Musk Manipulating Crpto Markets For Personal Gains?
South African billionaire Magda Wierzycka posits that Elon Musk (who is beginning to resemble some real-life super villain to some in the cryptosphere) is purposely acting on social media to affect the crypto market to his benefit:
South African Billionaire: Elon Musk Manipulates Bitcoin’s Price For His Own Benefit
During an interview on The Money Show, the 52-year old businesswoman accused her fellow countryman Elon Musk of publishing controversial tweets and engaging in other social media channels to impact the cryptocurrency market on purpose.
As previously reported, almost every tweet coming from the CEO of Tesla, SpaceX, and The Boring Company indeed results in significant price fluctuations in either direction. Once he started praising the asset, it skyrocketed to news highs. In contrast, when he bashed its energy consumption, BTC plummeted by double-digits in hours.
Wierzycka believes Musk’s actions are well thought out to serve his own interests. She added, “if that had happened to a listed company, Musk would be investigated and severely sanctioned by the SEC.”
“What we have seen with Bitcoin and its volatility is manipulation by one very powerful and influential individual.” – she asserted.