Elon Musk caused more calamity in bitcoin price action late Thursday and into Friday, leading at least one crypto hedge-fund manager to describe the Tesla Inc. CEO and prolific tweeter as “too influential on bitcoin prices.”
“Musk is definitely too influential on Bitcoin prices,” Kevin Kang, co-founder and principal at BKCoin Capital, told MarketWatch in emailed comments, while attending a bitcoin conference in Miami.
Kang’s remarks come after Musk on Thursday evening issued a cryptic tweet that many in the world of digital assets were interpreting as the billionaire’s breakup with bitcoin. The tweet included the bitcoin logo and a broken-heart emoji.
At last check, bitcoin prices BTCUSD were down over 4%, changing hands at $36,960.93 on CoinDesk, with the decline being blamed on Musk’s latest missive.
The price of dogecoin DOGEUSD , for which Musk has been one of its biggest champions, was down 2.5%, changing hands at 38.5 cents.
Musk’s social-media messages have had outsize influence on the prices of dogecoin and bitcoin and he’s at least partly blamed for the extant slump in bitcoin and the broader crypto complex. An article last month in The Wall Street Journal described him as bitcoin’s biggest influencer.
Last month, Musk tweeted that Tesla would no longer accept bitcoin as payment for its vehicles, citing the large carbon footprint of digitally mining for bitcoin. The tweet is still reverberating in crypto circles, reigniting a debate about the sustainability of bitcoin mining