on the crypto
Jordan Belfort, also known as The Wolf of Wall Street, in the most recent spat of events denounced the creation of dangerous FADs and FUDs, citing Elon Musk for comments he made during the B-word Conference.
Speaking to Fox News, the acclaimed writer of The Wolf of Wall Street, now turned into film, expressed his apprehension and dissatisfaction with Musk's statement at the conference where he specifically stated "Pump and Dump" visualizing him as irresponsible. and dangerous for investors who admire it when investing in the business.
“The problem is that it may not pump and dump. People use his approval and pump and dump around that hype that Elon created, so he might not, but others use his name, ”he said.
He was skeptical of the hype created around Dogecoin in the second quarter rally where investors, in what they called the Doge's army, dumped the asset while Elon may not have dumped it.
Calculated risk
The author, who acknowledged having invested in various cryptocurrencies including Bitcoin, Ethereum, and Polygon, said he is long-term and of invest on a calculated risk basis, not putting in what they couldn't afford to lose and above all, not acting on what others thought.
“I think people who trade bitcoin in the short term… it's very dangerous, very volatile. Anyone who knows where he is going is lying. Nobody knows where it will go next. He is susceptible to things like Elon Musk's statements and things happening in China, ”he warned.
More caution
Jordan joins a number of experts who believe Elon's use of his position to influence the cryptocurrency movement is irresponsible and dangerous.
In June, Binance CEO CZ criticized Elon for what he called an irresponsible tweet, as Tesla's boss sent negative comments about Bitcoin that largely influenced investor decisions, causing them much agony after he suffered losses. CZ's response came shortly after Musk's viral bitcoin meme surfaced causing a market frenzy.
“More power with great responsibility, great. Great power with casual "humor", not great and not funny, "he said.
Other notable figures like Congressman Warren Davidson, Microstrategy's Michael Saylor, Morgan Creek's Anthony Pompliano, and Bitcoin Plan B's flowing stock creator have previously criticized Musk for reckless comments that only served to sway prices to work to his advantage. . Elon Musk has already been targeted by the SEC for misleading market manipulation allegations and was subsequently fined.
It is up to investors to ignore Elon
According to Jossie Welland, Senior Associate Attorney at the UK Chambers Leadership, Elon Musk's tweets, jokes and announcements can be perceived as market manipulation and are offenses involving a maximum punishment of 7 years and / or a fine. unlimited. She is skeptical, however, that the SEC's involvement could influence Musk's behavior, letting market forces deal with him, of course.
“His apparent influence on the crypto space, and markets in general, has not been chained by his latest SEC fine. And it is unlikely that any subsequent executive action, if it were to follow, would have any effect on this, ”he says.
