A group of protestors calling themselves “Stopelon” gathered outside the Tesla processing factory in northern California earlier in the week to voice their anger at Elon Musk and his continued antics in the world of cryptocurrency. Elon Musk Faces More Anger Elon Musk has recently been deemed one of the most disliked figures in the digital currency scene. While at one point, the South African entrepreneur proved himself one of the strongest and most influential figures in the space, it seems as of late that he is using his power to do damage to bitcoin and its competing altcoin cousins, and many investors are not too happy about this. Not long ago, Elon Musk announced that he was rescinding his decision to accept bitcoin payments for Tesla-based goods and services.
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A group of protestors calling themselves “Stopelon” gathered outside the Tesla processing factory in northern California earlier in the week to voice their anger at Elon Musk and his continued antics in the world of cryptocurrency.
Elon Musk Faces More Anger
Elon Musk has recently been deemed one of the most disliked figures in the digital currency scene. While at one point, the South African entrepreneur proved himself one of the strongest and most influential figures in the space, it seems as of late that he is using his power to do damage to bitcoin and its competing altcoin cousins, and many investors are not too happy about this.
Not long ago, Elon Musk announced that he was rescinding his decision to accept bitcoin payments for Tesla-based goods and services. The sentiment was that the mining process behind bitcoin was too damaging to Earth’s environment, and Musk was not willing to take a chance. As a result, bitcoin incurred a massive drop that brought it down from the mid-$50,000 range into the high $40,000s.
However, things did not quite end there. Following negative backlash on Twitter, Elon Musk later hinted that he was looking into potentially selling his private crypto stash. This sent bitcoin crashing even more, and at the time of writing, the asset has lost close to $30,000 from its recent all-time high of around $64,000, which was accomplished in mid-April of this year.
Several crypto traders are tired of Elon Musk getting in the way of their digital dreams. Whenever he seems to tweet, bitcoin or Dogecoin – whichever one he is talking about – gets affected, and there are now several individuals that want to see Musk leave the crypto space for good. They also are working to get him kicked off Twitter. Either way, they are not happy regarding the amount of power one man can hold over an entire industry.
In an interview, one protestor outside the factory detailed how the organization is planning to stop Elon in his tracks:
[We have] a plan to take over Tesla over the next few years. Our plan is to purchase as many shares of Tesla as we can through a cryptocurrency movement and to put together a voting trust to allow other people to do that.
Not Everyone Thinks He’s the Bad Guy
The group is also planning to create and distribute a “Stopelon” digital token as a means of further protesting his influence.
While many are not happy about Elon’s recent antics, some – such as Cathie Wood of Ark Invest fame – believe that a day will come when Elon Musk is looked upon as one of the most supportive and important individuals in crypto. In a recent interview, she states that Musk has done a lot for cryptocurrency and has gotten people talking about it more than ever.