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South African Billionaire Believes Musk Manipulates BTC For His Benefits


South African billionaire Magda Wierzycka accused Elon Musk of manipulating the bitcoin market for his own benefits while she indicated that bitcoin is here to stay in one form or another. In our bitcoin news today, we are reading more about it.

Sygnia’s CEO accused Elon Musk of manipulating the markets for his personal benefits at least that is what the South African Billionaire Magda thinks. The founder of Sygnia commented further on the recent BTC volatility and Tesla’s involvement. During an interview on the Money Show, the 52-year old businesswoman accused Musk of publishing controversial tweets and engaging on social media to impact the crypto market on purpose. Every tweet coming from the CEO of Tesla nowadays resulted in a huge price fluctuation in either direction. Once he started praising the asset, it skyrocketed to new highs while when he talked about the energy consumption, BTC plummeted.

Magda Wierzycka. Source MyBroadBand
Magda Wierzycka. Source MyBroadBand

Wierzycka thinks that Musk’s actions are well thought out to serve his own interests and added:

 “if that had happened to a listed company, Musk would be investigated and severely sanctioned by the SEC. What we have seen with Bitcoin and its volatility is manipulation by one very powerful and influential individual.”

Although Wierzycka admitted that she is not entirely familiar with the BTC fundamentals she outlined a change of heart coming. After the 2018 parabolic price increase, she went all out against the cryptocurrency and called it a tulip bubble, and didn’t want anything to do with it anymore. That was after purchasing sizeable amounts of prices of up to $18,000 and selling them at a huge loss during the end of the bear market. However, she was more positive on the asset now and said that BTC is here to stay in one form or another. She thinks that BTC has to stop depending on one person’s tweets and engagement price-wise before really becoming a store of value.

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Francis Suarez is the current mayor of Miami who also expressed a similar opinion about Tesla’s CEO relationship with the main cryptocurrency.

Recently, Musk got negative publicity worldwide for posting about BTC on Twitter and causing the price of the asset to drop heavily.

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