Elon Musk’s ‘Pump And Dump’ Comment Is Dangerous For The Crypto Market – Jordan

[RSRS]

Jordan Belfort also known as the Wolf of Wall Street has in the newest spat of events decried against creating dangerous FAD and FUD calling out Elon Musk over comments he made during the B-word Conference.

Speaking to Fox News, the acclaimed writer of The Wolf of Wall Street, now turned into film expressed his apprehension and dissatisfaction over Musk’s statement during the conference where he particularly stated “I might pump, but I don’t pump” visualizing it as irresponsible and dangerous to investors who look up to him when investing in the asset.

“The problem is, he might not be pumping and dumping. People use his endorsement and they pump and dump around  that hype that Elon creates, so he might not be doing it but others use his name” he said

He was skeptical about the hype created around Dogecoin in the second quarter rally where investors, in what they called the doge army, dumped the asset whereas Elon might not have dumped it.

Calculated Risk
The author, who acknowledged having invested in various cryptocurrencies including Bitcoin, Ethereum, and Polygon stated that he was in for the long term and invested on a calculated risk basis, not putting in what he could not afford to lose and more so, not acting upon what others thought.

“I think that people who are trading bitcoin in the short-term…it’s very dangerous, it’s very volatile. Anyone who knows where it’s going next is lying. No one knows where it’s going next. It’s susceptible to things like statements from Elon Musk and things that happen in china” he cautioned.

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