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Tesla bought BTC when it was around $36k IIRC, so even with the value decrease yesterday-today, they're still up significantly.
Probably, tesla already sold all of crypto holdings, may be they will buy it latter at around 36k, again.
[1] https://finance.yahoo.com/news/musk-says-tesla-sold-bitcoin-...
Very perplexing behavior from Musk, I must say. Bitcoin's energy consumption has been front-and-center for a few years now and even more so when the bull market got hot. How does Musk decide to throw $1.5 billion worth of Tesla's cash into BTC without acknowledging this? I was expecting a little bit more due-diligence from him, but he's been absolutely consumed by crypto markets in general.
Musk, a human being with more power than any one person can handle, makes a decision, then other people and events convince him he made a mistake, and he changes back to his old stance. That we don't want politicians and public figures to ever change their minds says much more about what is wrong with us than what is wrong with them.
What is pretty weird to me though was that I feel like he could have hedged this much better by taking a middle ground. If you want to accumulate a position in an asset, and you have a ridiculous amount of money, don't you do the Warren Buffet method of grabbing it a little at a time, maybe when nobody is looking?
If you were trying to build a position in silver, and your company accepts it as payment, don't you keep spending your other assets and just keep all of the silver that your customers pay you with?
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…
I'm the oppsite, and I'm not a btc maximalist. I'm not going to make any predicitons about the price direction of either coin, I'm mainly surprised by eth's huge rise. there's some risk with the eth2 / PoS migration, though it comes with a huge benefit. would someone mind explaining the technical risk? i'm not that well versed in it, maybe i'm overstating it (the market is obviously bullish about it). without it, sma…
For more info check out this beautiful site: https://ethmerge.com/
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It is incredibly hard to imagine that the upside in Musk's personal Bitcoin stake, whatever it is, is anywhere close to approaching his personal stake in Tesla. Something like 70% of his net worth is Tesla stock. It would be unbelievably stupid to jeopardize the value of the Tesla stock to pump up the value of his Bitcoin holdings. Some of these anti-Musk conspiracy theories are truly crazy especially considering the…
> It is incredibly hard to image that the upside in Musk's personal Bitcoin stake, whatever it is, is anywhere close to approaching his personal stake in Tesla. Something like 70% of his net worth is Tesla stock. It would be unbelievably stupid to jeopardize the value of the Tesla stock to pump up the value of his Bitcoin holdings. I think it's fair to suspect something here though, and question Musks behavior these…
...we are talking about Elon Musk, right? The one who got rich founding the definitely-ethical, not-at-all-shady company PayPal? That Elon Musk?
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Tesla bought BTC when it was around $36k IIRC, so even with the value decrease yesterday-today, they're still up significantly.
They also seemed to have taken some profits. Tesla's Q1 reports a profit of $101 million from Bitcoin sales.
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That is just a ridiculous statement. If you want a hedge against inflation you'd buy something like shares of McDonald's (people will keep eating burgers), gold and other commodities, things that people need. No one actually needs Bitcoin. If Bitcoin disappeared right now, who would lose besides the people who hold Bitcoin? No one. If you want to circumvent the banks there are other ways to do so and very easily so.…
Why do people need gold?
And now, please reciprocate, why do people need Bitcoin? If Bitcoin disappeared right now, what would anyone (besides people who are holding it) be losing?
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Personal congrats on your life decisions, even if that may not fly here :) Like the pencil said when you sharpened it: Never say yes to drugs! ever say yes to drugs! say yes to drugs! yes to drugs! to drugs! drugs! More people should have listened to the pencil! (see also: "I, pencil" by Leonard E. Read)
Thank you very much. Congrats on your personal life decisions as well. The fact that these types of decisions don't fly here makes it all the more fun to rub it in their faces :)
No thank to HN FUD that delayed my entry! If I had only trusted my gut instead of the common "wisdom", I could have been a billionaire instead.
It may still be possible based on private BTC projection, but that will be in 20 years...
> The fact that these types of decisions don't fly here makes it all the more fun to rub it in their faces :)
Indeed! I already loved you, now I'll be sure to check for your comments :)
Very perplexing behavior from Musk, I must say. Bitcoin's energy consumption has been front-and-center for a few years now and even more so when the bull market got hot. How does Musk decide to throw $1.5 billion worth of Tesla's cash into BTC without acknowledging this? I was expecting a little bit more due-diligence from him, but he's been absolutely consumed by crypto markets in general.
This looks like a pump and dump scheme in its finest form. Nothing changed over last year in regards to energy consumption. There's no way that Elon or those in Tesla discussing this were not aware of this prior.
Some day the shoe is going to go cold and he's going to be fucked. He'll drop off the richest people list faster than he climbed it (which was too fast).
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How is this a pump and dump? They never dumped. It is certainly stupidity from Musk, but I don't know why you are implying maliciousness when they are still holding Bitcoin and therefore they are equally hurt by this drop in value.
Tesla might not have dumped. But I'd be very interested to see Musk's personal trading accounts, and the trading accounts of his close associates.
Very perplexing behavior from Musk, I must say. Bitcoin's energy consumption has been front-and-center for a few years now and even more so when the bull market got hot. How does Musk decide to throw $1.5 billion worth of Tesla's cash into BTC without acknowledging this? I was expecting a little bit more due-diligence from him, but he's been absolutely consumed by crypto markets in general.
He's not an idiot, the people who praise him as a god and follow his every word and beckon are. Musk is extremely smart, he knows Bitcoin energy consumption is high and unsustainable. And he knows how to manipulate a bunch of people who have no idea what they are investing in/how to invest. What he did (and this is pure speculation) is a basic pump and dump (well sort of dump, I guess they still have a bunch?). Bough…