Sygnia CEO criticizes Elon Musk for alleged Bitcoin bomb and dump

Magda Wierzycka, one of South Africa’s richest women and CEO of the financial services company Sygnia, said Tesla CEO Elon Musk would have likely been investigated by authorities regarding recent allegations of his manipulation of the assets. cryptocurrency prices, if your goal had been just about anything other than Bitcoin.

In an interview with Bruce Whitfield at the Money show this week, Wierzycka saying Musk’s recent activity on social media regarding the price of Bitcoin (BTC) should have made him the subject of investigation by the US Securities and Exchange Commission, or SEC, if Bitcoin were more of a traditional company. The SEC previously accused Tesla’s CEO of fraud for issuing false and misleading tweets in 2018, and was rumored to be investigating him for his pro-Dogecoin (DOGE) tweets earlier this year.

“The [Bitcoin] The volatility that we have seen is an unexpected function of what I would call market manipulation by Elon Musk, “said Wierzycka. “If that happens to a publicly traded company, it would be investigated and severely sanctioned by [the] SECOND.”

According to the Sygnia CEO, Musk knowingly raised the price of Bitcoin (BTC) by writing tweets that included those mentioning Tesla’s purchase of BTC for $ 1.5 billion, and then “sold a large chunk of his exposure at the peak.” . Musk’s public statements about Bitcoin, as well as the reversal of Tesla’s position on accepting cryptocurrency as a form of payment, constitute price manipulation.

Related: Primal arrogance and greed: Elon Musk criticized for crypto manipulation

Many have criticized Musk for allegedly manipulating the price of Bitcoin and other cryptocurrencies such as DOGE through his Twitter posts and his public appearance on Saturday night live – the CEO of Tesla appeared as a character called “The Dogefather” and referred to the token as “a hustle”. Last week, he also mentioned the CumRocket (CUMMIES) project in a series of tweets that likely pushed the token’s price by 366%, from $ 0.06 to $ 0.28.

Although many cryptocurrency traders have made a profit by investing in some of Musk’s projects, allegations of price manipulation of Bitcoin, with the largest market capitalization of all cryptocurrencies, are particularly concerning to some. The price of the crypto asset has dropped more than 43% since hitting an all-time high of $ 64,899 in April, and is $ 36,870 at press time. However, the price of Bitcoin dropped to $ 30,000 last month.

“What we have seen with Bitcoin is price manipulation by a very powerful and influential individual,” Wierzycka said.