Bitcoin news

Elon Musk now praises Bitcoin

While continuing to declare himself skeptical of other cryptocurrencies

If not so long ago Elon Musk proclaimed himself a supporter of Dogecoin, now it seems that his favor is changing recipient, pouring out Bitcoin.
A change of course which, moreover, had already been announced by the change in his biography on Twitter, renamed precisely with the name of the creation of Satoshi Nakamoto. Event which literally has the market of the cryptocurrency, reversing the trend of BTC and causing hundreds of millions of losses to those who had opened short positions on the token.

 

Now Elon Musk proclaims himself a Bitcoin supporter

Elon Musk declared his appreciation for Bitcoin on the audio chat app Clubhouse, claiming to have become a supporter of it. While admitting he was late to the party. He further stated that the crypto icon is now on the verge of one broad acceptance by traditional finance.
His statements were taken from Forbes, recalling that they risk putting him now at loggerheads with central bankers and global regulators. Starting from Janet Yellen, new Treasury Secretary of the Biden administration e Christine Lagarde, governor of the European Central Bank. They recalled BTC's role in the illegal economy in their recent public statements.

However, Musk remains skeptical of other cryptocurrencies

On the same occasion, however, Musk said that he does not have the same sentiment towards other cryptocurrencies. Thus leaving a feeling of bewilderment in the fans of digital money. Enough to give the impression of simply wanting to sponsor Bitcoin, perhaps for his very personal purposes.
Especially if you compare his behavior with what has happened over the last few hours, when his moves have practically created a sort of pump and dump on BTC. Making it grow by 15% at a time when the issue is still being discussed GameStop. That is the real sting inflicted by small investors on hedge funds, with billionaire losses caused by the support of the former to the company in the open by hedge funds.

The markets are faced with a real crossroads

Elon Musk's moves are part of a real battle to the death. The one inaugurated by the Redditors of WallStreetBets against the so-called Mani Forti of the market. That is those groups of large investors who are used to plucking the small ones thanks to the possibility of maneuvering huge resources.
Which, however, were worthless in the face of the campaign organized by WSB. Knowing that hedge funds were moving in concert against GameStop, the small investors teamed up to buy its shares. They therefore caused a real boom in the price of the same, following which the conditions for one matured sensational defeat of funds.

The Robinhood Controversy

The GameStop affair, however, could now reserve other surprises. Arising in particular from the decision of Robinhood to curb cryptocurrency investments on the company.
A behavior judged incorrect by many, also and above all for the links between theexchange and one of the funds involved. Enough to push some observers to affirm that the predatory impulse of the financial markets is coming into the open, with large groups willing to do anything to not lose. Also to manipulate the principle of free competition of which they have always shielded themselves when things turned in their favor.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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