Doesn't this have legal ramifications when done in the stock market? If it is shady for that market, why is it acceptable in other markets? Oh, right, they're not regulated.
Wasn't that one of the big selling points of BTC?
Also I didn't get the sense that Musk single-handedly pumped BTC. He jumped on the bandwagon about mid-way through the current pump. I am still foggy on what kicked off the current bull run.
Intent matters, which also makes market manipulation so difficult to prove.
Start with the guy who started accepting bitcoin for pizza.
(ooooh, was there lead in your hamburger? just the price of freedom, I guess! if you don't like it, you can go eat fiat hamburgers like the plebes.)
liberty: intentionally or intentionally harming people is illegal. If you or your company poison someone, you are held responsible for the harm you caused.
non-liberty: a specific regulation about the level of acceptable lead in meat. limited liability shields the owners from being held responsible.
I don't even have to point to any specific laws, just look at all the websites that talk about stocks operating without any SEC intervention.
I have a hard time believing the people here defending Musk dont know this, and can't see how his behaviour _migbt_ qualify as a pump and dump.
Some would argue that Bitcoin is fundamentally a giant "Pump and Dump" anyway, so nothing to see here.
You may be technically correct, doesn't make it any less sketch or immoral
You can't just classify this set of actions as a pump and dump. You have to do something that is considered a scam, such as grossly misrepresenting the security with the intention of making a profit at the cost of uneducated investors. As far as I can tell, Elon never claimed Bitcoin is environmentally friendly, nor did he make other false claims about Bitcoin's functionalities or capabilities.