Experts answer: How does Elon Musk affect crypto space?

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n”,”seo_description”:”What is Bitcoin? How does blockchain work? How to mine cryptocurrency? We are glad to help you answer these questions with our quick guides in Explained section.”},”words_count”:1591,”description”:”Here’s what crypto and blockchain industry experts think about Elon Musk’s recent comments on cryptocurrency”,”author”:{“id”:607,”title”:”Max Yakubowski”,”url”:”max-yakubowski”,”twitter”:”https://twitter.com/maximyakub”,”google_plus”:””,”photo”:”https://s3.cointelegraph.com/storage/uploads/view/dbe307c69b6f65069a8025b36efad9b9.jpg”,”gender”:”male”,”description”:”Max Yakubowski is the opinion editor at Cointelegraph. He has a Master of Arts in linguistics and social anthropology and is passionate about innovative technology and its cultural and social influence as well as discursive representations. Prior to Cointelegraph, he worked as an academic curriculum developer and researcher at various educational organizations and institutions.”,”facebook”:””,”email”:”max@cointelegraph.com”,”linkedin”:”https://www.linkedin.com/in/max-yakubowski-3b2a12b2/”,”created_at”:”2018-06-20 15:34:43″,”updated_at”:”2020-06-19 08:26:04″,”deleted_at”:null,”avatar”:”https://images.cointelegraph.com/images/150_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9kYmUzMDdjNjliNmY2NTA2OWE4MDI1YjM2ZWZhZDliOS5qcGc=.jpg”,”hash”:”aHR0cHM6Ly9jb2ludGVsZWdyYXBoLmNvbS9hdXRob3JzL21heC15YWt1Ym93c2tp”,”relativeUrl”:”https://cointelegraph.com/authors/max-yakubowski”,”user_id”:607,”language_id”:1,”name”:”Max Yakubowski”,”desc”:”Max Yakubowski is the opinion editor at Cointelegraph. He has a Master of Arts in linguistics and social anthropology and is passionate about innovative technology and its cultural and social influence as well as discursive representations. 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Recently, Tesla CEO Elon Musk has been all over the news. He became the richest man on the planet but later lost that title alongside about $6.2 billion of his fortune. Four of his SpaceX Starship rocket tests failed, but a later launching and landing were a success. This same type of roller coaster behavior — which might be a part of Musk’s nature — has also been witnessed within the cryptocurrency space.

In February, Tesla allocated $1.5 billion of its balance sheet to Bitcoin (BTC). Bitcoin’s price jumped by almost $3,000 in minutes and then surged 20% in 24 hours. A month later, Tesla decided to accept Bitcoin for payments on its electric vehicles before Musk changed his mind.

There was also the whole Dogecoin (DOGE) story: After Musk helped to pump up the meme cryptocurrency, a performance with his mother on Saturday Night Live helped to tank it. The self-proclaimed “Dogefather” later denied any official involvement in the DOGE project.

This article won’t focus on the legal concerns of Musk’s behavior, something already covered by law professor and former SEC attorney Marc Powers in his latest opinion article, where he raised important questions:

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“Does Musk have some undisclosed personal or business interest in knocking BTC and promoting DOGE? Are his tweets, which contain what some would consider wild speculation on the prices of Dogecoin and other cryptocurrencies, mere puffery and permitted First Amendment speech, or are they violations of securities, commodities, consumer or other laws?”

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It will also leave aside all the price movements caused by Musk’s reckless tweeting and commenting to market analysts and experts. Instead, let’s focus on how all of this is affecting the crypto space in general.

nnnnn”,”created_at”:”2021-05-28 14:32:11″,”updated_at”:”2021-05-28 23:04:29″,”sort”:1,”translations”:{“id”:2492,”explained_post_id”:2499,”title_en”:”Introduction”,”content_en”:”

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“Does Musk have some undisclosed personal or business interest in knocking BTC and promoting DOGE? Are his tweets, which contain what some would consider wild speculation on the prices of Dogecoin and other cryptocurrencies, mere puffery and permitted First Amendment speech, or are they violations of securities, commodities, consumer or other laws?”

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nnnnn”,”title_es”:”Introducción”,”content_es”:”

Recientemente, el director general de Tesla, Elon Musk, ha estado en todas las noticias. Se convirtió en el hombre más rico del planeta, pero más tarde perdió ese título junto con unos 6.200 millones de dólares de su fortuna. Cuatro de las pruebas de su cohete SpaceX Starship fracasaron, pero un lanzamiento y aterrizaje posteriores fueron un éxito. Este mismo tipo de comportamiento de montaña rusa, que podría ser parte de la naturaleza de Musk, también se ha visto dentro del espacio de las criptomonedas.

