Bitcoin Crashes Below $20k, As Elon Musk Faces $258 Billion Lawsuit Over Dogecoin Racketeering.
For the first time since December 2020, the price of bitcoin BTC traded below $20,000 on Binance, the crash follows speculative rumours on the crypto market, as Elon Musk, Bitcoin biggest influencer is sued for over $200 billion for Dogecoin ponzi pyramid fiasco.
Bitcoin’s price has just crashed below the iconic previous all-time high of 2017 at $20,000. This happens as the entire market tumbles amid rampant rumors and ongoing challenges.
As of writing these lines, the cryptocurrency dropped to a low of $19,066 on Bitstamp Exchange, which is below the iconic previous all-time high from 2017 – $19.7K.
In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc (TSLA.O) and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price, only to then let the price tumble.
“Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading,” the complaint said. “Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement.”
The complaint also aggregates comments from Warren Buffett, Bill Gates and others questioning the value of cryptocurrency.
Johnson is seeking $86 billion in damages, representing the decline in Dogecoin’s market value since May 2021, and wants it tripled.
He also wants to block Musk and his companies from promoting Dogecoin and a judge to declare that trading Dogecoin is gambling under federal and New York law.
The complaint said Dogecoin’s selloff began around the time Musk hosted the NBC show “Saturday Night Live and, playing a fictitious financial expert on a “Weekend Update” segment, called Dogecoin “a hustle.”
Tesla in February 2021 said it had bought $1.5 billion of bitcoin and for a short time accepted it as payment for vehicles.
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