Only some 12% of surveyed investors find Tesla‘s CEO Elon Musk’s tweets helpful, while nearly 60% think he wields too much power, found a recent survey. Meanwhile, his mother announced an update to the non-fungible tokens (NFTs) to be sold on a Binance Smart Chain (BSC)-powered exchange.
While much has been said about Tesla’s chief and his ability to move the markets with even his simplest or memest of tweets, a survey of more than 1,100 respondents from the US conducted by financial markets platform Investing.com found that 12% said Musk’s influence makes them “more confident about digital currencies.”
58% percent of respondents said that Musk “has too much power.” On the opposite side, 24% said they don’t think he has too much influence over cryptocurrencies. Lastly, 40% of those surveyed said that cryptocurrencies in general “are too volatile.”
Also, 84% disagree that Bitcoin (BTC)’s future hinges on Musk. Furthermore,
- 33% said his crypto tweets are “annoying”
- 27% said they’re “entertaining”
- 22% said they’re “unfair”
- 28% are indifferent.
- and 12% also said these tweets are “helpful.”
(The respondents could select multiple answers.)
However, Musk’s appearance on Saturday Night Live last month, after which dogecoin (DOGE) fell nearly 30%, didn’t help the ‘Technoking of Tesla’s’ image: 31% of surveyed investors found Musk less likable.
But Musk seems to have quite the influence in his hands nonetheless — 49% of respondents said that Bitcoin is environmentally unfriendly and that that is an issue for them as an investor. This follows Musk’s tweets on environmental concerns regarding the world’s first cryptocurrency, many of which have already been debunked.
In either case, 30% of BTC investors among those surveyed sold BTC last month, and 20% attribute their sale to the above-mentioned Musk’s comments.
72% of respondents said they’d be in favor of a greener crypto, while 38% “didn’t even realize Bitcoin was environmentally unfriendly before Musk’s remarks,” the report said.
“After being hailed and crowned as king of the crypto community, Elon Musk has made himself some new enemies lately, following his recent shock about-face on Bitcoin,” Jesse Cohen, senior analyst at Investing.com, was quoted as saying. He further argued that, “for an asset whose price is driven mostly by psychological sentiment and momentum, bitcoin could have a hard time recovering from this and may never revisit their record highs again.”
Musk’s influence doesn’t reside within the Cryptosphere alone. 60% of the surveyed investors claimed that Musk is the most influential figure when it comes to financial markets, and 33% said that he has built up Tesla stock’s price based on “fantasy,” not on a “revolutionary vision.”
Additionally, the survey found that 59% of Tesla investors are more loyal to the CEO than to the company. Tesla has developed “a loyal cult-like following from fans and enthusiasts who believe in the company’s technology and often laud CEO Elon Musk with praise, devotion, and admiration,” said Cohen. “However, at the same time, the company has many vociferous critics who argue the electric vehicle pioneer could go bankrupt in the years ahead due to its soaring debt and high cash burn.”
All this said, 52% of the respondents claimed they’d support policies that would reduce the power of big influencers such as Musk when it comes to manipulating financial markets.
Mom Musk on BSC
Meanwhile, Changpeng Zhao, CEO of major crypto exchange Binance CEO, used a chance to promote the BSC once again, noting that “Elon’s mom uses BSC.”
The 73-year-old Canadian-South African model and dietitian Maye Musk shared on her Twitter that Koda the robotic dog has “updated our mystery box” – with NFTs to be sold exclusively on BakerySwap, an exchange on Binance Smart Chain.
In late April 2021, Musk officially became the global brand ambassador of Koda, the company whose inaugural product is a quadruped robotic dog named Koda, a decentralized AI robotic dog with the option to store data on IPFS (InterPlanetary File System).
The company also announced an NFT to mark the occasion, called “Maye Musk and Koda,” which will be listed on BSC. The series name is ‘Diamonds Are Forever.’
This Is What Jack Dorsey’s Cryptic ‘705742’ Tweet Might Mean
A simple but cryptic tweet from Jack Dorsey, Founder and CEO of Twitter and payments firm Square, has sparked a debate about the meaning of the post, and whether the well-known Bitcoin (BTC) advocate has any BTC-related plans that have yet to be announced.
As pointed out by many users replying to the thread, the tweet, saying just “705742,” likely refers to a block number on the Bitcoin blockchain. A block with that number was indeed mined on Tuesday at 20:14 UTC, but it is still unknown what else is special about the particular block.
Been updating block explorer for the last 7 minutes— Katie The Russian (@KatieTheRussian) October 19, 2021
Twitter users were quick to pull up the bitcoin block explorer to see if there was anything unusual about block 705742, which at that point had yet to be mined. However, little out of the ordinary could be found.
Others, meanwhile, joked that the number could be Dorsey’s “[end of year] price target for bitcoin,” or that it could be somehow related to “Moscow time,” – bitcoin slang for the value of 1 USD in satoshis.
Speculating further, one user on Reddit suggested that the block number could be the first block to be mined by a new mining system that Dorsey has proposed.
“Maybe the first block that Square mined as part of their [research & development] for a potential public mining platform,” the user wrote, before adding that it looks like the wallet that received the block reward already has both in and outbound transactions worth almost USD 2bn. “Seems like a plausible volume for Square/Cashapp,” the user added.
