Musk influenced some investors on Bitcoin’s ESG concerns

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Just under half of U.S. investors have a problem with bitcoin-related environmental issues, with some of them apparently being swayed by tweets from Tesla CEO Elon Musks, according to a new survey.

According to a summary of the results posted on the News Services website, 49% of 1,103 people polled in the Investing.com poll said bitcoin is not “environmentally friendly” is a problem for them in as an investor.

Investigation provides evidence of drastic changes in some investors’ views on bitcoin after Musk tweeted his concerns in May, when he reversed an earlier policy of accepting cryptocurrency as a form of payment for Tesla electric vehicles.

Since then, there has been a price drop of around 40 %% for the world’s largest cryptocurrency, according to the Bitcoin CoinDesk price index. Cathie Wood, CEO of Ark Investments, told Robin Hood’s investor conference on June 16 that the slowdown was due to investors becoming increasingly aware of the amount of electricity needed to mine crypto. -change.

Some 70% of investors who took the Investing.coms survey said they would be in favor of greener cryptocurrency, while 36% didn’t even realize bitcoin had environmental implications before. let Musks not comment on the matter.

According to Investing.com, 30% of those polled sold their bitcoin last month, with one in five attributing the move to Musk’s comments on the environment.

Musks’ cryptocurrency tweets were rated as boring by 33% of respondents, unfair by 22% and entertaining by 27%, the summary says.

After being hailed and crowned king of the crypto community, Elon Musk has made new enemies lately following his recent flip-flop on bitcoin, said Jesse Cohen, analyst at Investing.com. For an asset whose price is primarily determined by psychological sentiment and momentum, bitcoin might struggle to recover.

When asked if Musk’s manipulation of cryptocurrency stocks changed their view of this investment, 51% said Musk had too much power and 24% said they didn’t think the billionaire had too much influence.

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