Recently, as the cryptocurrency market, especially Bitcoin, is hotter than ever, the name Elon Musk is being mentioned more frequently. Not only is he a strong supporter of cryptocurrencies, but Elon Musk is also believed to have the ability to “cast spells” and manipulate their prices simply with a few lines posted on his personal page. In fact, it has been shown that whether intentionally or unintentionally, Musk’s actions coincidentally align with market fluctuations. To the extent that the billionaire’s personal page saw a surge in followers in just a few days.
However, it is also because of this that recently, a reporter from Bloomberg even went to great lengths to research and create a post analyzing, and then tagging Elon Musk with the argument that the Tesla billionaire has quietly “manipulated” Bitcoin prices for profit through a very simple process. That is to buy Bitcoin, then create positive information related to it, and almost anything Elon Musk buys tends to rise in price. Then, he sells the Bitcoin for profit before Musk spreads rumors that the Bitcoin price is too high to lower the coin’s value and repeats the process from the first step. In reality, this has some basis, as in the past, Elon Musk has caused Tesla itself to be confused with just one statement: “The price of Tesla stock is too high.”
Not one to back down, Elon Musk immediately responded, declaring that he has not sold any Bitcoin. He expressed regret for not buying Bitcoin when its price was around $8,000. As for Tesla selling Bitcoin, that did happen, but it was only about 10% of what they hold, to demonstrate that the currency has significant liquidity. Musk’s comment received nearly 100,000 likes from the online community.
It must also be acknowledged that Elon Musk’s influence is real, as he merely mentioned Dogecoin in a post yesterday, and within minutes, the currency experienced a “skyrocketing” increase.