The influence Tesla founder Elon Musk wields over the crypto markets will decrease as people become more educated, prominent crypto investor and pioneer Nick Spanos has said.
“Even if the bottom isn’t quite here yet, it will be soon,” Mr Spanos said.
Continuing, he said: “The bust cycle ‘crypto winters’ are going to pass by more quickly than in the past, as general upward momentum of non-price fundamentals is sustained.
“Once-scared newcomers realize that Bitcoin is bigger than Elon Musk — or even a certain Communist nation’s diktat. In this story, the forgotten people and the marginalized nations are going to be the victors.
“So a place like El Salvador is going to be punching far above its economic weight very soon.
“At this point it’s about education, so that fearmongering tweets from one person don’t pour fuel onto popular misconceptions. His currency in the crypto space might go to zero, but Bitcoin will go to the moon.
“In fact, it might even get to Mars before he does.”
Mr Spanos noted that his analysts predict the value of Bitcoin “could very well breach the $90,000 mark by the end of the year” despite it currently trading at around $34,500 after falling almost 50% from the all-time high it reached in April.
Most other coins have moved roughly in tandem with Bitcoin, with countless others suffering similar falls since Musk hit out at Bitcoin for hurting the environment and China cracking down on crypto.