En febrero, Tesla destinó 1.500 millones de dólares de su balance a Bitcoin (BTC). El precio de Bitcoin se disparó casi 3.000 dólares en minutos y luego subió un 20% en 24 horas. Un mes después, Tesla decidió aceptar Bitcoin para los pagos de sus vehículos eléctricos antes de que Musk cambiara de opinión.

También está la historia de Dogecoin (DOGE): Después de que Musk ayudara a impulsar la criptomoneda meme, una actuación con su madre en Saturday Night Live ayudó a hundirla. El autoproclamado “Dogefather” negó posteriormente cualquier participación oficial en el proyecto DOGE.

Este artículo no se centrará en las preocupaciones legales del comportamiento de Musk, algo ya cubierto por el profesor de derecho y ex abogado de la SEC, Marc Powers, en su último artículo de opinión, donde planteó importantes preguntas:

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“¿Tiene Musk algún interés personal o empresarial no revelado al golpear BTC y promover DOGE? ¿Son sus tuits, que contienen lo que algunos considerarían una especulación salvaje sobre los precios de Dogecoin y otras criptomonedas, mera fanfarronería y discurso permitido por la Primera Enmienda, o son violaciones de las leyes de valores, productos básicos, consumidores u otras?”

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También dejará de lado todos los movimientos de precios causados por los imprudentes tuits y comentarios de Musk a los analistas y expertos del mercado. En su lugar, centrémonos en cómo todo esto está afectando al espacio de las criptomonedas en general.

Earlier this month, DOGE surpassed BTC in the global public interest. A survey later revealed that Americans are more familiar with the meme coin than they are with Etherum. This result might be upsetting to some, as the Ethereum ecosystem — which introduced smart contracts and became the fabric of the decentralized finance (DeFi) sector — surely deserves more recognition than a meme.

But look at this situation from another perspective: People who were not previously familiar with cryptocurrency, blockchain technology and DeFi are starting to google Dogecoin. It might interest them and they might go deeper into the topic, resulting in a rise of awareness, which might lead to mainstream audience involvement in the crypto space. As Nick Spanos, the founder of Bitcoin Center NYC and the Zap Protocol, rightfully noticed:

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“DOGE is a powerful marketing tool, driving attention and adoption of crypto and decentralization as a concept. And in that respect, it is invaluable.”

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nnnnn”,”created_at”:”2021-05-28 15:11:08″,”updated_at”:”2021-05-28 23:04:28″,”sort”:2,”translations”:{“id”:2493,”explained_post_id”:2500,”title_en”:”The public’s awareness”,”content_en”:”

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“DOGE is a powerful marketing tool, driving attention and adoption of crypto and decentralization as a concept. And in that respect, it is invaluable.”

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nnnnn”,”title_es”:”La percepción del público”,”content_es”:”

A principios de este mes, DOGE superó a BTC en el interés del público mundial. Una encuesta posterior reveló que los estadounidenses están más familiarizados con la moneda meme que con Etherum. Este resultado puede resultar molesto para algunos, ya que el ecosistema Ethereum -que introdujo los contratos inteligentes y se convirtió en el tejido del sector de las finanzas descentralizadas (DeFi)- seguramente merece más reconocimiento que un meme.

Pero hay que ver esta situación desde otra perspectiva: Las personas que no estaban familiarizadas con las criptomonedas, la tecnología blockchain y DeFi están empezando a buscar Dogecoin en Google. Es posible que les interese y que profundicen en el tema, lo que dará lugar a un aumento de la concienciación, que podría llevar a la participación del público mayoritario en el espacio de las criptomonedas. Como Nick Spanos, el fundador del Bitcoin Center NYC y del Zap Protocol, señaló con razón:

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“DOGE es una poderosa herramienta de marketing, que impulsa la atención y la adopción del cripto espacio y la descentralización como concepto. Y en ese sentido, es inestimable”.

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The reason Tesla suspended its support for vehicle purchases using BTC was the company’s concerns regarding the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.” Sounds reasonable for a company that develops electric cars, right?

First of all, the question of whether BTC is a waste of energy isn’t new and has been debated by industry experts for some time already. Meanwhile, the mainstream media — The New York Times, Financial Times and Bloomberg, to name a few — went all out with headlines following Musk’s comments, blaming crypto for enormous energy use. They referred to Cambridge University’s Bitcoin Electricity Consumption Index, where the total electricity used worldwide by Bitcoin miners is currently at around 113 terawatt-hours per year. But what they failed to mention — intentionally or unintentionally — is that the latest study by the Cambridge Centre for Alternative Finance stated 39% of all energy consumption used in BTC mining was from renewable sources.

