Elon Musk, the CEO of Tesla and creator of the X social networking platform, has mockingly mocked cryptocurrency market participants who often advocate for the HODL approach. Elon Musk posted a picture on X with the description, “Whatever happens to…” It included a rolling golden monument with many inscriptions on it. Musk did this in his signature style.
The golden monument rotates to loud music on an automatic basis. The monument’s top has the words “NFT,” borne by a golden ball with a “Vanity Trophy” surrounding it. The well-known cryptocurrency phrase “HODL” was on display at the base of the trophy, resting over the phrase “Never Sleep Computers”.
https://x.com/elonmusk/status/1739894179243655522?s=20
There are several messages in this mysterious post. First, several of the best blue-chip assets have had significant price declines after their launch, suggesting that the NFT market has most likely crashed. Furthermore, if the HODLing principles—which many supporters of cryptocurrency teach today—were followed, the market’s constant price collapse would not be seen, thus supporting the sector.
The “Never Sleep Computers” essay by Elon Musk also pokes fun at procedures that encounter disruptions. Even while there hasn’t been a significant outage from the leading blockchains recently, the historic shutdowns show just how far these protocols have strayed from their initial goals.
Lessons to learn
Elon Musk frequently mixes comedy with his analysis of the cryptocurrency environment, but there are always lessons to be learned for those who pay close attention. The majority of coins have seen corrections, which highlights both the overall unpredictability of the market thus far and the tendencies on the larger financial market.
Investors must practise appropriate risk management in light of the possibility of receiving permission for a spot Bitcoin Exchange Traded Fund (ETF) from the US Securities and Exchange Commission (SEC), keeping in mind that market collapses are common.
