Tesla boss could face scrutiny over bitcoin tweets

Elon Musk and his public statements about bitcoin could attract the attention of the US Securities and Exchange Commission (SEC), according to experts.

The comments come in the context of Tesla purchasing $1.5bn worth of Bitcoin, which immediately pushed the price to over $48,000.

Taming Elon Musk on Twitter is no easy task. The tech visionary and the world's richest man is prone to bursts of activity on Twitter, and his tweets often lead to fluctuations in the value of the popular “meme” crypto token, doge.

According to Doug Davison, a former branch chief at SEC division of enforcement, it would not be surprising to see SEC put Musk to regulatory scrutiny. Former European Central bank (ECB) vice president Vitor Constâncio expressed his own doubt in the matter.

“It was not disclosed when Tesla had made this investment. In December, Musk said that Tesla could buy bitcoin, and this was followed by many statements that he supported bitcoin. Bitcoin kept going up and Tesla investment has appreciated. The SEC will look into this”, he said.

After all, Musk has been known to push the value of currencies up before, and his decision to list #Bitcoin as an official tag on his Twitter may have been seen as an attempt to raise the value of a currency that one of his companies would be interested obtaining.

Yet, the argument falls short of explaining why Musk would be interested in pushing the price up just before purchasing it. Was he just honestly riding the wave of cryptocurrency adoption? While his bitcoin investment may be serious, though, his half-joking support for doge has not.

Nevertheless, rumors are now swirling that the doge token is once again been worked on with new applications explored. Leaving speculation aside, there are a lot of great applications for doge and BTC today.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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