Elon Musk, CEO of Tesla Inc. (image: Public Domain)
SEOUL, May 28 (Korea Bizwire) — The cryptocurrency market has been on a rollercoaster ride in recent months, with its course dictated by Elon Musk’s series of remarks.
Never before has one individual had so much influence over fluctuations in prices.
Here, a question arises–how?
Hong Ki-hoon, a professor of business administration at Hongik University claims that Tesla CEO “is just trying to emphasize his image as a one-of-a-kind innovator who isn’t bound by traditional customs, rather than trying to make money from the cryptocurrency market.”
Musk angered cryptocurrency investors after his seeming change-of-heart sent the price of bitcoin spiraling downhill. The cryptocurrency market, however, is still dependent on Musk’s words and actions.
“It is most likely due to the lack of ‘authority’ in the already murky state of the cryptocurrency market,” said Woo Seok-jin, an economics professor at Myongji University.
Kwak Keum-joo, a professor of psychology at Seoul National University, said that young South Koreans, who jumped into the cryptocurrency market in desperation, “have fallen into the pit of bittersweet addiction, in which they cannot stay away from Musk.”
Kwak claimed that young Koreans are in a state of ambivalence, in which they dislike Musk for pulling down bitcoin prices, but cannot afford severing ties with him lest they give up the chance to make any money.
Hence, they are left without any choice but to stay by his side.
Experts agree that in order to reduce the ‘Musk Risk’ and protect investors in the cryptocurrency market, rules and regulations should come in place to filter illegal practices in the market.
H. M. Kang (hmkang@koreabizwire.com)
