Although Elon Musk was one of the biggest supporters of the cryptocurrency market, especially Dogecoin and Bitcoin, his recent media appearances have made people ask: Does he still have the same influence as before?
From the latest statements:
Musk confirmed that he will remain Tesla's CEO for the next 5 years.
He will reduce his political support after backing Trump in the past period.
And he is facing pressure from American senators due to investigations into his use of influence in Starlink.
So what’s the connection between this and crypto?
The stability of Tesla's leadership means the continuation of the company's projects in supporting technology, which could indirectly affect currencies linked to smart technologies and artificial intelligence.
Reducing political activity will allow Musk to focus more on his projects, including companies related to Web 3 and blockchain.
Investigations may limit his movements, but if he manages to overcome them, he is likely to return to driving the market with surprising statements like before.
---
In summary:
Musk's return to the forefront moves the market behind the scenes; he doesn't need to say 'I will support this currency' for the market to be affected. His presence in the picture always keeps investors watching his moves. Just a simple statement from him can turn the tables in favor of or against a currency.
