HomeBitcoin NewsNouriel Roubini: Elon Musk Manipulated the BTC Price

Nouriel Roubini: Elon Musk Manipulated the BTC Price


Related stories

BTC Can Hit $100,000 Soon and $150,000 If Trump Wins, Predicts Standard Chartered

Standard Chartered, the British financial institution, claims bitcoin can...

It has become clear that no matter how well bitcoin does, now matter how far it goes or how high its price spikes, there will always be doubters. Nouriel Roubini – often called “Dr. Doom” thanks to his gloomy ideas surrounding the future of crypto – is proof of this.

Nouriel Roubini Is Back to His Negative Ways

The recent purchase of approximately $1.5 billion worth of bitcoin by leading car company Tesla has got everyone talking. Traders believe that the move is likely to set bitcoin on an entirely new level, and that the purchase is going to push the currency deep into mainstream territory, but Tesla’s buy appears to be having the opposite effect on Roubini, who believes that Elon Musk – the South African entrepreneur behind the leading tech giant – should now be investigated by the Securities and Exchange Commission (SEC) for market manipulation.

Roubini is accusing Musk of potentially sticking his finger into the bitcoin pot in an unsanitary way. Prior to the major purchase, Musk released a series of positive tweets relating to bitcoin, and for a short while changed his Twitter bio to #bitcoin. From there, he engaged in one of the largest institutional purchases of the world’s leading digital asset. Roubini claims that these tweets were an alleged violation of current SEC regulations, and that Musk should be made to answer for his behavior.

In a recent interview, he states:

First, take an individual position in bitcoin, pump the price up, and then say that Tesla has invested. It’s also irresponsible and it’s market manipulation. The SEC should be looking into people that have a market impact that manipulate the price of assets. That’s also criminal behavior.

Following the Tesla purchase, bitcoin rose to a whopping $48,000 per unit – the highest it’s ever been – while Tesla stock jumped an additional 1.44 percent.

Roubini is not alone in his sentiment. Victor Constancio – the former vice president of the European Central Bank – also took issue with Musk’s behavior and sent out a tweet to all his followers claiming:

The SEC will look into this.

In the past, Roubini has been rather negative towards the cryptocurrency space and has even referred to it as a “speculative asset bubble.” He has also gone after specific altcoins.

Other People Also Don’t Think Much of BTC

In addition, he’s joined by a long series of doubters who believe that bitcoin will never be anything more than a speculative tool for rich people to play around with. In a recent statement, Shelia Blair – one of the key financial regulators during the Great Recession – said that she felt nothing positive towards bitcoin. She also told her followers to avoid it at all costs. She said:

If you’re a wealthy person with some money to risk, fine, but no. I don’t have a lot of confidence in it.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories