Elon Musk's ability to move cryptocurrency markets with his tweets represents a danger to the average investor, said CoinSwap founder Erik Nurm, only the furor created around the Tesla CEO's social media action could describe more than optics to crypto in the long run.

Nurm pointed out that Musk's trend to tweet near Bitcoin (BTC), Dogecoin (DOGE) and other cryptocurrencies began soon after the Tesla chief was banned from tweeting about his own company by the United States Securities and Exchange Commission.

"Elon has been manipulating the market by creating FUD effectually Bitcoin. He is playing the aforementioned game he did with the stock market," said Nurm.

"Afterward he was banned by the SEC from tweeting about Tesla, he has shifted focus to the crypto market, where he can run costless on social media for now," he added.

The CoinSwap founder sees turmoil in the markets at nowadays largely thanks to the ever-changing temperament of Musk, which appears to run hot and cold. Earlier in the year, Musk announced Tesla would have Bitcoin as a payment option for its electric cars, simply to reverse his decision weeks after.

More recently, Musk reversed his decision once again, announcing that Tesla would accept Bitcoin equally a payment option once l% of its mining was carried out with clean free energy usage.

Related: Elon Musk lays out when Tesla will begin accepting Bitcoin payments

Merely Musk'south erratic nature when interacting with the crypto world could ultimately attract more people to it in the long run, fifty-fifty if for the incorrect reasons, said Nurm.

"Even though Musk is temporarily causing turmoil in the market, his involvement could be beneficial for crypto in the long-term, equally he is alluring new people to crypto, albeit for sometimes the wrong reasons," he said.

Nurm referenced Musk's newest cryptocurrency plaything: CumRocket (CUMMIES), a token supposedly created for utilise in the developed movie industry, which quadrupled in toll in the space of 10 minutes when Musk began tweeting about it.

"His efforts to drive up the toll of certain coins, similar Dogecoin and more than recently CumRocket, are potentially more dangerous every bit these apparent pump-and-dump schemes could leave many ordinary people out of pocket."

Related: Cardinal arrogance and greed: Elon Musk slammed for crypto manipulation

A compression of sodium chloride is needed when interpreting Musk's tweets, said Nurm, who added that the billionaire CEO may accept ulterior motives when he gives the thumbs up or thumbs downwardly on a given coin.

"I hope people take all of Musk'southward crypto tweets and other comments with a pinch of salt — and they must remember he has ulterior motives," Nurm concluded.