Arab Press

بالشعب و للشعب
Thursday, Feb 26, 2026

Crypto investors to Elon Musk: Please stop tweeting!

Crypto investors to Elon Musk: Please stop tweeting!

The prices of bitcoin, dogecoin and other digital currencies have plunged more than 40% in recent weeks. While Elon Musk isn't the only reason for the crypto carnage, he certainly isn't helping.

Whether it's going on "Saturday Night Live" and joking that dogecoin is a "hustle" or having his epiphany that bitcoin mining may not be great for the environment, Musk's behavior has cryptocurrency bulls wishing he would stop tweeting and focus more on building cars instead.

Bitcoin (XBT) fans are tired of Musk exerting so much influence over the near-term price movements of seemingly all cryptocurrencies.

"People who followed Musk blindly have lost a lot of money. They may have gotten burned and never come back," said Alex Mashinsky, CEO and founder of Celsius, a crypto lending platform that offers digital tokens as rewards to customers — similar to a publicly traded company paying a dividend.

"The crypto community needs to be more responsible in how it explains these assets and the risk," Mashinsky added. "Pundits kept saying we'd never see a down market for bitcoin again because of institutional interest, Square and PayPal, etc. When you hear that, you have to worry."

Investors and analysts are particularly irked by that all cryptocurrencies have been rising and falling with bitcoin and dogecoin — in part due to Musk making flip-flopping remarks about them. Some crypto investors are also annoyed, to put it mildly, that a comment from Musk can move prices so wildly.

"Musk is very calculated," said Eloisa Marchesoni, an angel investor and cryptocurrency consultant. "People are angry."

Tesla did not respond to requests for comment about Musk's thoughts on bitcon, dogecoin and other cryptocurrencies. But Musk hasn't been silent on Twitter — and, for the time being, he seems bullish.

Musk still tweeting about crypto


In one tweet early Monday morning, Musk shared a parody of the famous movie poster of "Jaws."

A crumpled dollar was the substitute for the hapless swimmer about to get attacked, and the infamous shark was replaced with a giant dog. DOGE appeared in big red letters at the top, with the caption "You'll never use the dollar again."

Musk also responded to a Twitter follower on Saturday who asked him: "what do you think about the peeps who are angry at you because of crypto?" Musk said that "the true battle is between fiat & crypto. On balance, I support the latter."

Musk isn't the only reason for the sell-off. Also contributing to the slide are fears of stricter regulations in China (where many bitcoin mines operate) as well as the potential for more taxes on cryptos in the United States.

But Musk's constant chatter about crypto may be confusing some investors.

They may not realize there are different use cases for bitcoin, which many investors treat as sort of an inflation hedge (aka digital gold) as opposed to the second largest crypto ethereum, whose blockchain is used for many non-fungible token (NFT) transactions that are becoming increasingly popular in the art and collectbles world.

Laugh at the meme coins...but don't buy them


Good luck finding anyone with a convincing argument for why dogecoin and other joke currencies like shiba inu coin are needed for anything.

"I still don't understand what Musk's perspective on dogecoin is and I don't think the world does either. Why does he think it's valuable?" said Megan Kaspar, managing director with Magnetic, a cryptocurrency investing firm.

"Institutional investors are very thoughtful and are not buying dogecoin just because Musk is pumping it. But retail investors, who are not doing this for a living, may not be," she added.

Marchesoni urged long-term investors, the so-called HODLer faithful, to tune out Musk and focus on bitcoin, ethereum and other prominent coins like cardano and XRP.

"There is nothing to be worried about if you are a HODLer," Marchesoni said. "But if you are a small investor, you are going to get burned unless you stay away from the meme coins."

"The bubble will burst. It always happens with new assets. It will pop and we're not yet at the climax," she warned.

Mashinsky, the Celsius crypto lending platform founder, agreed that casual investors may soon grow tired of the volatility in cryptocurrencies — leaving only long-term bulls who love that digital money is not tied to the whims of government-backed central banks, unlike paper currencies.

So long to the casual crypto investors?


"We're getting a flushing out of all the crypto tourists," Mashinsky said. "Many of them are not here buying because they believe in financial freedom or long-term diversification. They're just trying to make a quick ride."

That's why some experts are also urging investors to look at so-called stablecoins such as tether, USD Coin and binance USD. These are cryptocurrencies pegged to the value of the dollar, euro and other forms of fiat money, as a way to hedge their bets.

"Stablecoins are asset-backed, so there is less volatility but they can help mitigate inflation pressure," said Ken Nakamura, CEO of GMO-Z.com Trust Company, which launched the world's first regulated stablecoin that is pegged to the Japanese yen.

But make no mistake: Bitcoin and other cryptos are still relatively young assets when compared to stocks, bonds and physical commodities and currencies.

Most cryptocurrencies are likely to be volatile investments for the foreseeable future, especially if Musk doesn't put his phone down.

"There is headline risk for cryptocurrencies and Musk is the poster child for that. What he says still matters...at least for now," said Ed Egilinsky, managing director and head of alternative investments at Direxion.