More interestingly, Galaxy Digital published a report entitled “On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Question,” where the company estimates the energy consumption of the traditional finance space to be around 260 terawatt-hours per year, more than twice as big as the Bitcoin industry. However, the estimations only came from available data, meaning it would be fair to say that the actual number is much higher.

Another important note is that after the COVID-19 outbreak and the tremendous shift globally toward digitization, we must place the problem of crypto energy consumption within the broader context of internet usage. As Greenpeace USA media director Travis Nichols pointed out:

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“As web services grow and become more complex, the demand for computing power will continue to go up over the next few years, and that will require much more energy.”

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Also, Mark Cuban, billionaire investor and owner of the Dallas Mavericks, decided not to withdraw support for Bitcoin payment, arguing with Elon Musk:

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“We know that replacing gold as a store of value will help the environment. […] Shrinking big bank and coin usage will benefit society and the environment.”

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If we go back to Musk’s accusations against Bitcoin, they did negatively affect the industry. For example, an environmentally-focused bill in the state of New York would place a three-year moratorium on crypto mining if it passes the state’s senate. But every cloud has a silver lining, as they say. What is good is that by bringing attention to the carbon footprints made by the crypto industry, the space can more quickly move toward sustainability, as happened with the global pandemic, which forced governments globally to work on green energy amidst COVID-19.

Cointelegraph reached out to crypto and blockchain industry experts for their opinions on the following question: How do all these Elon Musk comments affect the entire crypto space?

nnnnn”,”created_at”:”2021-05-28 15:12:39″,”updated_at”:”2021-05-28 23:04:28″,”sort”:3,”translations”:{“id”:2494,”explained_post_id”:2501,”title_en”:”The energy consumption problem”,”content_en”:”

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“As web services grow and become more complex, the demand for computing power will continue to go up over the next few years, and that will require much more energy.”

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Also, Mark Cuban, billionaire investor and owner of the Dallas Mavericks, decided not to withdraw support for Bitcoin payment, arguing with Elon Musk:

n

“We know that replacing gold as a store of value will help the environment. […] Shrinking big bank and coin usage will benefit society and the environment.”

n

Cointelegraph reached out to crypto and blockchain industry experts for their opinions on the following question: How do all these Elon Musk comments affect the entire crypto space?

nnnnn”,”title_es”:”El problema del consumo de energía”,”content_es”:”

La razón por la que Tesla suspendió su apoyo a la compra de vehículos utilizando BTC fue la preocupación de la compañía por el “rápido aumento del uso de combustibles fósiles para la minería y las transacciones de Bitcoin, especialmente el carbón.” Suena razonable para una empresa que desarrolla coches eléctricos, ¿verdad?

En primer lugar, la cuestión de si BTC es un desperdicio de energía no es nueva y ha sido debatida por los expertos de la industria desde hace tiempo. Mientras tanto, los principales medios de comunicación -The New York Times, Financial Times y Bloomberg, por nombrar algunos- se lanzaron a los titulares tras los comentarios de Musk, culpando a las criptomonedas del enorme uso de energía. Se refirieron al Índice de Consumo de Electricidad de Bitcoin de la Universidad de Cambridge, donde la electricidad total utilizada en todo el mundo por los mineros de Bitcoin es actualmente de unos 113 teravatios-hora al año. Pero lo que no mencionaron -intencionadamente o no- es que el último estudio del Centro de Finanzas Alternativas de Cambridge afirmaba que el 39% de todo el consumo de energía utilizado en la minería de BTC procedía de fuentes renovables.

Más interesante aún, Galaxy Digital publicó un informe titulado “Sobre el consumo de energía de Bitcoin: Una aproximación cuantitativa a una cuestión subjetiva”, en el que la empresa estima que el consumo de energía del espacio financiero tradicional es de unos 260 teravatios-hora al año, más del doble que el de la industria del Bitcoin. Sin embargo, las estimaciones sólo proceden de los datos disponibles, por lo que sería justo decir que la cifra real es mucho mayor.

Otra nota importante es que, tras el brote de COVID-19 y el tremendo cambio global hacia la digitalización, debemos situar el problema del consumo de criptoenergía en el contexto más amplio del uso de Internet. Como señaló el director de medios de Greenpeace USA, Travis Nichols

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“A medida que los servicios web crecen y se hacen más complejos, la demanda de potencia de cálculo seguirá aumentando en los próximos años, y eso requerirá mucha más energía”.

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Asimismo, Mark Cuban, inversor multimillonario y propietario de los Dallas Mavericks, decidió no retirar su apoyo al pago con Bitcoin, discutiendo con Elon Musk:

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“Sabemos que sustituir el oro como depósito de valor ayudará al medio ambiente. […] Reducir el uso de los grandes bancos y de las monedas beneficiará a la sociedad y al medio ambiente”.

