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Do I just interpret this at face value as capricious decision-making?
SEC wouldn't allow this with the stock market, how is this any different? His actions were intentional by the way it is obvious he is manipulating the market intentionally.
I don't want the SEC involved in crypto, at all.
Earlier quoted context omitted.
Elon has become so big that anything he does manipulates the market.
I'm a big fan of Matt Levine's "Money Stuff" column on Bloomberg - he always has amusing and insightful commentary particularly on Elon - > My Bloomberg Opinion colleague Liam Denning points out that “Musk’s move may also indicate that Teslas weren’t flying off the shelves as a result of accepting Bitcoin payment,” and in fact it’s not entirely clear whether Tesla has sold any cars for Bitcoins.[2] I hope it hasn’t.…
So apparently in february tesla bought 1.5 billion in bitcoin as part of a plan to accept payments, then announced today they won't accept those payments and took a nasty hit on the value of that bitcoin because of it. Do I just interpret this at face value as capricious decision-making?
Edit: Hum, not sure why the downvotes, is my understanding wrong?
The media tends to be extremely trigger-happy to blame a correction or dip in crypto on a single event like Tesla not accepting BTC while it's just as likely that this is an effect of the wider market correction that's taking place after the inflation/CPI news this week.
My hot-take having watched the culling from an invested position follows. Disclaimer: i hold both BTC and ETH. While the market in general is down, the major losses in this crash were Bitcoin, Doge and Shiba. Bitcoin is an obvious result given the news. Doge and Shiba have had pretty spectacular gains over the last ~30d and seeing them lose considerable value is unsurprising if you follow crypto markets much. Seeming…
The media tends to be extremely trigger-happy to blame a correction or dip in crypto on a single event like Tesla not accepting BTC while it's just as likely that this is an effect of the wider market correction that's taking place after the inflation/CPI news this week.
https://trends.google.com/trends/explore?date=now%201-d&geo=...
and https://www.coindesk.com/price/bitcoin
At 3pm PT on 5/12, Bitcoin was at $54.6k USD. Musk tweeted https://twitter.com/elonmusk/status/1392602041025843203 at 3:06pm. Two hours later, BTC was at $47.7k. One cannot blame the media on this, and it's not the result of macroeconomic news.
SEC wouldn't allow this with the stock market, how is this any different? His actions were intentional by the way it is obvious he is manipulating the market intentionally.
Elon has become so big that anything he does manipulates the market.
The media tends to be extremely trigger-happy to blame a correction or dip in crypto on a single event like Tesla not accepting BTC while it's just as likely that this is an effect of the wider market correction that's taking place after the inflation/CPI news this week.