While Elon Musk wields significant influence over his followers, it is unlikely that he can single-handedly impose a dominant narrative on a particular market
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Last week FXStreet suggested that Elon Musk's narration hinting at "green" crypto advantages could be moving market. Let's confront this news with the comment of Dominik Podlaski, Technical Analyst at Bitget.
FXMAG.COM: FXStreet suggests recent Elon Musk narration on sustainability may affect more "green" crypto, would you agree or disagree?
Dominik Podlaski (Bitget): Rather disagree. The sustainability narrative has been present for the past few years, gradually gaining momentum across sectors and showing no signs of slowing down. While Elon Musk wields significant influence over his followers, it is unlikely that he can single-handedly impose a dominalnt narrative on a particular market. However, he may possess knowledge of upcoming changes, such as advancements in AI, and position himself as a pioneer in that field.
Although there is a great chance of having such a narrative in the cryptocurrency market, it's not because of Elon's statements. The reason behind it may be even more fundamental. Prices of energy are still rising, and therefore many previously profitable investments are under pressure. For example, cryptocurrencies are energy-intensive. That is why projects using green energy or more energy-efficient solutions may come into the spotlight.
