Is Elon Musk crashing the crypto market over sibling rivalry?

Top three cryptocurrencies were each down on Saturday morning – with Bitcoin still dominant down 12% – after Tesla CEO tweeted a meme make fun of crypto fans. The craziest part? He may have been inspired by sibling rivalry.

At around 8:30 p.m. ET on Friday night, the billionaire CEO took to Twitter to poke fun at “Decentralized Autonomous Organizations” (DAO) and Web3 enthusiasts, describing them as evangelists who even kicked off the gospel of the blockchain to urinal neighbors.

“Hey man, you should really be getting into crypto,” accuses Web3 fans of saying in the bathroom, though Musk didn’t include any comments from his side.

According to WIRED, Web3 – a term coined in 2014 – can more easily be defined as “a decentralized blockchain-based online ecosystem”. We currently live in what would probably be called Web2, which is controlled by mega-companies with little government oversight. DAOs, or a usually involve a group of people who pool their resources and democratically decide to make investments, depending on CNBC.

The two are supposed to usher in the new era of crypto, so why is Musk – usually a major amplifier of crypto technology – laughing at?

The answer could lie in a big announcement his brother, Kimbal Musk, made last week. November 30 CoinDesk The article indicates that Musk’s younger brother is setting up the Big Green DAO, an offshoot of the nonprofit that provides gardening education to children. CoinDesk Also reports that Kimbal’s right-hand man comes from Decentraland, a metaverse company.

Could Elon Musk’s tweet be a reference to his brother’s financial activity? Kimbal said CoinDesk he was inspired by “religious” crypto traders who are obsessed with creating a better world.

“Religious are great,” said Kimbal Musk. “They totally believe it will decentralize the world [and] give power back to the masses.

Maybe Elon thinks his brother has crossed the boundaries of crypto, but that sucks for IRLs whose investments are crashing. This isn’t the first time Elon’s tweets have deeply affected the crypto markets, but at least these weren’t caused by a small family feud (which we know of).

Then again, Elon goes Elon – maybe he’s just not afraid to turn the tide no matter what his brother does.

Learn more about Decentraland: Metaverse ‘land’ sells for $ 2.4 million

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