Lately, as the crypto market, especially Bitcoin, has been hotter than ever, Elon Musk’s name keeps popping up more and more. Not only is he a big supporter of cryptocurrencies, but many also believe he has the power to “work magic” and manipulate their prices with just a few posts on his personal social media. In fact, it’s been noticed that Musk’s moves often line up suspiciously well with market shifts. His social media following even skyrocketed in just a few days.
However, this attention recently led a Bloomberg reporter to dig deep and post an analysis tagging Elon Musk directly. The reporter claimed the Tesla billionaire quietly “manipulates” Bitcoin prices to profit through a simple process: buy Bitcoin, then spread positive news about it, causing prices to rise. Almost everything Musk buys seems to go up in value. Then he sells Bitcoin to cash in before spreading rumors that Bitcoin’s price is too high, pushing it down, and repeats the cycle. This theory has some basis, considering Musk once shook Tesla itself with a single tweet saying, “Tesla stock price is too high.”
Not one to back down, Elon Musk quickly fired back, saying he hasn’t sold any Bitcoin himself. He even expressed regret for not buying Bitcoin when it was around $8,000. As for Tesla selling Bitcoin, that did happen but only about 10% of their holdings, just to prove Bitcoin’s liquidity. Musk’s reply got nearly 100,000 likes from the online community.
It’s clear Elon Musk’s influence is real. Just yesterday, after he mentioned Dogecoin in a tweet, the coin’s price jumped dramatically within minutes.