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Si volvemos a las acusaciones de Musk contra Bitcoin, sí que afectaron negativamente al sector. Por ejemplo, un proyecto de ley centrado en el medio ambiente en el estado de Nueva York establecería una moratoria de tres años en la minería de criptomonedas si se aprueba en el senado del estado. Pero todo tiene un lado positivo, como se suele decir. Lo bueno es que al llamar la atención sobre las huellas de carbono que deja la industria de las criptomonedas, el espacio puede avanzar más rápidamente hacia la sostenibilidad, como ocurrió con la pandemia mundial, que obligó a los gobiernos de todo el mundo a trabajar en la energía verde en medio del COVID-19.

Cointelegraph se puso en contacto con expertos de la industria de las criptomonedas y de blockchain para conocer su opinión sobre la siguiente cuestión: ¿Cómo afectan todos estos comentarios de Elon Musk a todo el espacio de las criptomonedas?

“Bitcoin has been through much worse. Long term, I don’t think it will have a major impact. Short term, I think it hurts investor confidence because it shows how much impact one person can have on short-term price movements. It’s a whole different debate, though, if Elon’s tweets were really the only thing driving the price movements.”

nnnnn”,”created_at”:”2021-05-28 15:13:58″,”updated_at”:”2021-05-28 23:04:28″,”sort”:4,”translations”:{“id”:2495,”explained_post_id”:2502,”title_en”:”Alex Wilson, co-founder of The Giving Block:”,”content_en”:”

nnnnn”,”title_es”:”Alex Wilson, cofundador de The Giving Block:”,”content_es”:”

“Bitcoin ha pasado por cosas mucho peores. A largo plazo, no creo que tenga un impacto importante. A corto plazo, creo que daña la confianza de los inversores porque muestra cuánto impacto puede tener una persona en los movimientos de precios a corto plazo. Sin embargo, es un debate completamente diferente si los tuits de Elon fueran realmente lo único que impulsa los movimientos de precios”.

“In some ways, Elon Musk seems to enjoy creating controversies and capturing attention with statements about his bold business goals and achievements, which have earned him a sizable fan base, as well as SEC fines. Adoption of Bitcoin by corporate treasuries has caught the attention of many investors, especially after Tesla made $101 million in profit from the sale of its Bitcoin. It is no surprise that Elon would poke fun at Bitcoin as an investment after cashing out with a profit and focusing on Bitcoin descendent, Dogecoin, which had acted more as a temporary store of value and method for value transfers.

In 2018, Elon Musk and Tesla were reported to have reached an agreement with the SEC to each pay half of the $40 million in fines because of Elon’s careless, bold tweet about the future stock price of Tesla. This ‘misleading tweet’ caused a significant ESG impact because the Tesla stakeholders are the social component, or ‘S,’ of ESG. This action also affected the ‘G’ in ESG since this was a governance issue that required changes at the board level, and it caused a 14% plunge in the Tesla stock price. This was an ESG impact, specifically on the S and the G! It is hard to argue that Elon Musk’s behavior is guided by ESG principles. His playful statements about Bitcoin and Dogecoin may have impacted the market, but there were other factors that may also have affected market sentiment. Crypto value tends to decline as tax deadlines approach.

In addition, as more institutional money has been invested in crypto, there may be other traditional macro market drivers at play like inflation or the possibility of raising rates for the 10-year treasuries. The banning of Bitcoin or crypto in places like China and Turkey hasn’t prevented citizens from accessing the cryptocurrencies, although the restrictions may now have a greater impact as more institutions engage in crypto.

As headlines about Bitcoin and crypto ignite more interest, we will see a combination of emotional reactions to celebrity endorsements, together with behaviors that correlate with traditional market behaviors. Market perceptions of crypto are not totally based on what one celebrity says or does, but there is an emotional component to all markets. There are many different payment networks that currently accept Bitcoin payments, and Apple recently posted a new job for alternative payment partnerships.

