Billionaire Elon Musk is no stranger to making the news. At times, he is been seen as an erratic person, others may infer he has inconsistent views. His supporters averred he is just free-spirited.
This time, it’s about his influence wonder as the Tesla Chief Executive in a Bitcoin event on Thursday dubbed ‘The B Word’ said he wants Bitcoin to succeed and boom, world’s largest cryptocurrency, Bitcoin skyrocketed above $32,000 on July 22.
Elon Musk having a big stake in Bitcoin, Dogecoin and Ethereum means it must all succeed.
The Tesla CEO has been one the vocal Voices in the Cryptocurrency world, as he is famed for using his influence on Twitter platform to promote digital assets causing a positive sway of their prices taking an upward dive almost immediately. At times, his remarks may go the opposite way, causing a downward spiral in Bitcoin fortune, with his Tesla halt of crypto use coming to mind. Many have seen his actions as dubious or one with a personal intent but Elon Musk appears to care less.
Wanting to clear doubts and insinuations on his stand on the digital currency, he took it upon himself on Wednesday to assure the public that he is a true investor and a supporter of crypto. At “The B Word” event – which aimed to “explain how institutions can embrace Bitcoin ” – alongside Twitter ( TWTR ) and Square ( SQ ) CEO Jack Dorsey and Cathie Wood, CEO of Ark Invest, Musk made a public declaration that his major personal investments asides his Tesla ( TSLA ) and SpaceX are in Bitcoin , Ethereum and Dogecoin .
Elon Musk at the event said he was “a supporter of Bitcoin and the “idea of crypto currency in general, eliciting cheers from the lovers of the digital currency.
The Billionaire businessman has the knack for causing a mad race in the crypto world by using his statements to push up prices of major crypto currencies, including the three owned by him. His statements and opinions are known to have immediateimpacts in the cryptocurrency world. It would be recalled that around May, Musk had appeared on Saturday Night calling Dogecoin a commotion, a statement will made the digital currency to abruptly fall.
The same May, he caused a stir when he announced his company Tesla would stop accepting Bitcoin as a means of payment, saying environmental factors and the amount of energy required to mine it informed his decision and the resultant effect of his statement has Bitcoin price dropping like the heavy droplets of rainfall.
With his recent interest announcement on Bitcoin, the value has expectedly soared high dive. He had also subtly announced that Tesla may have started accepting Bitcoin payments once again when he said:
“If the price of Bitcoin goes down, I lose money. I can pump, but I don’t throw. … I certainly don’t believe in raising the price and selling, or anything like that. I’d like to see Bitcoin succeed.’
Pump and Dump?
Let’s look at the context of his words.
A pump and dump is a type of securities fraud in which someone attempts to increase the price of an asset through false, misleading, or exaggerated statements (the “pump “) and then sells them for cash on the inflated prices (the “dump “).
Securities and Exchange Commission very much aware of schemes like this had in 2018 charged him charged with securities fraud for his orchestrated personal use of Twitter, which included Musk posting information about Tesla”sprospects. Elon Musk had agreed to a settlement .He was thereby reportedly been “raped” twice in the past two years.
Ayoola Faseyi, an Abuja based Journalist with interest in Technology and Politics. He is a versatile writer with articles in many renowned News Journals.
He is the Co-Founder of media brand, The Vent Republic.
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