However, according to various Bitcoin blockchain explorers, the block in question included 2,787 transactions and was actually mined by the BTC.com pool. Moreover, the block was mined almost an hour after the tweet was published.
In either case, as reported, the latest tweet from the Twitter CEO followed another thread from last Friday, where Dorsey said that Square is considering building “a bitcoin mining system based on custom silicon and open source.”
“Mining needs to be more distributed” and it “should be as easy as plugging a rig into a power source,” Dorsey wrote, asking his followers what the biggest barriers are for people who want to run miners.
Facebook Finally Launches Digital Currency Wallet Novi but Senators Want to Close This Project
Amid the Facebook Novi launch, some federal legislators want the social media giant to discontinue the project.
Facebook Inc (NASDAQ: FB) has launched the pilot phase of its digital currency wallet Novi in the US and Guatemala using stablecoin Paxos. Facebook finally launches Novi and is going with Paxos’ USDP after its own native crypto Diem failed to secure regulatory approval. Furthermore, the social media giant heralded the pilot launch in a blog post on Tuesday.
Novi’s pilot launch is more than two years after it was first announced. The wallet will facilitate fast, secure, and free fund transfers between users via mobile smartphone apps. However, all users must register with government-issued identification.
For now, Paxos’ stablecoin will serve as Novi’s transactional currency, while powerhouse exchange Coinbase will provide custodial services. According to David Marcus, head of Facebook’s Novi wallet, this pilot phase will, “test core feature functions, and operational capabilities in customer care and compliance.” Furthermore, it will test the viability of stablecoins as a valid and sustainable form of payment.
Facebook Launches Novi to the Disapproval of US Congress
Amid the Facebook Novi launch, some federal legislators are calling for the social media giant to discontinue the project. Senate Democrats addressed a letter to Facebook CEO Mark Zuckerberg on Tuesday questioning the company’s credibility with crypto. In their own words, Facebook “cannot be trusted to manage cryptocurrency”. The senators base this conviction on the social media company’s past inadequacies in handling cyber risks and keeping consumers protected. Signed by Senators Brian Schatz, Sherrod Brown, Elizabeth Warren, and others, the letter read:
“Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape — not only for Diem specifically, but also for stablecoins in general.”
Part of the Congress letter to Facebook further states:
“We urge you to immediately discontinue your Novi pilot and to commit that you will not bring Diem to market.”
Facebook responded to the Senators’ query through a spokesperson for Novi, suggesting that the company would address the issues raised therein.
Facebook Has a Long-Running History with Federal Lawmakers over Its Operational Practices
In recent times, Zuckerberg and Facebook have locked horns more frequently with Congress. Back in 2019, Congress summoned the Facebook CEO to provide testimony on the Diem project (then called Libra). Zuckerberg’s summoning was the culmination of weeks of tussling, between Facebook and the federal lawmakers, who were skeptical of the project. In addition, the Zuckerberg hearing came just a year after Facebook’s Cambridge Analytica scandal. This may have been another reason federal legislators were agitated against the company.
Another recent red flag raised against Facebook was earlier this month from whistleblower Frances Haugen. Haugen appeared before the Senate Commerce Committee to testify on the threat Facebook posed to users. Some of these include the usage of Facebook itself and other affiliated services, such as photo and video-sharing behemoth Instagram.
Australian Parliamentary Committee Sets Guidelines to Give Crypto Industry a Big Push
Australia’s parliamentary committee on crypto-assets aims to bring concrete regulatory and policy changes to give a major push to the crypto industry in the country. The committee believes Australia needs a robust policy and regulatory changes to help it compete against the global leaders. The said committee released a draft report on 20th October outlining the need for encouraging investors and ensuring protection against frauds.
Some of the key recommendations in the draft report include,
- Establishing a market licensing regime for Digital Currency Exchanges, including capital adequacy, auditing, and responsible person tests under the Treasury portfolio
- Establishing a custody or depository regime for digital assets with minimum standards under the Treasury portfolio
- Conducting a token mapping exercise to determine the best way to characterize the various types of digital asset tokens in Australia
Andrew Bragg, a senator from the conservative Liberal Party and chair of the committee said that the recommendations in the draft would help Australia set a new regulatory framework for the highly popular crypto industry which will, in turn, help Australia compete against the likes of Singapore and UK. He said,
“The draft recommendations are a big push to detail a cryptocurrency framework for Australia, which would allow us to compete with the U.K. and Singapore,”
Crypto Market Has Become Too Big to Ignore
The Crypto market was primarily seen as a speculative ecosystem for the most past of its life, but that perception has changed quite fast over the past year. Governments have now realized that the crypto market has become too big to ignore as a fad. This is why the likes of El Salvador have made Bitcoin a legal tender, while Paraguay passed a law to legalize the use of Bitcoin and Ethereum in the financial market.
The United States’s policymakers who were adamant about keeping the crypto market at bay have finally approved the first-ever Bitcoin Futures ETF. This shows how the sentiment around the crypto market has changed as it became a $2.5 trillion industry again in October.