CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$20,389.00
  • ethereum
    ETH$1,153.53
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Crypto Fund
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » South African Billionaire: Elon Musk Manipulates Bitcoin’s Price For His Own Benefit

    South African Billionaire: Elon Musk Manipulates Bitcoin’s Price For His Own Benefit

    Author: Jordan Lyanchev

    Last Updated Jun 11, 2021 @ 13:55

    While indicating that BTC is here to stay in one form or another, Sygnia’s CEO accused Elon Musk of manipulating the markets for personal benefits.

    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.

    Magda Wierzycka
    Magda Wierzycka. Source: MyBroadBand

    Change of Heart?

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

    ADVERTISEMENT

    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.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • ElonMusk1
      Elon Musk Clarifies Tesla Hasn't Sold Any Bitcoin: BTC Spikes $2500
    • bitcoin_dark_cover
      Bitcoin's Price to Stagnate or Decrease Short-Term as Exchange Inflows Increase: Analyst
    • BitcoinTesla
      Tesla Stops Accepting Bitcoin: Price Slumps $3,000 In Response
    Tags: Bitcoin Bitcoin (BTC) Price Elon Musk
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$20,389.00
  • ethereum
    ETH$1,153.53
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Binance Visa Card Guide: Read Before You Order

    Binance Visa Card Guide: Read Before You Order

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Okay Bears NFT Collection: The Complete Guide

    Okay Bears NFT Collection: The Complete Guide

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!