This isn't the first time fake news in crypto has burned investors, Elon Musk also duped the crypto world and everyone quietly forgot about it.

In 2021 Elon Musk rode the hype wave of the bullmarket and gave millions of people even more euphoria by announcing he'll accept Bitcoin as payment for Tesla. The news was massive, they made public announcements of their Btc purchases buying $1.5 billion worth of Btc which made it legitimate in the minds of millions. A couple of months later Elon pulled the plug on that as he cited '' environment concerns. '' Now since he initially did accept Btc for payments people let it slide.

The reality however is that the window and timing of Elon's announcement looked more like a skim off the top, what made him not think of environmental concerns 3 months earlier when he was hyping people up in 2021? The Btc ETF fake news is just someone taking advantage of investors during a shorter and more direct window. People think these are coincidences but Elon is a smart man, he had the common sense and intellect to know ahead of time that announcing something like that would boost his holdings and then give him a window to take profits. The reality is he never intended on keeping Btc as a payment option for Tesla.

So when looking at ground breaking news in crypto it's best to confirm via multiple sources and even waiting out the initial hype can be helpful as well. Anything in this space that seems rushed and like it didn't take much to happen will likely blow up in many people's faces and was designed to help insiders to make some profits. Elon nearly caught many out with his Doge hype in 2021 and it seemed inevitable that Doge would be accepted at Tesla as well, the reality is there never was a solid reason or thought put into this '' adoption '' by Elon because it wasn't intended to last. He's clever enough however to have accepted it for merchandize so he can wash his hands so to speak but in the end it's a way of drawing in capital and then dumping on people just like the SNL skit. That was just to bring exposure after positions had likely been set up behind the scenes.

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