Elon Musk Is Done With Crypto: So What?
Many are trying to make news of a Tweet Elon sent out about how he is done with crypto and his interest is now AI.
In this video I discuss how the idea that we need a "face" for crypto is counterintuitive. For years, people have felt that way and it never made any sense. John McAfee. Elon Musk. Tim Cook. Seems like we need to have idols at the head of the table.
This is not how crypto works.
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Oh the bloke don't know if he is coming or going, just goes to show money doesn't mean you have sense.
Good riddance imo
I wouldnt conclude this. People keep thinking he has no idea what he is doing yet he keeps coming out on top. That is no mistake.
Many think he is a fool yet he keeps proving that isn't the case.
But time will tell if he comes out ahead on this one.
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Does he though? look at his recent performance and now the debacle with Tesla's being recalled. Perhaps this is just a bump in the road but his losses have been huge on a % base. He still has a lot of wriggle room, Let's see how this year unfolds I guess.
There's just no way he isn't loading bags now. He will wait for 2 years to embrace it again and unload them during FOMO. He is smart, but also a big manipulator.
Or maybe he is just not into it anymore.
Many think he is all about th emoney, that does not appear to be what drives him.
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I'm a huge fan of the guy and I know he is in love with every project he is currently working on. All I'm sayin is that he is for sure allocating some percentage of his portfolio into crypto, would be kinda silly not to. But I do find his public statements really manipulative at times.
I doubt it. He prolly just isn’t into it. The rep damage is he comes out later as liar will be worse. He prolly just is being honest.
Actually, it seems that his rep never takes damage when he lies. He has an incredible mind but he is also an entrepreneur and they always come with fake stories. I like to point people to this video because it describes him well I would say. I ignore the private stuff because I have no confirmation of those things, just focus on the public stuff.
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Elon is just moving away to the next shiny thing and I don't think he was really promoting much besides DOGE. It hasn't changed anything.
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So, what's new then? 😆
Tim Cook? Who the heck tried to make him the Face of crypto? He’s past one I’d think of. But good point overall! It’s literally the opposite of what decentralization means to make anyone the face. Elon of anyone.
Elon is shrewd and smart.
I think AI is a big part of what he has created at Tesla.
I think he even said it himself that they are a leader in AI technology and it’s potential is very great.
I would always bet with Elon and not against him.
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I think your right with respect to a face. While it is a traditional marketing strategy to buy someone famous and make them the face of a product, the FTX debacle and other SEC actions against influencers has changed perception of celebrity endorsements perhaps for ever.
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Summary:
The video discusses Elon Musk's recent tweets indicating his shift away from crypto towards AI, sparking a debate about the significance of his involvement in the crypto space. The speaker expresses his indifference towards Elon Musk's influence on cryptocurrency, emphasizing that crypto does not need a prominent figure to succeed. Instead, he highlights the importance of focusing on legitimate projects and developments within the industry, disregarding the impact of high-profile individuals like Musk. The speaker also mentions the acquisition of a digital asset custodial firm by Coinbase, a development that could facilitate institutional involvement in the crypto space.
Detailed Article:
The video begins with the speaker addressing Elon Musk's recent tweets discrediting his interest in cryptocurrencies and expressing his focus on AI. The speaker dismisses the hype surrounding Musk's involvement in the crypto space, stating that Musk's influence is more about the cryptocurrency world clinging to him rather than him actively engaging with cryptocurrencies.
The speaker criticizes the tendency within the crypto community to idolize figures like Musk, mentioning previous examples like John McAfee, who turned out to be involved in promoting scam coins. He contends that the industry's reliance on prominent personalities like Musk is unnecessary and detrimental to the legitimacy and progress of genuine crypto projects.
Moving on, the speaker provides insights on the acquisition of a digital asset custodial firm by Coinbase, highlighting the potential for the firm to attract major institutions once regulations are in place. He emphasizes the role of regulations in facilitating institutional participation in the cryptocurrency market and predicts significant developments in this regard.
The speaker stresses that sincere and innovative projects, such as Cardano and Ethereum, do not rely on the endorsement or involvement of influential figures like Musk to succeed. He argues that sustainable growth and progress in the crypto industry come from the efforts of dedicated teams involved in building and developing genuine projects.
Furthermore, the speaker underscores the decentralization and resilience of Bitcoin, dismissing the notion that Musk's involvement has had a significant impact on the cryptocurrency's trajectory. He asserts that crypto does not require a central figure or influencer to thrive, emphasizing the self-sustaining nature of decentralized technologies.
In conclusion, the speaker encourages the audience to focus on the substance and credibility of crypto projects rather than being swayed by the actions or statements of high-profile individuals. He asserts that the true potential of the crypto industry lies in authentic developments and initiatives, independent of celebrity endorsements or public attention.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.