Jordan Ross Belfort, widely known as Leonardo DiCaprio’s “Wolf of Wall Street,” does not believe Tesla/SpaceX CEO Elon Musk manipulates crypto prices, despite several reports.
Belfort suggested that Musk is way too wealthy to be inflating and duping dogecoin, bitcoin, or other cryptocurrencies for quick cash.
“I admire Elon Musk and believe he is wealthy enough. He isn’t required to earn a few additional dollars by pumping and dumping.”
While Musk may not be pumping and dumping, traders may be exploiting his endorsement to pump and dump around the excitement that the billionaire mogul produces, according to Jordan Belfort, a former Wall Street penny stock dealer who pled guilty to stock market fraud in 1999.
Musk has long been accused of being a master manipulator due to his oddly timed tweets. His tweets on big cryptocurrencies like DOGE and BTC, for example, have caused their prices to rise and fall in seconds.
Musk revealed the three cryptocurrencies he personally owns, as well as the cryptos held by his two companies, during The B Word conference on Wednesday. He also admitted that while he does occasionally boost cryptocurrency prices, he does not dump. Musk added, “If the price of bitcoin falls, I lose money.”
Tesla’s CEO went on to say that he wants to see bitcoin prosper rather than just drive the price up to and cash out at higher prices.
However, according to Belfort, Musk is most likely being “inadvertently used” to pump and dump cryptocurrencies.
Belfort is hoping that the price of bitcoin plummets.
Belfort also stated in his interview that he is invested in bitcoin (BTC) and ethereum (ETH), and that he is in it for the long haul. In fact, he is hoping for a drop in the price of the bellwether cryptocurrency to as low as $5K per coin so that he can buy more.
“I’d prefer it to drop because I’m a long-term investor who doesn’t care if it rises or falls in the short term. I’d want to return to $5000 and buy a bunch of it here, and that would be fantastic.”
The former Wall Street criminal-turned-author also stated that no one knows where bitcoin’s price will go next, and anyone who claims to do so is most likely lying.