How Elon Musk can manipulate Crypto Currency price?

[Mika]

Elon Musk is an interesting character. He is intelligent as well. He has always created something new, something interesting. He co-created paypal. Now, we all know how useful is paypal. He established Tesla, the world’s best luxury electric cars, and SpaceX, the space program that intends to send human beings to Mars. Musk is also passionate about cryptos and he has the power to move the market. In fact, he has done this multiple times and has been summoned by Security Exchange for his alleged role in market manipulation.

Currently, Bitcoin is about $36K. If Musk announces that “this is the time to buy bitcoins and I have invested 1 billion USD in Bitcoins,” the price of bitcoin will go beyond $40K just in few hours. This possibility cannot be ruled out because he has done a similar thing in the past.

 

[Sammyesx]

I believe this is as a result of his influence, people see Elon musk as a business guru and an authority when it comes to business so they tend to take his opinions seriously without proper analysis just the same a popular model will influence the price of a cosmetic product just by saying a few words consigning the product.

 

[Lens1000]

Elon Musk is an interesting character. He is intelligent as well. He has always created something new, something interesting. He co-created paypal. Now, we all know how useful is paypal. He established Tesla, the world’s best luxury electric cars, and SpaceX, the space program that intends to send human beings to Mars. Musk is also passionate about cryptos and he has the power to move the market. In fact, he has done this multiple times and has been summoned by Security Exchange for his alleged role in market manipulation.

Currently, Bitcoin is about $36K. If Musk announces that “this is the time to buy bitcoins and I have invested 1 billion USD in Bitcoins,” the price of bitcoin will go beyond $40K just in few hours. This possibility cannot be ruled out because he has done a similar thing in the past.

Permit me to make a correction . I think tesla was not established by Elon Musk. It was founded by Eberhard Martin and Marc Tarpenning in 2003 and was named after Serbian American inventor Nikola Tesla .
But Elon Must is a giant shareholder in tesla
However, his influence around cryptocurrency cannot be wavered

 

[sincerem]

Elon musk is the most influential person in the crypto ecosystem. That's why lots of investors believe in his words and follow what ever instructions he outlined. Elon musk have influenced the crypto ecosystem which has made him the biggest whale to date. He is one of the antagonist that has brought BTC price down, he can still become yet another protagonist to take it high again.

 

[Alexandoy]

You have a good premise there about the effect of Elon Musk's statement on the Bitcoin. However, my question is this - what if Musk is releasing the statement of his purchase of Bitcoin but he did not really purchase? Of course, you can check the market but my question still remains. What would you do with that "fake" statement of Musk?

 

[Wisdom01]

Yeah i know about that but i cant still rule out the damage it have caused to the market ,because so many invested expecting a price increase ,but when telsa stopped accepting bitcoin the price fell ,even wuth the control he have he cou'd still pose a negative or posituve infulemce in the market ,to show he have more followers and power to control the market as he wants