It’s been a stress-filled month for cryptocurrency investors. Major sell-offs started after Tesla CEO Elon Musk stated that the company would no longer accept Bitcoin (CRYPTO:BTC) as payment for its vehicles, citing environmental concerns about the energy needed to mine tokens. News that China would take steps to discourage mining and prevent businesses in the country from adopting cryptocurrencies triggered additional sell-offs across the space.
With crypto prices recently seeing a substantial pullback, we put together a panel of three Motley Fool contributors and asked each member if now looks like the right time to buy. Read on for their takes on whether the recent crypto crash has presented a big buying opportunity.
What’s prompting the big crypto swings, again?
Keith Noonan: Elon Musk is clearly an influential figure and has some incredible successes to his name, and it’s possible his involvement in the cryptocurrency space provides indicators about long-term adoption trends. However, in my opinion, the market-moving power of Musk’s tweets reflects a lack of soundness in crypto as an asset class.
While most cryptocurrencies are decentralized in terms of who controls the individual coin, Musk’s