Sentiment Against Elon Musk on Twitter Rose in May Post-Bitcoin-Criticism

Elon Musk. Source: a video screenshot.

It appears that Ethereum (ETH) co-founder Vitalik Buterin’s argument that the markets would pay much less consideration to Tesla chief Elon Musk’s Bitcoin (BTC)-related tweets acquired a continuation – with a sentiment monitoring firm discovering lower than 15% of May tweets about Musk being constructive.

The positive-to-negative sentiment of tweets concerning the SpaceX chief reached a brand new low in May, falling considerably across the identical time crypto costs took a dive, and after Musk has begun criticizing Bitcoin, discovered sentiment monitoring firm Awario as Yahoo Finance reported. This can also be the time when Tesla introduced they’d not settle for BTC as a type of fee.

Tweets in favor and in opposition to Musk had been about equal in quantity in January this yr. However, by May, the ratio of positive-to-negative sentiment fell by some 25% – ensuing in the bottom ratio since October 2020 when Awario started algorithmically monitoring this sentiment by measuring sure key phrases.

The largest proportion, or some 66%, was taken by tweets about Musk that had been impartial in sentiment. Negative tweets stood at 19%, whereas constructive tweets had been at 15%.

Notably, each the unfavorable and the constructive sentiments adopted the Bitcoin criticism and the Tesla announcement, however constructive ones did so to a smaller diploma. “Some individuals purchased into Musk’s protection that the very fact Tesla nonetheless held bitcoin on its steadiness sheet was a serious instance to different companies seeking to probably do the identical,” crypto investor David Gokhshtein was quoted as saying.

To some, this possible would not be a shock. Less than two weeks in the past, Buterin argued that the latest worth crash will train crypto markets a lesson, that individuals will cease hanging on each Musk’s tweeted phrase, and that the markets will “construct up an immune system over time.”

Additional unfavorable sentiment got here from dogecoin (DOGE) supporters, following Musk’s Saturday Night Live look and the next DOGE drop.

Nonetheless, Musk still gained more than 3m followers in May, currently counting some 56.4m in total.

And while Twitter sentiment may not affect Musk, a potential impact on his companies may. “Elon is wading into an area that’s maybe not the best of statements to make because the fact of the matter is bitcoin is the future of digital currencies, it’s the root of it,” Tesla investor and Gerber Kawasaki CEO, Ross Gerber, was quoted as saying. While criticizing Bitcoin’s carbon footprint is logical, he mentioned, “it is a very harmful space for Elon to get in when he is inflicting individuals losses like he did the opposite day and it turns individuals in opposition to him and finally Tesla.”
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Learn extra:
– Elongate: Market Rereads Bitcoin FUD Playbook & Waits For The Next Tweet
– Tesla Sends Bullish Bitcoin Signal To Global Corporates

– Engineer Elon Musk Says Bitcoin ‘Is Less Dumb’ Than Cash
– Musk’s Doge, Bitcoin Tweets May Spur Double-Digit Returns – Report

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