"Investors have to consider why they are buying. Hopefully, it's to diversify," Egilinsky said. "But there's not a long enough history to say that bitcoin or others are at true inflation hedge. This is still more like speculative momentum trading."

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Saudi Arabia’s Coffee Renaissance Gains Momentum as Investment and Heritage Drive Industry Growth
Saudi Shipping Leader Bahri Expands Fleet as Tanker Rates Approach $200,000 a Day
Saudi Arabia Advances First National Urban Policy Through High-Level Leadership and Institutional Alliances
Major Life Sciences Summits to Spotlight Saudi Arabia’s Rise as Regional Biotech and Pharma Hub
Saudi Arabia Reframes Red Sea and Horn of Africa Strategy Amid Rising Security and Trade Stakes
Saudi Arabia Recalibrates Its Role in Shifting Regional and Global Power Dynamics
Saudi Retail Signals to Global Brands: Localise or Lose Ground in a Rapidly Evolving Market
Saudi Arabia Looks to Human Capital Investment to Unlock Demographic Dividend
Saudi Arabia and Iran Increase Oil Exports Amid Escalating Middle East Tensions
Saudi Data Protection Authority Intensifies Enforcement Under Personal Data Law
Saudi Arabia Raises Oil Output and Exports Amid Contingency Planning Over Iran Tensions
USS Gerald R Ford Arrives in Souda, Crete
Saudi Sovereign Wealth Fund Unit Expands Push Into Global Private Credit
Saudi Arabia Eases Headquarters Rules to Attract More Foreign Firms
Saipem Secures Major Offshore Pipeline Contract in Saudi Arabia
Saudi Arabia’s Targeted Oil Export Cuts to the US Seen as Strategic Signal Amid Global Supply Glut
Nemetschek Arabia Signs Strategic MoU with Saudi Facility Management Association
Gulf Markets Close Mixed as Saudi Shares Slip on Budget Deficit Concerns
Saudi Arabia Posts Largest Quarterly Budget Deficit in Years Amid Weaker Oil Revenues and Higher Spending
U.S. Lawmaker Urges Safeguards on Saudi Civil Nuclear Deal as Trump Administration Advances Agreement
Saudi Arabia and Gulf Allies Rally Behind Kuwait in Escalating Maritime Border Dispute with Iraq
Universal Aviation Secures License to Operate and Manage New General Aviation Terminal in Dammam
Tucker Carlson’s Saudi Arabia Remarks Spark Debate Over Israel Stance
GCC Secretary-General Holds Talks with EU Ambassador in Riyadh
Gulf States’ AI Investment Drive Seen as Strategic Bet on Technology and U.S. Security Ties
African Union Commission Chair Meets Saudi Vice Foreign Minister to Deepen Strategic Cooperation
President El-Sisi Holds Strategic Talks with Saudi Crown Prince in Riyadh
Lucid Unveils Up to $12,000 Incentive for Air and Gravity Models in Saudi Arabia
Saudi Arabia Enters Global AI Partnership, Expanding Its Role in International Technology Governance
Saudi Arabia’s Landmark U.S. LNG Agreement Signals Major Strategic Shift
Saudi Arabia Accelerates Global Gaming Push with Billion-Dollar Deals and Expanded PIF Mandate
Saudi Arabia Reports $25.28 Billion Budget Deficit in Fourth Quarter of 2025
Alvarez & Marsal Tax Establishes Dedicated Pillar Two and Transfer Pricing Team in Saudi Arabia
United States Approves Over Fifteen Billion Dollars in Major Arms Sales to Israel and Saudi Arabia
Pre-Iftar Walks Gain Momentum as Ramadan Wellness Trend Spreads
Middle East Jackup Rig Fleet Contracts Further After Saudi Drilling Suspensions
Türkiye and Saudi Arabia Prepare to Sign Five Gigawatt Renewable Energy Deal at COP31
King Mohammed VI Congratulates Saudi Leadership on Founding Day, Reaffirming Strategic Ties
US Envoy Huckabee Clarifies Remarks on Israel After Expansionism Controversy
Saudi Arabia Introduces Limited Exceptions to Regional Headquarters Requirement for Foreign Firms
Saudi Arabia Joins Global Partnership on Artificial Intelligence, Elevating Its Role in Shaping AI Governance
Saudi Arabia and Arab States Mobilise Diplomatically After U.S. Envoy’s Israel Remarks
Cristiano Ronaldo Reaffirms His Commitment to Saudi Arabia Amid Transfer Speculation
Proposed US-Saudi Nuclear Deal Raises Questions Over Uranium Enrichment Provisions
Saudi Arabia Sends 81st Aid Flight to Gaza as Humanitarian Air Bridge Continues
Global Games Show Riyadh 2026 Positioned as Catalyst for Saudi Arabia’s Vision 2030
Saudi Arabia Eases Procurement Rules, Allowing Foreign Firms Greater Access to Government Contracts
Türkiye and Saudi Arabia Seal Two Billion Dollar Solar Energy Agreement
Saudi Crown Prince Reportedly Sends Letter to UAE Leader Over Yemen and Sudan Policies
Saudi Arabia Voices Concerns to UAE Over Sudan Conflict and Yemen Strategy
×