Elon Musk Manipulates Bitcoin’s Price For His Own Benefit

Elon Musk manipulates the financial markets, including the cryptocurrency one, for his own personal gain, alleged the South African billionaire Magda Wierzycka. The founder of Sygnia further blamed the recent BTC volatility on Tesla’s CEO.

Musk Manipulates the Markets For Personal Gains

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.

Change of Heart?

Although Wierzycka admitted that she is not entirely familiar with BTC’s fundamentals yet, she highlighted a change of heart moment.

After the 2017/2018 parabolic price increase, she went all out against the cryptocurrency, calling it a tulip bubble that she didn’t want to have anything to do with anymore. That was after purchasing sizeable amounts at prices of up to $18,000 and selling them at a substantial loss during the year-long bear market.

However, she was significantly more positive on the asset now, saying, “bitcoin is truly here to stay in one form or another.” Nevertheless, she believes BTC has to stop depending on a single person’s tweets and engagements price-wise before indeed becoming a store of value.

Interestingly, Francis Suarez, the current mayor of Miami, recently expressed a similar opinion about the controversial relationship between Tesla’s CEO and the primary cryptocurrency.