Elon Musk is one of the most influential innovators today, and while he is worth billions, there is wisdom in making crypto decisions yourself.
Many people follow Elon Musk when it comes to buying crypto. This is because he has many followers and is very influential, so many people mimic him. For example, Elon Musk’s Twitter account followers rose by more than 400% when he started tweeting about Crypto and Bitcoin.
However, Musk is only a man. He knows as much about crypto trends as you do. Although, it is fair to say he has an investment firm do the investing for him. Still, people perceive Musk himself as making the buy and sell decisions.
In addition, Musk can buy and sell enough crypto to influence the market. Anyone with enough funds can buy into an investment heavily enough to gain what is called stakeholder supremacy. Although, it is less troublesome with crypto as opposed to stocks. Still, he does have the buying and selling power to shift the market. Now, with that said, his influence cannot be enough to sway YOUR buying or selling decisions.
Therefore, this article will argue that following Elon Musk’s habits when it comes to crypto isn’t necessarily a good idea. Instead, it would be best if you made your decisions based on your circumstances.
One of the most popular criticisms of Musk is the number of companies that he has founded that have failed. In 2008, he founded Tesla, which is a company that produces electric vehicles and solar panels. It’s done exceptionally well, but not all his ventures are successful. He also founded SpaceX in 2002, which was only profitable until 2010. In 2004, Musk founded the Hyperloop company, and although he didn’t give it much attention, another group made a prototype of the proposed transportation method. Then Paypal had one of its worst years in 2015, with stocks falling by more than 35%.
In addition, while his investments have been improving over time, they still aren’t always profitable. For example, in 2019, Tesla stock has fallen by a little over 10%.
Some might believe that Musk knows everything about stocks and investments and will be profitable regardless. However, many people think that he shouldn’t be used as a trendsetter.
Mark Cuban, the billionaire and owner of the Dallas Mavericks, made this statement in regards to following Elon Musk into crypto: “I think it is interesting, but I would never recommend anyone invest in cryptocurrency unless they had huge risk capital.”
“When you start getting into these small cap ICOs, you know that’s just a huge risk. And there’s not enough transparency in those companies to really make an informed decision or to get any liquidity for your investment. So it’s really dangerous.”
Cuban isn’t the biggest proponent of crypto, as he believes it has a high risk of failure. However, even Cuban says that Musk should not be used as a trendsetter in crypto.
So should you follow Elon Musk’s investment habits when buying cryptocurrency? Based on his track record alone, those following his lead shouldn’t necessarily be emulating him when it comes to investing in crypto.
Elon Musk is the founder of Tesla Motors and SpaceX, an aerospace manufacturer and space transport services company. He is also a venture capitalist in Silicon Valley. He was born on June 28, 1971, to engineer parents in Pretoria, South Africa. Elon’s mother came from Canadian heritage, and his father from American heritage. His family fled to North America in 1984 because it was too dangerous to stay in South Africa during the apartheid era. They immigrated to Canada because English is one of the two official languages there. Elon has a younger brother named Kimbal Musk, who is also an entrepreneur like him.
He attended Queen’s University for one year before transferring to the University of Pennsylvania. He left after two years because he was too busy with his entrepreneurial pursuits in 1995 and moved to California to pursue a Ph.D. at Stanford University but withdrew from it in 2002. His father was an engineer, so Elon did not grow up wanting to become rich and famous like other celebrities. Instead, he grew up wanting to build and create things that benefit society, just like his father before him. He took his inspiration to do so from the Apollo program in America, which inspired him to pursue more than what he was taught at school about how the world works or how it should be.
Elon Musk is known for being outspoken, and his rants have landed him in trouble a few times. He also likes to take action instead of just talking about what he is going to do. When there is a problem, Elon Musk wants to solve it himself or with the help of others instead of waiting for someone else to fix it. Many people want a hero like Elon Musk who can fix their problems. Because of that, they are willing to save money and live frugally to invest in Musk’s companies to make money.
He is a capitalist — a person who uses his knowledge in the business world to make money and generate value for others under the capitalist framework? While some of his companies are not public, they are still privately funded by him or other wealthy individuals who have invested in his companies. In other words, he does not honestly know what to invest in crypto because he doesn’t need the money from crypto — that is what his company makes for him, and he uses those funds to expand their scope. So if you are a “fan” of Elon Musk, you must realize that while he may appreciate your support, he is not too concerned about your opinion of him or his companies.
So then, why do so many people idolize Elon Musk? Like all celebrities, it has to do with people’s emotional responses and how they relate to them. People admire Elon Musk because he can bring things into existence that no one else thought was possible. However, he can lose money like any other capitalist and has.
So while admiring the man, don’t invest in every word he speaks. And that means crypto.