The momentum for DeFi isn’t stopping as the crypto networks continue to grow. A temporary change in market conditions or price will not eliminate the effects of Maxwell’s laws on the crypto networks. There are many dimensions of crypto innovation that are flourishing.”

nnnnn”,”created_at”:”2021-05-28 15:14:38″,”updated_at”:”2021-05-28 23:04:27″,”sort”:5,”translations”:{“id”:2496,”explained_post_id”:2503,”title_en”:”Cristina Dolan, founder and CEO of InsideChains, vice-chair of MIT Enterprise Forum:”,”content_en”:”

nnnnn”,”title_es”:”Cristina Dolan, fundadora y CEO de InsideChains, vicepresidenta de MIT Enterprise Forum:”,”content_es”:”

“En cierto modo, Elon Musk parece disfrutar creando controversias y captando la atención con declaraciones sobre sus audaces objetivos y logros empresariales, que le han valido una considerable base de fans, así como multas de la SEC. La adopción de Bitcoin por parte de las tesorerías de las empresas ha llamado la atención de muchos inversores, especialmente después de que Tesla obtuviera 101 millones de dólares de beneficios con la venta de su Bitcoin. No es de extrañar que Elon se burle de Bitcoin como inversión después de cobrar con ganancias y centrarse en el descendiente de Bitcoin, Dogecoin, que había actuado más como un almacén de valor temporal y un método para las transferencias de valor.

En 2018, se informó que Elon Musk y Tesla habían llegado a un acuerdo con la SEC para pagar cada uno la mitad de los 40 millones de dólares en multas debido al descuidado y atrevido tuit de Elon sobre el futuro precio de las acciones de Tesla. Este “tuit engañoso” causó un impacto significativo en los ASG, ya que las partes interesadas de Tesla son el componente social, o “S”, de los ESG. Esta acción también afectó a la “G” de ESG, ya que se trataba de una cuestión de gobernanza que requería cambios en el consejo de administración, y provocó un desplome del 14% en el precio de las acciones de Tesla. ¡Esto fue un impacto ESG, específicamente en la S y la G! Es difícil argumentar que el comportamiento de Elon Musk está guiado por los principios ASG. Sus juguetonas declaraciones sobre Bitcoin y Dogecoin pueden haber impactado en el mercado, pero hubo otros factores que también pueden haber afectado al sentimiento del mercado. El valor de las criptomonedas tiende a disminuir a medida que se acercan los plazos fiscales.

Además, como se ha invertido más dinero institucional en cripto, puede haber otros factores macro tradicionales del mercado en juego como la inflación o la posibilidad de que suban los tipos de los bonos del tesoro a 10 años. La prohibición de Bitcoin o de las criptomonedas en lugares como China y Turquía no ha impedido que los ciudadanos accedan a las criptomonedas, aunque las restricciones pueden tener ahora un mayor impacto a medida que más instituciones participan en las criptomonedas.

A medida que los titulares sobre el Bitcoin y las criptomonedas despierten más interés, veremos una combinación de reacciones emocionales a los apoyos de las celebridades, junto con comportamientos que se correlacionan con los comportamientos tradicionales del mercado. Las percepciones del mercado de las criptomonedas no se basan totalmente en lo que dice o hace una celebridad, sino que hay un componente emocional en todos los mercados. Hay muchas redes de pago diferentes que actualmente aceptan pagos con Bitcoin, y Apple ha publicado recientemente una nueva oferta de trabajo para asociaciones de pago alternativas.

El impulso de DeFi no se detiene mientras las redes de criptomonedas siguen creciendo. Un cambio temporal en las condiciones del mercado o en el precio no eliminará los efectos de las leyes de Maxwell en las cripto redes. Hay muchas dimensiones de la criptoinnovación que están floreciendo”.

“I think there’s good news and bad here. On the good side, bringing cryptocurrencies and blockchain into a mainstream conversation is a positive development that gives all of us in the industry an opportunity to also talk about the real benefits of the technology.

On the downside, more consumers will see Bitcoin or Dogecoin headlines and think cryptocurrency is only a highly volatile investment for speculators. So, we have to swim upstream a bit to explain the real and valuable uses of the Stellar network and other protocols and how they are tackling the world’s problems. I would rather the focus be on use cases, which is what we choose to talk about.”

nnnnn”,”created_at”:”2021-05-28 15:15:02″,”updated_at”:”2021-05-28 23:04:27″,”sort”:6,”translations”:{“id”:2497,”explained_post_id”:2504,”title_en”:”Denelle Dixon, CEO and executive director of Stellar Development Foundation:”,”content_en”:”

nnnnn”,”title_es”:”Denelle Dixon, CEO y directora ejecutiva de Stellar Development Foundation:”,”content_es”:”

“Creo que hay buenas y malas noticias. Por el lado bueno, llevar las criptomonedas y blockchain a una conversación generalizada es un hecho positivo que nos da a todos los miembros del sector la oportunidad de hablar también de los beneficios reales de la tecnología.

En el lado negativo, más consumidores verán los titulares de Bitcoin o Dogecoin y pensarán que las criptomonedas son sólo una inversión muy volátil para los especuladores. Así que tenemos que nadar un poco a contracorriente para explicar los usos reales y valiosos de la red Stellar y otros protocolos y cómo están abordando los problemas del mundo. Prefiero que el foco esté en los casos de uso, que es de lo que elegimos hablar”.

