July 21st 2022 - Fallen and Risen Idols

Last few days were very bad for Elon Musk. It started with escalating online conflict between him and Donald Trump, apparently spurred by Musk’s attempt to play major kingmaker in US politics and endorse Ron DeSantis instead of Trump for next Republican presidential nominee and (most likely) next US President. According to most account, former US President, whose ego can’t stand Musk being world’s biggest Twitter troll instead of him won at least initial skirmishes in that round. Trump, posting from his own Truth Social network, accused Musk of hypocrisy and begging for subsidies while Trump had been in White House. The most painful hit was Trump’s characterisation of Musk as poor businessman who is now trying to wiggle out of ambitious attempt to take control of Twitter.

Aftermath of that apparent fiasco looks like it is going to be quite painful for Musk. The 44 billion US$ deal is now subject of a lawsuit during which Twitter board of directors is trying to force Musk to pay. Initial skirmishes in what appears to be an epic legal saga went clearly against Musk, who proves that billions of dollars can’t always buy the best or the most efficient attorneys. The whole Twitter affair now looks like it was poorly planned, with little regard for finer details and contingencies.

Another event that has seriously damaged Musk’s reputation of business and PR genius happened yesterday, when the latest crypto relief rally came to sudden stop and candles again started turning red. This was result of Musk’s decision to sell 75 pct of all Bitcoin held by Tesla. Musk has previously told that he wouldn’t do it, but now did it, despite the price of world’s greatest cryptocurrency being much lower than when Tesla was buying. This news created ecstasy not only among blue checks and all those who recently started hating Musk, but also among nocoiners who are delighted that Bitcoin and, crypto in general, lost confidence of its major promoters.

Musk is again turning into cause or, at least catalyst, for negative trends in Bitcoin. His reputation of crpyto guru and celebrity was already marred a year ago with his misguided attempt to abandon Bitcoin over environmental concern. It’s very unlikely that Bitcoin and cryptosphere would take him seriously in the future.

Musk can comfort himself that isn’t the only crypto celebrity whose star was recently tarnished due to inability to predict or adapt to recent macroeconomic conditions and crypto trends. One of the examples is Michael Novogratz, who was immortalised in a popular song as embodiment of crypto bull. He is now object of ridicule over the tattoo that symbolised his enthusiastic support for Terra Luna. Many other popular crypto gurus and influencers have either vanished, gone silent or are now forced to find many creative ways to explain why they were wrong and why the projects shilled by them collapsed.

One man’s dusk is, on the other hand, another man’s dawn. One faction of cryptosphere is thriving under present condition – Bitcoin maximalists, and, unsurprisingly the most fanatical or toxic among them. Like in many societies faced with wars, pandemics or economic woes, the answer for many pressing and difficult questions is being sought in fundamentalist “return to basics”, clear set of simple truths and unquestionable adherence to dogma. The future, at least for now, belongs to the likes of Tone Vays.

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