Ever since the year 2021, Elon Musk showed an unusual amount of interest in the cryptocurrency industry. The first cryptocurrency Musk was seen supporting was Dogecoin (DOGE). In the first few months of 2021, his tweets and involvement resulted in creating an unusual rally for the meme coin.
At present, Dogecoin (DOGE) is among the top ten cryptocurrencies by market capitalization. Somewhere around March, Elon Musk started supporting Bitcoin (BTC). Even his electric car manufacturing company, Tesla went ahead and declared it had $1.5 billion worth of BTC in possession.
This further created a huge hype in the cryptocurrency industry and especially, helped boost the price of Bitcoin (BTC). As time passed, Elon Musk continued making several announcements that supported Bitcoin (BTC). It resulted in more and more investors rallying to the platform to get a piece of the digital asset while it was flying high.
Then in mid-April, Elon Musk made the final announcement supporting Bitcoin (BTC). The announcement was that Tesla was going to accept Bitcoin (BTC) as a payment method for its products. This played a huge role in driving the price of Bitcoin (BTC) to an all-time high figure of $64.7k per BTC.
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Just when the entire world had its eyes gazed upon Bitcoin (BTC), Elon Musk went ahead and dropped a bomb on the entire Bitcoin (BTC) rally. Towards the end of April, Elon Musk announced that Tesla was no longer going to accept Bitcoin (BTC) as a mode of payment.
While making an official announcement via Twitter, Elon Musk used carbon emission as the reason behind the rejection of Bitcoin (BTC). Since the beginning of 2021, mainstream institutions have grown very concerned about Bitcoin (BTC) mined through poor energy sources. These sources reportedly emit huge amounts of carbon into the atmosphere, thus, increasing pollution and adding to global warming.
According to many neutral and light observers, the act from Elon Musk was normal given the situation. However, crypto-observers, analysts, and gurus are seeing exactly what Elon Musk tried pulling off here. Many people inside/outside the crypto-verse with keen eyes have seen through Musk’s activities and have alleged him of deliberately manipulating crypto-markets.
One of the most prominent and influential figures from South Africa, Magda Wierzycka has made similar allegations about Elon Musk. Wierzycka is the CEO of Sygnia, a financial services company, and one of South Africa’s richest women.
Wierzycka has alleged Elon Musk of using his influence in the global as well as crypto-markets to drive things in his favor and then shed them to make huge profits.
She stated that the authorities must investigate Elon Musk’s involvement in manipulating the market prices of Bitcoin.
According to Wierzycka, the US SEC must investigate Elon Musk about his involvement in driving the price of Bitcoin (BTC) in his favor.