Influencers like Elon Musk with their cult-like following can impact the fundamentals of a cryptocurrency by accelerating their adoption.In this regard, Cryptocurrencies are somewhat like Multi-Level-Marketing schemes where success is determined by how much they can recruit new users.Musk is looking to improve the adoption of Dogecoin by allowing it for purchases and improving the efficiency of transactions over its platform.If he is successful in this hustle, we can see more competition from influencers offering/backing different cryptocurrencies.With a significant potential supply of new cryptocurrencies as an alternative, the store of value argument for Bitcoin and other established cryptocurrencies might not hold.
