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Does the Price of Bitcoin Really Depend on the Opinion of El...

Does the Price of Bitcoin Really Depend on the Opinion of Elon Musk? An Interview With Norbert Goffa, the Co-Founder of ILCOIN Blockchain Project

An interview by Alyona Karpinskaya
Interviewing: Norbert Goffa

Q: What is your opinion about the post of Elon Musk, where Tesla dissociated itself from Bitcoin, regarding the environmentally damaging effect of its mining?

A: Honestly, I find it very amusing! Naturally, Elon Musk just happened to realize that the mining of Bitcoin has an environmentally damaging effect. I guess someone at Tesla just told him that we do not like Bitcoin anymore, since it is harming nature… In one word, I think this whole thing is a joke. Of course, I do not feel like laughing about its effect, since we saw what happened. However, I greatly doubt that the crashing of the price was solely caused by one tweet from Elon Musk. If it is true, then this market is standing on much weaker foundations than I had thought.

Q: If it was not caused by the opinion of Elon Musk, then what was the real reason for the 30-40% fall of Bitcoin and Ethereum over only a few days?

A: I do not want to breed conspiracy theories, but the statement of Elon Musk just came handy to certain groups who wanted to short. Let us just ask the right question! Who profits the most when the price crashes? The answer is really simple – the exchanges. I do not want to accuse anyone, but the activities of certain exchanges would be severely punished on a regulated market.

Q: What is the problem with the exchanges? Why do you think that the exchanges are responsible for the overnight collapse of the market?

A: I am not stating that the only catalyst of the events are the exchanges, I only wish to say that a situation where the TOP cryptocurrencies are moving 30-40% is good for them. Let us for one moment imagine that Elon Musk tweets something and his ideas generate a hundred billion in sales. I do not want to over or underestimate Elon Musk, but I think that he alone is just not enough to make anything happen. A market is necessary for things to start moving, a market where there is a huge gap between reported and real trade. The volumes we see are far from reality. Every exchange uses market makers. There are several companies that provide MM services. Besides this, projects use their own free accounts. So let us not be naïve. A lot fewer people sell because of an Elon Musk tweet, than what is shown in the data of the listing sites. In essence, the market falls because of false volumes.

Q: So you just don’t like the exchanges. What kind of solution do you see for the mentioned problem?

A: It is not true that I do not like exchanges. There is no problem with the exchanges, but rather with the speculative nature of the market that has arisen from their unregulated operations. It’s just like the Wild West! Let us just think – Bitcoin falls by more than 30% over a few days. Of course, there are a whole lot of people with open purchase positions at low prices, which just drags the price down. Make no mistake, the exchanges are not the only ones responsible for this. The exchanges are providing opportunities and it is also in their interest to create a situation where Ethereum falls to 2,000 USD from 4,000 USD. This is tough, very tough. I am not even mentioning Bitcoin, which experienced a much more significant drop. It just hurts the eye when you see the Binance

The cryptocurrency market should go up to the task. This “Wild West” like state should be eliminated with time, and a clear, stable and transparent market is necessary in order to reach success. Bitcoin will fulfill its mission and shall fill the role for which it was destined. It will have a serious role in economic life as the digital gold. It will have the same role as gold, but only with different foundations, since the technological revolution is changing everything. I hope you now see that I am more of an optimist, but I wish to stand with both feet on the ground.

Q: If we were speaking about Bitcoin, let us speak about Ethereum. What do you think about the future of Ethereum and the altcoins?

A: I don’t really like the term “ games, they do
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About Alyona Karpinskaya: Founder of the PR-Blockchain agency, technical writer, journalist and publicist


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