowered the value of bitcoin by more than 35% last month.
âI am more optimistic today than I have ever been,â said Pompiliano. He cited stronger fundamentals, greater adoption, more transactions, and greater belief in bitcoin as a store of value as reasons for optimism for the future of cryptocurrency.
âWhen you look at the underlying fundamentals, forget the price, bitcoin has never been stronger than it is today,â Pompiliano said. âI don’t think people really take into account the fundamentals, they all just look at the price, look at the tweets, and they get caught up in the emotional feeling,â he added.
âWe started with retail, then we moved and we started having financial institutions, and then we had corporations,â Pompiliano said. âThere is a group of people left, and they are coming; it’s the countries and the central banksâ¦ I think this year we’ll see a country or a central bank come out and say, look, we’ve decided to either buy it or put it in their reserves and so on.
Ihsaan Fanusie is a writer at Yahoo Finance. Follow him on twitter @IFanusia.
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