The Tweet Heard ‘Round the Crypto World

It was the tweet heard ’round the crypto world.

Bitcoin (BTC, Tech/Adoption Grade “A-”) fell 10% after Elon Musk tweeted that Tesla, Inc. (Nasdaq: TSLA) would stop accepting the No. 1 crypto by market cap as payment for its cars, shocking followers as Tesla only started accepting Bitcoin payments less than two months ago.

The tweet rattled the global crypto community ... and not in a good way. Traders were angry, feeling disappointed and even betrayed by Elon Musk, who had been unwavering in his crypto bullishness until now. Some even wondered if this meant the end of the bull run for BTC.

But our message is simple:

Let us make one thing clear: Despite making the market move, Musk’s tweet did not change Bitcoin’s fundamentals … or our bullish long-term outlook.

As it usually happens in volatile crypto markets, the decline was half due to weak hands getting out and half due to the liquidation of overleveraged traders who have been keeping the price high in the first place.

Bitcoin is as alluring as it has always been, and if you liked BTC at $63k, you’ll love it at $47k.

As we said, nothing has changed about our bullish outlook, making this a unique opportunity to add to your position. You might want to buy the dip sooner than later; we believe it’s only a matter of time before the King of Crypto recovers.

A couple of days ago, Musk asked his community whether Tesla should accept Dogecoin (DOGE, Tech/Adoption Grade “B-”). The community responded with a resounding YES:

We asked the same question to our own audience, and our results look quite a bit different, with most of our readers not putting much weight behind the memecoin:

We posed a few other questions to our readers via Twitter last week.

The first asked about your favorite decentralized exchange (DEX):

PancakeSwap (CAKE), a DEX built on Binance Smart Chain, was the clear fan favorite. Still, all four options we listed should be considered by an avid trader in light of exorbitantly high Ethereum gas prices. Each charges less than $1 in transaction fees, and being able to transact cheaply is more important now than ever before.

Next, we asked you which altcoin you think will lead by market cap in the next three years:

The overwhelming majority opted for Cardano (ADA, Tech/Adoption Grade “B-”), a long-time favorite of ours.

Having this many eager crypto fans voice their opinions was a sight to behold, and it’s definitely something to look forward to in the future. These polls are extremely important to us, as they provide valuable feedback. We want to provide the news and opinions on topics that concern you the most, so please keep engaging with us on Twitter.

As for our opinion on ADA — this tweet pretty much sums it up:

After all these polls, it was only natural to offer a nugget of our own wisdom — an unpopular opinion that riled many of our fans but also found several supporters:

Do you agree? And what are your thoughts on Musk moving the market? Does he have an ulterior motive, or does he genuinely care about the environment?

Let us know by tweeting at @WeissCrypto with the hashtag #WeissCryptoAlert. We look forward to hearing from you!

Best,

Jurica Dujmovic

About the Contributor

Jurica Dujmović has been a creator, collector and investor in digital art, including the rapidly evolving non-fungible tokens (NFT) space since its inception nearly a decade ago. He’s also passionate about digital currencies and writes about crypto trends, including what’s new in the Weiss Crypto Ratings, in Weiss Crypto Daily. 

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