Wed, 27/12/2023 – 9:26
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Tesla CEO and owner of the X social media app, Elon Musk, has sarcastically poked at crypto market investors that generally promote the HODL strategy. In his characteristic manner, Elon Musk shared a post on X with the caption, “Whatever happens to …” accompanied by a rolling golden monument with different inscriptions on it.
The golden monument is automated to rotate with blaring music. At the top, the monument displays “NFT,” carried by a golden ball that displays a “Vanity Trophy” around it. At the base of the trophy, the popular crypto term “HODL” was displayed and sits atop a “Never Sleep Computers” inscription.
This cryptic post carries a lot of messages. First, the NFT market has probably crashed, with some of the top blue chip assets falling considerably from their debut prices. Besides, if the principles of HODLing, as many crypto proponents preach today, were to be adhered to, the incessant price crash the market always experiences would not be recorded, thus strengthening the industry some more.
Elon Musk’s post displaying “Never Sleep Computers” also takes a jab at protocols that experience outages. While there has not been a major outage from the top blockchains in recent times, and the historic shutdowns underscore how much these protocols have deviated from their original manifestos.
Lessons to learn
With Elon Musk, commentary on the crypto ecosystem is often mixed with humor, but the lessons are always there for those who observe keenly. While the corrections most coins have witnessed showcase the trends on the broader financial market, it also underscores how generally unpredictable the market has been thus far.
With the likelihood of securing approval for a spot Bitcoin Exchange Traded Fund (ETF) from the United States Securities and Exchange Commission (SEC), investors must exercise proper risk management, knowing that the market is generally not immune to periodic crashes.