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22 June 2021

Primal arrogance and greed: Elon Musk slammed for crypto manipulation

Primal arrogance and greed: Elon Musk slammed for crypto manipulation


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One of the first Bitcoin exchange operators, and co-founder of Zap Protocol, Nick Spanos, told Cointelegraph he believes much of Musk’s market-moving activity is designed to appropriate more assets at a cheaper price than he otherwise would have.

The prime example of this, if true, would perhaps be Musk’s announcement that Tesla had purchased $1.5 billion worth of Bitcoin, and that the car company would accept BTC for payment.

Even if Musk just got bored of Bitcoin, his tweets to over 50 million followers amount to recklessness, and an abuse of trust, says Spanos.

Such fake giveaways are nothing new in the cryptocurrency space, but would this one have occurred if Elon Musk wasn’t already placing himself at the front and center of the cryptosphere

“If I were Elon, I would be double checking my penetration tests, and spending more time implementing blockchain solutions — and finding ways to help the people rise to their highest level of freedom,” said Spanos.

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