Elon Musk and Michael Saylor played a significant role in shaping crypto investor sentiment during the second quarter, underscoring just how nascent digital asset investing remains when compared with other, more established markets.\u00a0<\/p>\n
Sentiment-driven analysis from The TIE and eToro USA reveals the extent to which Musk and Saylor impacted Bitcoin (BTC) values in the second quarter. The results were presented in eToro USA\u2019s quarterly report, titled \u201cThe True Value of Influence.\u201d<\/p>\n
On average, Musk\u2019s Bitcoin tweets were followed by a 1.6% decline in BTC\u2019s price over the proceeding 24 hours, the report showed. However, Musk\u2019s Bitcoin-focused tweets positively affected investor sentiment and contributed to a 44.4% surge in BTC-related tweet volume. <\/p>\n
The researchers identified three occasions where Musk\u2019s Bitcoin-related tweets were associated with an even bigger drop in price. On May 16, his tweet on the centralization of mining was associated with a 7.6% decline in Bitcoin\u2019s price over the next 24 hours.<\/p>\n
His May 12 tweet regarding Bitcoin\u2019s fossil fuel usage likely contributed to BTC falling 9.4% over the same period. Finally, on May 20, Musk\u2019s claim that global Bitcoin mining exceeds the energy usage of some medium-sized countries preceded an 11.3% decline in the BTC price over 24 hours. <\/p>\n
Musk earned the scorn of the Bitcoin community when he said Tesla would no longer accept BTC payments due to environmental concerns. The Tesla CEO appeared to have walked back those comments last week when he said Bitcoin miners may have already hit his benchmark on renewable energy. <\/p>\n
Related: <\/em><\/strong>SpaceX owns Bitcoin, Elon Musk and Nic Carter believe BTC is becoming greener<\/em><\/strong><\/p>\n The tweets of MicroStrategy CEO Michael Saylor also appear to have influenced Bitcoin\u2019s price, but in the opposite direction. As The TIE and eToro USA explain:<\/p>\n \u201c[T]he majority of his tweets came as Bitcoin\u2019s price increased from $11k to $60k. Most present a positive perspective, ranging from announcements of MicroStrategy\u2019s recent Bitcoin purchases or overall promoting the asset as a whole.\u201d<\/p><\/blockquote>\n On average, in the 24 hours following Saylor\u2019s Bitcoin-focused tweets, the price increased by 4.4%, investment sentiment fell by 0.8%, and tweet volume jumped 4.1%.<\/p>\n The MicroStrategy CEO is convinced that Bitcoin is the \u201capex\u201d achievement of humanity, describing it as a \u201ccure\u201d for civilization-destroying inflation. Entities under his direct control have amassed more than 111,000 BTC since mid-2020.<\/p>\n In a recent poll, Saylor asked his 1.3 million Twitter followers how long they think Bitcoin will last. Of the more than 105,000 people who participated in the poll, nearly 38% said they believe Bitcoin would last 10,000 years. <\/p>\nMichael Saylor<\/h3>\n