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He's not an idiot, the people who praise him as a god and follow his every word and beckon are. Musk is extremely smart, he knows Bitcoin energy consumption is
by dubcanada 5y ago
He's not an idiot, the people who praise him as a god and follow his every word and beckon are. Musk is extremely smart, he knows Bitcoin energy consumption is high and unsustainable. And he knows how to manipulate a bunch of people who have no idea what they are investing in/how to invest.
What he did (and this is pure speculation) is a basic pump and dump (well sort of dump, I guess they still have a bunch?). Bought a bunch of Bitcoin, pumped it WAY up, and sold a bunch so TSLA hits revenue targets. A win win for Musk, and it's perfectly legal (versus the other time he tried and got slapped on the wrist by the SEC).
The fact Bitcoin/cryptocurrency drops 365B after someone sends out a tweet is another issue.
It's true markets are highly encouraged by global issues (such as Trump tweets sending stocks high or low) but the fact that Bitcoin went down 15%~ after a single tweet is an issue.
It's way to easy to manipulate it, and that's really bad.
- fma 5y agoAlso it's possible that even if he doesn't sell bitcoin, he can take a short position, i.e. via GBTC which closely mirrors the movements of BTC.
- Glavnokoman 5y agolooks like like idiots do not like being called as such :)