Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Musk creates 'hype' with bitcoin ‘pump and dump’ comments

Musk creates 'hype' with bitcoin ‘pump and dump’ comments

The Tesla CEO says he 'might pump,' but doesn't 'dump' the cryptocurrency

Jordan Belfort, the former stockbroker and subject of the 2013 hit "Wolf of Wall Street," weighed in on Tesla CEO Elon Musk’s Bitcoin comment where he said, "I might pump, but I don't dump," arguing that while he may not need to, other people pump and dump around the "hype" the celebrity creates.

"I like Elon Musk and I think he’s rich enough, he doesn’t have to make an extra few dollars pumping and dumping," Belfort, who spent 22 months in prison after pleading guilty to charges of securities fraud and money laundering, told "Varney & Co." on Thursday.

"I think the problem is while he might not be pumping and dumping, people use his endorsement and they pump and dump around the hype that Elon creates."

Belfort made the comment one day after Musk said the "three meaningful assets" he personally owns besides his two companies are Bitcoin, Dogecoin and Ethereum.

"If the price of bitcoin goes down, I lose money," Musk said during the discussion hosted on a website for a "Bitcoin-focused initiative" called "The B Word" on Tuesday, along with Twitter CEO Jack Dorsey and Ark Invest CEO Cathie Wood. "I might pump but I don’t dump."

He also said Tesla and SpaceX own bitcoin during the cryptocurrency-themed discussion, which was hosted by the Crypto Council for Innovation, which touts itself as "a global alliance of crypto industry leaders."

The price of ethereum rose above $2,000 upon the billionaire's Tuesday announcement, according to Coindesk data. Bitcoin, Dogecoin, Ripple, Cardano and most other cryptocurrencies were also up across the board Tuesday following Musk’s comments.

When asked why he's such a big fan of Dogecoin – a cryptocurrency based on a popular meme as a joke in 2013 – Musk said he likes dogs, memes and the fact that Dogecoin "doesn't take itself too seriously." He explained later that he believes some of the most unlikely investments end up becoming the most profitable.

In April of this year, Dogecoin saw a more than 500% price surge due in part to attention from Musk, making Dogecoin a household name – for crypto investors, at least.

Belfort brought up Dogecoin as an example of where Musk was "probably inadvertently being used" to pump and dump the cryptocurrency.

Critics accused Musk of manipulating the market through his praise and criticism of Bitcoin, as well as his unwavering support for Dogecoin, which started as a joke but has since gained immense pop.


Tesla announced in February that it was acquiring $1.5 billion worth of the cryptocurrency and would accept it as payment. In May, Musk later backtracked on the decision, saying the crypto's use of energy was a threat to climate change and the automaker would no longer accept it as payment.

However, during Wednesday’s conference, Musk said Tesla will most likely restart accepting bitcoin as payments once it investigates the amount of renewable energy used to mine the digital currency, Reuters reported.

Also in May, the China Banking Association warned members of risks associated with digital currencies.

Bitcoin and other cryptocurrencies tanked that month with the largest market value of the group falling to the $30,000 level, dropping from its record $64,000 reached earlier this year.

Bitcoin was trading at about $32,400, as of Thursday afternoon, following the most popular cryptocurrency’s drop below the $30,000 mark two days before for the first time in a month.

Belfort told host Stuart Varney on Thursday that he is a cryptocurrency investor as well and is "in it for the long-term." He noted that some of his positions include investments in Bitcoin and Ethereum.

He also noted that he wouldn’t "put in any more than I could afford to lose."

Belfort said he hopes the price of bitcoin drops again because he "would buy more if it drops down more."

"I would love it to go lower because I’m a long-term investor so I don’t care if it goes up or down in the short-term," he told Varney.

"I would love it to go back to 5,000 [BTC] and buy a ton of it there and that would be a great thing."

He added that it’s "very dangerous" for those who "are trading bitcoin for the short-term," especially given how "volatile" the cryptocurrency can be.

"Anyone that says they know where it’s going next is lying," Belfort said. "No one knows where it’s going next."

He pointed out that the price of bitcoin is "susceptible to things like statements from Elon Musk, things that happen in China [and] other parts of the world."

Bitcoin and other cryptocurrencies remain unregulated within the U.S. financial system. The euphoria surrounding cryptocurrencies at the start of the year has been impacted by increased talk of regulation around the globe, which has weighed on bitcoin's price.

Belfort admitted that he has always been "scared of Bitcoin" because of all the uncertainty surrounding the cryptocurrency.

"Right now who knows what the U.S. is going to say with taxes, with regulation, is it a security, is it not and those are huge risks," Belfort went on to say.

"It’s still a nascent market until it really finds a footing," Belfort noted, adding that once cryptocurrencies are regulated "and the sovereign risk is more well-known," then analysts will "be able to start predicting it much more systematically."

He then pointed out that he believes the industry is "far enough along now, that I think the chances are far better than not that it stays with us and they don’t try to regulate it out of business."

He then stressed that he believes what is holding down the price of bitcoin and other cryptocurrencies is all the "uncertainty on the regulatory front."

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
×