Elon Musk Manipulating Cryptocurrency Market - Nouriel Roubini.

Elon Musk Manipulating Cryptocurrency Market - Nouriel Roubini.

2021-02-11 | Selina Mathew

Elon Musk Manipulating Cryptocurrency Market - Nouriel Roubini.

The United States SEC [Securities and Exchange Commission] should be “looking to people” like Tesla CEO Elon Musk for ongoing market manipulation following the electric car maker’s recent decision to place bitcoin on its record highsconsistent with economists and prominent bitcoin critic Nouriel Roubini. Musk has been tweeting about Bitcoin [BTC] and Dogecoin [DOGE] in recent weeks, at one point updating the bio of his popular Twitter profile to “#bitcoin.” Tesla filed its annual 10-K report with the United States SEC [Securities and Exchange Commission] earlier on Monday, stating that it brought about $1.5 Bln worth of Bitcoin [BTC, -3.48%] earlier in January. The New York University economics professor similarly criticized MicroStrategy CEO Michael Saylor’s “irresponsible behavior” for converting a big portion of the business intelligence firm’s cash reserves to bitcoin considering the volatility of the asset. MicroStrategy presently holds 71,079 BTC, consistent with an SEC filing last week. In a recent interview, Roubini warned bitcoin could “collapse” if Tether [USDT], the issuer of the Tether [USDT] stablecoin, and cryptocurrency exchange Bitfinex are indicted this year. Tether [USDT, -0.20%] has an eye-popping $31 Bln market capitalization, and is subject to multiple ongoing investigations, along with the United States DoJ [Department of Justice] as well as New York Attorney General’s office. At the middle of the DOJ’s criminal investigation into Tether as a firm is whether or not USDT is employed to inflate the cryptocurrency markets. Earlier on Friday, Bitfinex revealed that it repaid the remaining balance of a $550 Mln loan to its sister firm, Tether. Also in 2018, the exchange borrowed over $600 Mln from Tether, with which it shares executives and ownership. The transaction was made public in April 2019 after the New York Attorney General’s Office alleged Bitfinex lost $850 Mln in user and company funds to payment processor Crypto Capital Corp. and used funds from Tether’s reserve to secretly cover the shortfall. Roubini predicts the planet will eventually “phase out cash” and therefore the United States will create an “e-dollar.” CBDC will permit central bankers to swiftly maneuver monetary policy, he revealed, and normalize negative rates in times of economical crisis.

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