Billionaire Claims Elon Musk Manipulates Crypto Market for Personal Gains

Divya  |  Jun 12, 2021

South African Billionaire, Magda Wierzycka has accused Elon Musk of toying with crypto prices through controversial tweets. The founder of cyber technology firm Sygnia has slammed Musk’s irresponsible actions for the recent fluctuations in Bitcoin prices.

Elon Musk Posts Controversial to Manipulate Crypto Prices

The businesswoman appeared on The Money Show for an interview, where she took Musk to task for manipulating crypto prices. Wierzycka criticized fellow countryman’s engagement on Twitter and other social media platforms to influence the market. 

The CEO of Tesla, SpaceX, and The Boring Company is well-known in Twitter’s crypto circles for driving Bitcoin prices in either direction with almost every post. In the past, his praise helped the primary currency reach record-breaking levels. However, in the last couple of months, his speculation on its energy consumption, coupled with the announcement that Tesla would no longer accept payments in BTC has driven it to its deepest plunge.

In a scathing assessment of Musk’s behavior, Wierzycka underlined that his tweets are well-planned to cater to his interests. She viewed the current volatility in Bitcoin prices as connected to “manipulation by one very powerful and influential individual. She added, “if that had happened to a listed company, Musk would be investigated and severely sanctioned by the SEC.”

Magda Wierzycka Has Changed Her View on Bitcoin

Interestingly, Wierzykca’s relationship with the crypto market has changed over the years. The billionaire had lashed out at Bitcoin during its meteoric price rise between 2017 and 2018, calling it a tulip bubble that she did not want to associate with anymore. Her aversion to BTC became apparent in the aftermath of the losses she had incurred on her $18,000 investment.

However, Wierzycka seems to have revised her stance in the latest public appearance. She is optimistic about the prospect of cryptocurrencies and says “bitcoin is truly here to stay in one form or another.” But she strongly believes that BTC has to stop relying on the opinion of a single person before it becomes a trusted investment instrument.

Wierzycka isn’t alone in her criticism of Musk’s actions. Francis Suarez, the current mayor of Miami,  had also expressed his dissatisfaction with the Tesla CEO’s influence on the crypto market.

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