Elon Musk shared tweets about cryptocurrencies such as bitcoin and dogecoin within a few weeks. A single statement made by Musk resulted in an increase in price by more than 50 percent. The US Securities and Exchange Commission (SEC) is thought to be able to take Musk on its radar after all this.
Elon Musk made many different crypto-themed shares until February 8. Tesla announced on February 8 that it bought $ 1.5 billion of bitcoin. Bitcoin price rose up to $ 48,000 after this news. Some names want Musk’s posts to be scrutinized.
‘He is manipulating the market and committing a crime’
Nouriel Roubini, a professor of economics at New York University, thinks that Elon Musk’s posts are manipulative. Speaking to CoinDesk, Roubini said:
“Elon Musk knows he is in a position to influence the market. First he pumped the price of bitcoin, then Tesla announced that he bought bitcoin. … Irresponsibly. This is called market manipulation. The SEC should investigate people who have such an impact on the market and affect the price of investment products. ”
Statements started to come from former officials
Doug Davison, one of the former SEC’s chiefs, evaluated this while speaking to The Telegraph. Stating that there may be a connection between the tweets shared by Elon Musk and the bitcoin price, Davison said, “If the SEC starts to examine this event, I would not be surprised.” used the expressions.
Tesla announced on February 8 that it had bought bitcoin. However, it was not specified when and how much this process took place. Vitor Constâncio, the former vice president of the European Central Bank, said:
“No information was shared about when Tesla bought bitcoin. Musk stated in December 2020 that Tesla could buy bitcoin. After saying this, he started making statements supporting bitcoin. Meanwhile, on the one hand, the price of bitcoin rose, on the other hand Tesla stock appreciated. SEC will investigate this incident. “