Elon Musk Replies to the Bitcoin Price Manipulation Critique

The tweets of Tesla and SpaceX Elon Musk has brought various changes in the cryptocurrency market. He again sparked debate after he replied to a critic who charged him with price exploitation. The accusation against Elon Musk has been made by Magda Wierzycka who has gained a reputation as one of the richest women in South Africa and CEO of financial services firm, Sygnia.

Sygnia’s CEO stated that Tesla CEO Elon Musk would be expected to have been probed by authorities concerning recent accusations over his exploitation of crypto prices. Recently in an interview, Magda explained that the views of Elon Musk about Bitcoin and his activity on Twitter should have made him the subject of a probe by the U.S. SEC if Bitcoin were more of a traditional business.

Previously, the SEC alleged the Tesla CEO of a scam for releasing incorrect and misleading tweets in 2018 and was claimed to be probing him for his pro-Dogecoin (DOGE) tweets earlier in the year. Elon took to Twitter and responded to the allegations. He wrote: “Tesla only dump~10% of holdings to confirm BTC could be liquidated easily without moving market.”

The second part of his tweet has gained attention as he wrote: “When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions.” Earlier in May, Tesla has disclosed that it has decided to stop accepting Bitcoin’s payments.

Previously, Musk disclosed that the firm was worried about the environmental impact of Bitcoin mining, quoting the “fast-growing” usage of fossil fuels in Bitcoin mining.  This decision of Tesla had a significant negative effect on the cryptocurrency market outlook, which was earlier enhanced by the firm investing $1.5 billion in BTC and launching Bitcoin as a payment option for its clients.