“This crypto market shows how investor psychology can heavily impact crypto markets.

Traditional notions of rational, frictionless finance, which dominated financial thinking in the second half of the 20th century, assumed that everyone in an economy is fully rational. The notion of efficient markets assumes that all assets are correctly priced at their fundamental value, adequately reflecting all public information. Investors cannot ‘beat the market’ by identifying mispriced assets.

On the contrary, behavioral finance traces its origins to a 1981 paper by Robert Shiller from Yale University and Nobel Prize recipient, who found that market fluctuations can be too large to be consistent with fully rational thinking. This theory has gained wider acceptance since the 1990s. In the crypto markets, this has shown to be psychologically more realistic time and time again. Behavioral finance tries to make sense of markets in the context of irrational investor behavior and managerial actions.

Crypto markets, which represent a small fraction of the size of mainstream financial markets, still have plenty of room to mature and develop greater efficiencies. Irrational investors and decision-makers who drive prices based on emotion and exuberance may be creating opportunities for more rational investors to take advantage of arbitrage.”

nnnnn”,”created_at”:”2021-05-28 15:15:35″,”updated_at”:”2021-05-28 23:04:27″,”sort”:7,”translations”:{“id”:2498,”explained_post_id”:2505,”title_en”:”Diana Barrero Zalles, director of ESG & Impact at Emergents @ Weild & Co.:”,”content_en”:”

“This crypto market shows how investor psychology can heavily impact crypto markets.

nnnnn”,”title_es”:”Diana Barrero Zalles, directora de ESG & Impact en Emergents @ Weild & Co:”,”content_es”:”

“Este mercado de criptomonedas muestra cómo la psicología del inversor puede afectar en gran medida a los mercados de criptomonedas.

Las nociones tradicionales de finanzas racionales y sin fricciones, que dominaron el pensamiento financiero en la segunda mitad del siglo XX, suponían que todos los integrantes de una economía son plenamente racionales. La noción de mercados eficientes asume que todos los activos tienen un precio correcto en su valor fundamental, reflejando adecuadamente toda la información pública. Los inversores no pueden “vencer al mercado” identificando los activos con precios erróneos.

Por el contrario, las finanzas conductuales tienen su origen en un artículo de 1981 de Robert Shiller, de la Universidad de Yale y premio Nobel, que descubrió que las fluctuaciones del mercado pueden ser demasiado grandes para ser coherentes con un pensamiento totalmente racional. Esta teoría ha ganado una mayor aceptación desde la década de 1990. En los mercados de criptomonedas, ha demostrado ser psicológicamente más realista una y otra vez. Las finanzas conductuales tratan de dar sentido a los mercados en el contexto del comportamiento irracional de los inversores y las acciones de los directivos.

Los criptomercados, que representan una pequeña fracción del tamaño de los mercados financieros convencionales, todavía tienen mucho margen para madurar y desarrollar una mayor eficiencia. Los inversores irracionales y los responsables de la toma de decisiones que impulsan los precios basándose en la emoción y la exuberancia pueden estar creando oportunidades para que los inversores más racionales se aprovechen del arbitraje.”

“Elon has a flair for the dramatic, but there are definitely fair critiques and questions for the Bitcoin ecosystem to address. Hopefully, the increased attention from the broader public will catalyze faster adoption of renewable energy sources and transparency on how much these sources are used today.

When Tesla announced it would accept BTC for payments, I voiced my doubts that it would take hold because transactions on Bitcoin are too slow and the tax implications are significant. In taking this step, however, Tesla tested the waters on accepting crypto payments and can now explore networks optimized for near-instant finality, low fees and no environmental impact.”

nnnnn”,”created_at”:”2021-05-28 15:16:09″,”updated_at”:”2021-05-28 23:04:25″,”sort”:8,”translations”:{“id”:2499,”explained_post_id”:2506,”title_en”:”John Wu, president of Ava Labs:”,”content_en”:”

nnnnn”,”title_es”:”John Wu, presidente de Ava Labs:”,”content_es”:”

“Elon tiene un don para lo dramático, pero sin duda hay críticas y preguntas justas que el ecosistema de Bitcoin debe abordar. Esperemos que la mayor atención del público en general catalice una adopción más rápida de las fuentes de energía renovable y la transparencia en el uso de estas fuentes en la actualidad.

Cuando Tesla anunció que aceptaría BTC para los pagos, expresé mis dudas de que se afianzara porque las transacciones en Bitcoin son demasiado lentas y las implicaciones fiscales son significativas. Sin embargo, al dar este paso, Tesla ha tanteado el terreno para aceptar pagos con criptomonedas y ahora puede explorar las redes optimizadas para una finalidad casi instantánea, con bajas comisiones y sin impacto medioambiental.”

