London Daily

Focus on the big picture.
Friday, Jun 20, 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

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
Nationwide 'No Kings' Protests Challenge Trump's Leadership
UK Deploys Jets to Middle East Amid Rising Tensions
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
Germany Holds First Veterans Celebration Since WWII
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×