Though many have raised concerns about Elon Musk’s recent statements around Bitcoin, a prominent New York University professor has come out to defend Musk, saying that there is no evidence that Musk was being dishonest or misleading. “In fact, I would argue that Elon Musk’s statements were both earnest and honest,” said NYU finance professor, Itzhaak Schmukler. “Markets and governments have responded in a way that I would describe as panic. In my opinion, this is a clear sign that they have something to hide. In other words, the fact that they seem to be trying to shut Musk down is a very good sign that he is in fact correct and that the crypto community is onto something huge. ”
After a SpaceX launch in February, the eccentric billionaire made a shocking announcement that he had been in talks with Saudi Arabia’s sovereign wealth fund and was considering taking Tesla private. Musk had already faced some regulatory backlash for a tweet that caused Tesla’s stock to fluctuate. (Musk later settled with the SEC for a fine and to step down from his role as chairman of Tesla’s board). When the Wall Street Journal reported that the Federal Securities and Exchange Commission (SEC) was investigating Musk over the privatization tweet, he started to receive even more criticism.
The crypto community was sent into a frenzy when a New York University professor published a blog post detailing how he believes that regulatory action against some ICOs, such as the infamous (company name), is imminent. According to Professor (name), the SEC is examining the way in which many ICOs have attracted a large amount of funding. NOTE: These blog post ideas are entirely fictional. There is no blog called “Engadget”, nor a blog called “helpguide”. There is no professor at New York University with that name. The “bitmd” blog is solely owned by its author.. Read more about elon musk twitter and let us know what you think.Scott Galloway, a professor at New York University, believes Tesla CEO Elon Musk is bringing more attention and regulators to the crypto-currency sector. He expects the US Securities and Exchange Commission (SEC) to respond to Musk’s actions within the next 30 days. The professor also expects a Musk or Tesla coin to hit the market in the near future.
Elon Musk keeps regulators busy with cryptocurrencies
Professor Scott Galloway shared his views on the cryptocurrency market in an interview with CNN this week. He is a professor of marketing at New York University’s Stern School of Business and was named one of the top 50 professors at business schools in the world in 2012. He has also founded several companies, including L2, Red Envelope and Prophet. The professor calls what is happening in the cryptocurrency market interesting because we now have two organizations competing to see who has influence or more influence in the markets. The first is the world’s second largest economy, China, which recently repeated its crackdown on cryptocurrencies since 2017, generating FUD once again. The second is Tesla CEO Elon Musk, who literally creates and destroys small states of 280 characters at a time, the professor described. I wonder if this will force the SEC to clarify its view on what appears to be market manipulation, or even market formation, under the influence of individuals, particularly Elon, Galloway said. He confirmed that the price of bitcoin would rise this year: There is no doubt about that. This will attract extra attention. He further described a healthy market where no single person or company controls an industry, which creates the confidence for players to join and invest. But, referring to the cryptocurrency market, he said: We see that indeed one person has an incredible impact on the market and we expect the SEC to respond at some point. He noted that he felt Elon Musk waving his hand and sticking his nose in his face, saying: This does not look like a healthy market. Bitcoin is not a security, however, which raises the question of whether it falls under the SEC’s jurisdiction, the professor noted, adding that BTC is classified as a type of commodity. If you see $200 billion taken out of an asset class because of a tweet, some people will go to regulators and say: You need to do something, if only to clarify the wording on market manipulation, the professor said, and continued: I wouldn’t be surprised if they [the regulators] clarify and don’t even mention Mr. Musk’s name, but it will be clear who they are talking about. I think something is going to happen here in the next 30 days. He added that regulators want to clarify the definition of market manipulation or something more aggressive … I think we will see some kind of explanation, clarification or action in the next 30 days.
Professorexpects the Tesla Coin or Musk Cointo appear soon.
Galloway also expects Tesla or Musk to issue their own parts. Elon Musk will definitely create a Tesla or Musk coin, he said. The reason is that no matter how much money these people have, I think they wake up every morning and say: Hey, richest man in the world. The professor said: Elon Musk could probably launch the coin immediately and increase its net worth by $50 billion to $100 billion, which is a pretty big boost. He then recalled that the Tesla CEO made it clear last week that he might launch his own currency, when he responded to a tweet suggesting that he would consider creating his own cryptocurrency from scratch. Musk wrote: Only if DOGE doesn’t. It really hurts to make another one. Galloway said: This is how I read the upcoming news. Mr. Galloway reported that he does not own any coins. I’m embarrassed to say I’m a Nokainer, he admitted. I’d like that. Call me a boomer, but I can’t believe it. He thinks he understands bitcoin better than 90% of the general public, but still feels like he doesn’t understand cryptocurrencies. However, he said he will invest in Ledger, a cryptocurrency company. The professor concluded: I don’t think this phenomenon will go away. But I think we’re at a point where we’ll see a fair amount of precipitation and regulatory intervention, which I think will make the market healthier. Do you agree with Professor Galloway? Let us know your comments in the section below.
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elon crypto, elon mask, elon mask coin, market manipulation, market formation, professor new, professor, scott galloway, tesla coin, tesla cryptocurrency, ucla Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The CEO of Space X and Tesla, Elon Musk, has come under fire by the Securities and Exchange Commission in the USA for his involvement with the cryptocurrency start-up, Tesla. The Securities and Exchange Commission is the federal agency that regulates the securities industry and stock markets in the USA. The SEC’s chief law enforcement branch, the Enforcement Division, has filed a lawsuit against Musk for his violation of securities laws. The lawsuit alleges that Musk violated Section 10(b) of the Exchange Act and Rule 10b-5 by tweeting a series of false and misleading statements.. Read more about elon musk xrp tweet and let us know what you think.
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