South African billionaire Magda Wierzycka accused Tesla CEO Elon Musk of manipulating the market for her own gain, in a recent interview with The Money Show.
Speaking at The Money Show, the founder and chairman of Sygnia shared his thoughts on the future of cryptocurrency. Wierzycka compared Bitcoin to gold as a store of value.
The chief executive claimed that the volatility seen in Bitcoin in recent months was the unexpected result of market manipulation by Elon Musk to serve his own interests. Magda used the following statements regarding the subject:
He emphasized that with Tesla’s purchase of Bitcoin, Musk cleverly used his fan base on social media platforms to increase the price of BTC by tweeting about the cryptocurrency. According to Wierzyck, “What we see in Bitcoin and its volatility is manipulation by a very powerful and influential person.” Essentially, he stated that this seemed to be part of an elaborate plan by the Tesla CEO, who saw an opportunity in the market to make a quick profit from the speculative asset.