Patrick Leonard has tweeted that he thinks it’s a possibility that Elon Musk is being blackmailed to crash the price of bitcoin. The partypoker ambassador was discussing if the Tesla founder is deliberately making these announcements to affect the price, or just stating his opinion on the day.
This might be farfetched but could he/his family somehow be in danger and he gets blackmailed/forced to tweet xyz and the people who force him obviously profit $$$ knowing how the market will change. Or is this just stupid lol
— Patrick Leonard (@padspoker) May 17, 2021
Is Elon Musk deliberately manipulating crypto prices?
This is one of the biggest conspiracies ever discussed in the poker community. Crypto Poker is a hot topic right now and the price of the many different coins is of interest to us.
Could it really be true that Elon Musk is acting due to some perceived danger and being forced to tweet market-changing opinions?
Being the world’s richest man has some responsibilities, and he has already been in trouble with the US Securities and Exchange Commission over tweeting price-affecting information before.
In 2018 he tweeted that he was considering taking Tesla private for $420 a share which caused an almost instant 13.3% rise in the price. Before long he was being forced to step down as the chairman of Tesla and was paying out a whopping $40 million fine.
In February 2021, after announcing that Tesla was ready to accept bitcoin as payment the company bought $1.5 billion worth of the world’s leading cryptocurrency. In the last week of April 2021 that trove had grown to an eye-watering $2.07 billion.
Will Elon Musk Sell All of His Bitcoin?
All of this price-affecting tweeting has undoubtedly annoyed a lot of crypto investors. It’s almost like it’s just a game to Musk.
Elon Musk has been pumping and dumping bitcoin and dogecoin for almost a year now, and it’s starting to make the headlines all over the world.
In his defence, Musk clarified that Tesla has not sold off any of it’s bitcoin holdings prior to him announcing that the company would no longer accept it as payment due to environmental concerns. News detailing the insane levels of energy wasted to mine bitcoins has turned many away from cryptocurrency in general.
“To clarify speculation, Tesla has not sold any Bitcoin”
To clarify speculation, Tesla has not sold any Bitcoin
— Elon Musk (@elonmusk) May 17, 2021
As of today the price of bitcoin has fallen from $58,774, just over a week ago, down to a low of $43,876. A drop of more than 25%. Dogecoin, on the other hand, shot up more than 30% after Musk revealed that he is working with developers to improve transaction efficiency.
Like we said, it’s just a game—much like bitcoin poker. No blackmailing gangsters are involved here.
Don’t forget to check out the latest poker news to see what’s been happening in the poker world and if Elon Musk gets into more trouble or Patrick Leonard starts any more conspiracy theories.
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