“Even Larry Fink, CEO of BlackRock, the world’s largest money management firm, noted the ability to sway Bitcoin prices drastically with a small amount of capital. For Musk, who was briefly the world’s richest man earlier this year, this seems to be about more than just making money. He’s found a way to manipulate market sentiment in under 280 characters. We saw a bit of this from Trump as well, but Musk is clearly much better at playing this game.”

nnnnn”,”created_at”:”2021-05-28 15:16:35″,”updated_at”:”2021-05-28 23:04:25″,”sort”:9,”translations”:{“id”:2500,”explained_post_id”:2507,”title_en”:”Mati Greenspan, founder of Quantum Economics:”,”content_en”:”

nnnnn”,”title_es”:”Mati Greenspan, fundador de Quantum Economics:”,”content_es”:”

“Incluso Larry Fink, director general de BlackRock, la mayor empresa de gestión de dinero del mundo, señaló la capacidad de influir drásticamente en los precios de Bitcoin con una pequeña cantidad de capital. Para Musk, que fue brevemente el hombre más rico del mundo a principios de este año, esto parece ser algo más que ganar dinero. Ha encontrado una forma de manipular el sentimiento del mercado en menos de 280 caracteres. También vimos un poco de esto en Trump, pero Musk es claramente mucho mejor en este juego.”

“We have, of course, seen many ups and downs in the crypto world, so we are somewhat immune to small, one-day news items like tweets from Elon or previous comments from Warren Buffett, Jamie Dimon, etc. In general, the negative comments have come from people who have a lot of fiat currency and don’t want the system to change. Elon is somewhat different in that he is a change agent. I certainly hope he is not doing this as a pump and dump with selfish motivations. I like thinking of him as a change agent and hero.

With regard to his energy statements: I almost always agree with Elon, but here he has gotten it wrong. Secondary effects of technology rarely are what they look like on the surface. Mining encourages the use of cheap alternative energy. We have actually found more energy on the Earth because of miners. Bitcoin uses far less energy than our existing system, which chops down trees for paper money and requires enormous infrastructure. How much energy do banks, buildings, mints, printers, etc., use up in the processing of fiat dollars?

Fiat currency is inflationary and encourages wasteful spending. Bitcoiners are holders.

And finally, with companies like OpenNode and the Lightning Network, we can have far more transactions per second than the Visa network, and for a fraction of the cost and almost zero cost of energy.

There are, of course, coins that are more environmental. Tezos uses proof-of-stake instead of proof-of-work and uses less energy, but all crypto is way better than the 200 plus fiats we have out there.”

nnnnn”,”created_at”:”2021-05-28 15:17:02″,”updated_at”:”2021-05-28 23:04:25″,”sort”:10,”translations”:{“id”:2501,”explained_post_id”:2508,”title_en”:”Tim Draper, founder of Draper Associates and Draper Fisher Jurvetson:”,”content_en”:”

Fiat currency is inflationary and encourages wasteful spending. Bitcoiners are holders.

And finally, with companies like OpenNode and the Lightning Network, we can have far more transactions per second than the Visa network, and for a fraction of the cost and almost zero cost of energy.

nnnnn”,”title_es”:”Tim Draper, fundador de Draper Associates y Draper Fisher Jurvetson:”,”content_es”:”

“Por supuesto, hemos visto muchos altibajos en el mundo de las criptomonedas, por lo que somos algo inmunes a las pequeñas noticias de un día como los tuits de Elon o los comentarios anteriores de Warren Buffett, Jamie Dimon, etc. En general, los comentarios negativos han venido de personas que tienen mucha moneda fiduciaria y no quieren que el sistema cambie. Elon es algo diferente en el sentido de que es un agente de cambio. Ciertamente, espero que no esté haciendo esto como un pump and dump con motivaciones egoístas. Me gusta pensar en él como un agente de cambio y un héroe.

En cuanto a sus declaraciones sobre la energía: Casi siempre estoy de acuerdo con Elon, pero aquí se ha equivocado. Los efectos secundarios de la tecnología rara vez son lo que parecen en la superficie. La minería fomenta el uso de energías alternativas baratas. De hecho, hemos encontrado más energía en la Tierra gracias a los mineros. Bitcoin utiliza mucha menos energía que nuestro sistema actual, que tala árboles para obtener papel moneda y requiere una enorme infraestructura. ¿Cuánta energía consumen los bancos, los edificios, las cecas, las impresoras, etc., en el procesamiento de los dólares fiduciarios?

La moneda fiduciaria es inflacionaria y fomenta el despilfarro. Los Bitcoiners son los titulares.

