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IPFS News Link • Housing

Elon Musk on Housing Bubble: 'They Dug Their Own Graves'

•, Andrew Herrig

The latter tweet wiped $14 billion off the company's value with just seven words, so to say his opinions can move markets is an understatement.

Now Musk has turned his attention to the housing bubble in response to a tweet by Dogecoin co-founder Billy Markus, who goes by the name Shibetoshi Nakamoto on Twitter.

In the Tweet, Markus claimed that cryptocurrency was originally created in response to the heavy hand of central bank control following the 2008 recession that led to the rampant printing of money and bailouts.

The decentralized nature of cryptocurrency could avoid manipulation by governments because, in essence, no one was in control of it other than a pre-defined algorithm.

Markus also blamed the 2008 recession on predatory lending practices during that time that were allowing previously unqualified buyers to purchase homes with little to no money down and low initial mortgage payments that ballooned over time.