Elon Musk probably doesn’t pump and dump Bitcoin like the accusations, we are the ones to blame!
During a recent appearance on Fox Business, Jordan Belfort, the former stockbroker and subject of the 2013 hit “Wolf of Wall Street,” suggested that Tesla CEO Elon Musk is too rich to pump crypto. And there’s no denying that Musk and the mainstream press are talking more about cryptocurrency, making it more accessible to the masses.
Jordan Belfort doesn’t think that Elon Musk actually pumps and dumps crypto
In the B Word Conference, Musk said, “I might pump, but I don’t dump.” And Belfort arguing that while he may not need to, other people pump and dump around the hype the celebrity creates.
“I think he’s rich enough. He doesn’t have to make an extra few dollars pumping and dumping.”
At #TheBWord #Bitcoin conference, #ElonMusk said he would not “pump and dump” his #cryptocurrency holdings. But @wolfofwallst says other traders are taking advantage of Musk’s positivity. #VarneyCo pic.twitter.com/twosMCyIne
— Varney & Co. (@Varneyco) July 22, 2021
“I think the problem is while he might not be pumping and dumping, people use his endorsement, and they pump and dump around the hype that Elon creates,” Belfort added.
Critics accuse Musk of manipulating the market through his praise and criticism of Bitcoin, as well as his endorsement of Dogecoin’s implicit tweet. In April of this year, DOGE saw a price increase of more than 500%, making this memecoin a household name – at least for crypto investors.
Belfort claims that some cryptocurrency community members, Dogecoin influencers, in particular, use Musk’s endorsements to pump and dump around the hype his tweets create. But in reality, it’s not all Musk’s fault. He is also human and has the right to share his feelings on social media. But traders take it as a signal and buy/sell. If words, they will rejoice and thank Musk. But if the market goes against it, they will complain.
Belfort said he is also a crypto investor and will be in it for the long term. He also revealed that he has some investments in Bitcoin and Ethereum. Speaking of the current state of the market, Belfort said that he would love another market correction so that he could buy more.
“I would love it to go lower because I’m a long-term investor, so I don’t care if it goes up or down in the short term. I would love it to go back to 5,000 BTC and buy a ton of it there, and that would be a great thing,” Belfort said he hopes the price drops again.
In another development, Elon Musk influence on Dogecoin cannot be denied. Coinbase Commerce has added DOGE to its list of supported altcoins.
much payment. very commerce. 🐕
Just a quick blast to let you know we’re now accepting commerce payments in Dogecoin (DOGE)!
— Coinbase Commerce (@CommerceCB) July 21, 2021
The new addition means that crypto holders will spend Dogecoin at merchants that use the Coinbase Commerce plugin. Coinbase suggests that over 8,000 merchants use Coinbase Commerce, meaning that today’s news could significantly increase the number of merchants that accept the coin. Dogecoin is the seventh cryptocurrency supported by Coinbase Commerce, alongside Bitcoin, Ethereum, Bitcoin Cash (BCH), Litecoin (LTC), Dai (DAI), and USD Coin (USDC).
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