Last Updated: February 16, 2022
In a video posted on their YouTube channel on June 5, notorious hacker group Anonymous expressed their disdain towards business magnate and Tesla CEO—Elon Musk.
During the almost four-minute exposé, the group’s signature robotic voice talked about Musk’s blatant disregard of the struggles of “common people,” calling him “another narcissistic rich dude who is desperate for attention”. It added that his “quest to save the world is more rooted in a superiority and savior complex than it is in actual concern for humanity.”
Anonymous presented a few examples of Elon’s shady practices, including reports of the poor working conditions of the Tesla factory workers, Musk’s relying on eco-unfriendly lithium mines, supporting dictator coups, and profiting more from government subsidies rather than car sales.
However, the main focal point of the video was Elon’s sudden denouncement of Bitcoin and subsequent tweets about it. They caused its price to fluctuate with each mention and hurt many people’s investments.
Is Elon Musk Controlling Bitcoin’s Destiny?
Musk’s relationship with Bitcoin has taken quite a turn over the past few months. After loudly supporting the cryptocurrency and effectively causing its value to rise, his ultimate show of support was Tesla buying $1.5 billion in Bitcoin and announcing that it will accept it as payment in February.
As expected, this caused a drastic rise in the value of the cryptocurrency. This trend continued (with some minor fluctuations) until May 13, when Musk retracted this decision, citing environmental concerns due to Bitcoin’s unsustainable mining.
Although it’s still the most popular cryptocurrency on every platform (here are the best ones), Bitcoin is struggling to recover from the sudden drop in value caused by Musk’s decision. His tendency to tweet memes and jokes about the cryptocurrency doesn’t help either.
A quick look at the replies below these tweets uncovers the response of the everyday Bitcoin investors and their frustration with Musk purposefully affecting Bitcoin’s value. His most recent tweet includes the Bitcoin hashtag and a broken heart emoji, prompting responses such as:
“Nooooo. I was just about 10% from breaking even and now the crypto market has crashed again. Why do you do this to us?”
“I love waking up to see my Crypto portfolio down and with no surprises you have been tweeting about Bitcoin in not a great way. Thanks for being selfish it doesn’t affect you being a billionaire just the everyday person. Hope you feel happy and enjoy the Karma coming your way.”
Dogecoin Remains in Musk’s Good Graces
For months, Musk has been heavily endorsing another cryptocurrency—Dogecoin. Besides tweeting about it multiple times during the past few months, he also endorsed it during his appearance on Saturday Night Live (which had the opposite effect, causing its value to drop) and recently announced a 2022 SpaceX mission to the Moon completely funded by Dogecoin.
Elon’s support of Dogecoin has caused it to gain popularity. It’s had an immense increase in value and recognition, even though many don’t take it seriously since it was initially made as a joke.
Nevertheless, both Bitcoin and Dogecoin’s value has often relied on Musk, so it could be said that their future somewhat depends on him too. Musk is aware of the power he holds to make or break a cryptocurrency, and it’s his misuse of this power that Anonymous is calling out.