In February, the renowned US economist cautioned that the SEC should keep an eye on powerful people like Elon Musk because such activity borders on market manipulation.
Tesla, the world’s third-richest man and the founder of SpaceX, triggered significant chaos in the Bitcoin market today.
Elon Musk began interacting and writing on cryptocurrencies in late January of this year when he updated his Twitter bio to #bitcoin. Even then, several doubts arose as to what was behind it and why such an influential figure suddenly embraced BTC.
However, it didn’t take long for anyone to realize that Tesla had invested $ 1.50 billion in Bitcoin in January of this year, just before changing his bio to #bitcoin.
Although this delighted many cryptocurrency enthusiasts, Elon Musk’s actions bordered on manipulation.
Nouriel Roubini had previously stated that the US Securities and Exchange Commission should keep an eye on powerful people like Elon Musk, whose conduct borders on market abuse.
However, it didn’t take long for the issue to resurface. Just a few hours ago, Elon Musk decided to publish a statement saying that Tesla was halting the purchase of vehicles for BTC, as BTC mining consumes an increasing amount of fossil fuels.
The market immediately crashed, losing more than $10,000 in value, implying that Elon Musk can travel with the market.
So, once again, the question arises: Is it right for the SEC to allow such powerful people to participate in and manipulate the financial or cryptocurrency markets regularly?
In any case, Elon deserved a lot of flak for this comment, even if weak hands sold their BTC out of fear. According to the most recent figures, up to 76 percent of households use renewable energy as part of their overall energy mix.
When it comes to the basic distribution of energy sources, hydroelectric is a strong favorite, accounting for 62 percent. Other roles were held by coal (38%) and natural gas (36%), although wind turbines were used by just 17% of respondents.