Y por último, con empresas como OpenNode y la Lightning Network, podemos tener muchas más transacciones por segundo que la red de Visa, y por una fracción del coste y casi sin coste de energía.

Hay, por supuesto, monedas que son más ecológicas. Tezos utiliza proof-of-stake en lugar de proof-of-work y utiliza menos energía, pero todas las criptomonedas son mucho mejores que los más de 200 fiats que tenemos por ahí.”

“Musk’s tweets and the resulting effects certainly may have hurt crypto in the eyes of some institutional investors. While a good deal of investors already consider Musk a bit of a clown and aren’t making investment decisions based on his opinions, it raises concerns about the maturity of crypto markets that an errant tweet can erase hundreds of billions of dollars in market cap in just a few days.

The whole Dogecoin affair, in general, is not helping crypto’s image either. Many thought that 2021 was the year that cryptocurrencies would begin gaining mainstream acceptance as an asset class, but seeing a meme dog coin hit an $80 billion market cap and then crash 50% is not ideal for crypto to be taken seriously.

Institutional capital is still entering crypto rapidly, and that will continue this year, but the effects of these tweets undoubtedly led to some tough conversations in investment committees this month. For those of us in the crypto space, the best thing to do is not give so much attention and power to Musk or any other individual.”

These quotes have been edited and condensed.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

nnnnn”,”created_at”:”2021-05-28 15:18:29″,”updated_at”:”2021-05-28 23:04:25″,”sort”:11,”translations”:{“id”:2502,”explained_post_id”:2509,”title_en”:”Wes Levitt, the head of strategy at Theta Labs:”,”content_en”:”

These quotes have been edited and condensed.

nnnnn”,”title_es”:”Wes Levitt, jefe de estrategia de Theta Labs:”,”content_es”:”

“Los tuits de Musk y los efectos resultantes ciertamente pueden haber perjudicado al cripto espacio a los ojos de algunos inversores institucionales. Aunque una buena parte de los inversores ya consideran a Musk un poco payaso y no están tomando decisiones de inversión basadas en sus opiniones, plantea preocupaciones sobre la madurez de los mercados de criptomonedas que un tuit errante puede borrar cientos de miles de millones de dólares en capitalización de mercado en tan sólo unos días.

Todo el asunto de Dogecoin, en general, tampoco está ayudando a la imagen de las criptomonedas. Muchos pensaron que 2021 era el año en que las criptomonedas comenzarían a ganar aceptación como clase de activos, pero ver que una moneda de perro meme alcanzó una capitalización de mercado de 80 mil millones de dólares y luego se desplomó un 50% no es ideal para que las criptomonedas sean tomadas en serio.

El capital institucional sigue entrando en las criptomonedas rápidamente, y eso continuará este año, pero los efectos de estos tuits sin duda llevaron a algunas conversaciones difíciles en los comités de inversión este mes. Para los que estamos en el espacio de las criptomonedas, lo mejor es no dar tanta atención y poder a Musk o a cualquier otro individuo.”

Estas citas han sido editadas y condensadas.

TLos puntos de vista, pensamientos y opiniones expresados aquí pertenecen únicamente a los autores y no reflejan ni representan necesariamente los puntos de vista y opiniones de Cointelegraph. Este artículo no contiene consejos ni recomendaciones de inversión. Cada movimiento de inversión y comercio implica un riesgo, y los lectores deben realizar su propia investigación al tomar una decisión.

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“Does Musk have some undisclosed personal or business interest in knocking BTC and promoting DOGE? Are his tweets, which contain what some would consider wild speculation on the prices of Dogecoin and other cryptocurrencies, mere puffery and permitted First Amendment speech, or are they violations of securities, commodities, consumer or other laws?”

“DOGE is a powerful marketing tool, driving attention and adoption of crypto and decentralization as a concept. And in that respect, it is invaluable.”

“As web services grow and become more complex, the demand for computing power will continue to go up over the next few years, and that will require much more energy.”

Also, Mark Cuban, billionaire investor and owner of the Dallas Mavericks, decided not to withdraw support for Bitcoin payment, arguing with Elon Musk:

“We know that replacing gold as a store of value will help the environment. […] Shrinking big bank and coin usage will benefit society and the environment.”

Cointelegraph reached out to crypto and blockchain industry experts for their opinions on the following question: How do all these Elon Musk comments affect the entire crypto space?

“This crypto market shows how investor psychology can heavily impact crypto markets.

Fiat currency is inflationary and encourages wasteful spending. Bitcoiners are holders.

And finally, with companies like OpenNode and the Lightning Network, we can have far more transactions per second than the Visa network, and for a fraction of the cost and almost zero cost of energy.

These quotes have been edited and condensed.

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