Home Business Insights & Advice What is the impact of fake news on cryptocurrency markets?

What is the impact of fake news on cryptocurrency markets?

by Sponsored Content
19th Jun 20 1:48 pm

Fake news is one of the biggest problems in modern society. With the reduction in the number of printed newspapers and the growth of online agencies, many are producing more and more fake news for various purposes. In this aspect, cryptocurrencies have not gone unnoticed. Throughout their existence, a lot of fake news has circulated, which in fact has directly influenced them.

But also the different statuses on social networks by influencers, move cryptocurrency markets considerably. In this aspect, Twitter is the leader.

Elon Musk and Twitter

Elon Musk is a fan of cryptocurrencies but also a big fan of Tweets. Tesla’s boss is a big tweeter. He uses the platform to publish product updates, trumpet accomplishments, attack critics, and share LOL. Thus triggering the occasional stock price, all while many times using a sarcasm.

Elon Musk is indeed a big fan of cryptocurrencies, but he has never confirmed that he has invested a considerable amount of money in crypto.

When Harry Potter author J.K. Rowling asked if someone could explain what bitcoin is to her, Musk tweeted, saying that he owns only 0.25 bitcoins.

But many other platforms have used the figure of Elon Musk to advertise and potentially sell their scams. Musk reacted with a tweet saying, “The crypto scam level on Twitter is reaching new levels. This is not cool”.

Most of these scams would use fake accounts to impersonate him and trick people into sending them cryptocurrencies. There were rumors that he had invested in Bitcoin Trader, which is a trading bot. But did Elon musk invest in Bitcoin Trader? Not really.

The official website of the platform says, that “The founder of SpaceX has invested in Bitcoin but not through a trading robot. He is interested in technologies such as AI, but he hasn’t revealed any interest in trading robots.”

Leave a Comment


Sign up to our daily news alerts

[ms-form id=1]