Well, whose fault is it if your investment fails? Yours. Not Musk’s. So, don’t make investments based on a single person’s opinion. And don’t trust anyone who says they know what’s “going on with crypto.” People are paid to promote ICOs and coins all the time, but you shouldn’t see that as a sign of something terrible but rather a sign of something good. Most people won’t be able to tell you about every project because it’s too much work. So, it’s good that some people do this for a living.
But you should invest in what YOU believe in, as long as it makes sense to you. Don’t follow the hype — follow your gut feeling and whatever logic you can find behind an idea or company. Just make sure you don’t have an emotional attachment to your investment. Otherwise, you will find yourself crying into your pillow at night if the price doesn’t go up as you want it to or, even worse — losing money because of bankruptcy and not knowing why. Crypto can be volatile.
We all want success, but we must live and die by our decisions and no one else’s. Even when we get financial advice from a professional, the decision to move still rests with us; it rests with YOU.
Investing in crypto might seem alien, but it’s not. You’ve made investments before, and you might be able to find ways to invest in crypto. Moreover, the more time and effort you put into studying a new opportunity, the better your chances of success will probably be.
In crypto, there is no rule about what or how long you should invest in something. There are no deadlines or timelines to adhere to. We live with the freedom of choice, so be sure that when you invest your money, you do it right and figure out what makes sense for you — not someone else. Would Elon Musk ask his followers how much they’ve invested in crypto? Do you think he asks anyone else?
Don’t listen to Elon Musk when you’re looking for places to invest in crypto. And don’t just go by what you read online about people making millions on crypto, either. Anyone can make up a story and say that they’ve made significant amounts of money from investing in an ICO. Who are we to believe? What if the person who wrote that blog post got paid to write it? Everything is a business. It’s up to you to figure out whose business you want to be in — and for how long.
Know thyself.
We all want to succeed, and when we see someone like Elon Musk, we want to emulate his success, but if we do that, what makes us different? What makes us unique? Do you want to be like Elon Musk because he’s a celebrity, or do you want to be like him because he accomplished great things in the world and made a name for himself?
Remember that while following someone else is a good way of learning, it is also essential to have your voice — your own opinions and beliefs. So, if you want to invest in crypto because of Elon Musk, take a moment to think. Remember, we’re all unique human beings who can make decisions ourselves; do what feels right for you when investing in something new. Don’t rely on a single person’s opinion, no matter who that person is.
If you believe in crypto, invest in it and figure out what motivates you about the project. See if they’re doing something new or if they’re following trends like everyone else. If you understand what’s going on behind a product or an ICO, then that can make all the difference in the world.
Do you think Elon Musk is a crypto expert?
Please read my other articles on Medium, Quora, and LinkedIn!
- "
- 2019
- Account
- Action
- advice
- Aerospace
- africa
- alien
- All
- america
- American
- apollo
- article
- articles
- Bankruptcy
- BEST
- Biggest
- Bitcoin
- Blog
- build
- business
- buy
- Buying
- california
- Canada
- Canadian
- capital
- celebrities
- Celebrity
- chances
- Coins
- Companies
- company
- Crying
- crypto
- crypto trends
- cryptocurrency
- Dallas
- DID
- Electric
- electric vehicles
- Elon Musk
- engineer
- English
- Entrepreneur
- Expand
- Failure
- fair
- family
- Figure
- financial
- Firm
- Fix
- follow
- founder
- Framework
- Freedom
- funded
- funds
- FX
- good
- great
- Group
- Grow
- guide
- High
- How
- HP
- hr
- HTTPS
- huge
- Hyperloop
- ia
- ICO
- ICOs
- idea
- influence
- innovators
- Inspiration
- investing
- investment
- Investments
- IT
- knowledge
- Languages
- lead
- learning
- Liquidity
- Long
- Making
- man
- Manufacturer
- Market
- medium
- money
- Most Popular
- mother
- move
- North
- north america
- official
- online
- Opinion
- Opinions
- Opportunity
- Other
- Others
- owner
- parents
- PayPal
- Pennsylvania
- People
- Popular
- power
- price
- Product
- Program
- project
- promote
- public
- Risk
- School
- sell
- sense
- Services
- shift
- Silicon Valley
- small
- So
- Society
- solar
- solar panels
- SOLVE
- South
- South Africa
- Space
- SpaceX
- stanford
- Stanford university
- start
- started
- Statement
- stay
- stock
- Stocks
- success
- successful
- support
- talking
- Tesla
- Tesla stock
- time
- track
- Transparency
- transport
- transportation
- Trends
- Trust
- university
- University of Pennsylvania
- us
- value
- Vehicles
- venture
- Ventures
- Voice
- W
- What is
- WHO
- words
- Work
- works
- world
- worth
- year
- years