Elon Musk is not as popular as he used to be. In fact, according to a new study, Musk is just about the most hated man right about now amongst crypto fans.
Is Elon Musk the Most Hated Man in Crypto?
The study was conducted by an analysis firm known as Awario. The enterprise has been monitoring the South African entrepreneur’s bitcoin tweets since late last year and has been studying how many people post negative and positive sentiment regarding his decisions and ideas. In the beginning of the year, the anger and love towards Musk were relatively the same, with 50 percent of Twitter users posting positive messages about Musk, while the other 50 percent posted less flattering material.
However, that all changed when Musk announced that his company Tesla was not going to be accepting crypto payments for goods and services after all. The positive sentiment towards Musk ultimately fell by roughly 25 percent overnight. Now, new data suggests that most of the messages posted about Musk are relatively neutral, while only about 14 percent are positive and just under 20 percent are negative.
Many crypto fans responded angrily towards Musk rescinding his decision to allow bitcoin payments for electric vehicles. Most traders and investors thought this would be a huge step forward for the world’s number one digital currency by market cap, especially considering bitcoin had always been designed to serve as a payment method. With Musk walking back on that decision, bitcoin fell right back into its old spot, and the currency began experiencing monster drops that ultimately saw it lose close to $30,000 off its April high of $64,000.
Musk’s decision to stop bitcoin payments prematurely like that had to do with concerns regarding the bitcoin mining process, which Musk believes could lead to environmental damage. Tesla ultimately put out a statement claiming that bitcoin and crypto were revolutionary items, but they should not come at the expense of the planet’s health.
In addition, Musk has hinted that he may personally sell his own bitcoin stash in the future. This caused further negative speculation and price drops, and his words have led to problems for many of Tesla’s primary investors. Those who have money in the enterprise feel it is time he learned to keep his mouth closed considering his company’s stock shares have been struggling as of late and he is allegedly causing monetary losses for people.
People Are Losing Out!
Longtime Tesla investor Ross Gerber mentioned in a recent interview:
Elon is wading into an area that is maybe not the best of statements to make because the fact of the matter is bitcoin is the future of digital currencies. It is the root of it, but I think it is a very dangerous area for Elon to get in when he is causing people losses… and it turns people against him.