[2021-02-08] BREAKING NEWS: TESLA BOUGHT $1.5 BILLION IN BITCOIN — SEC

[estenity]

do not forget the important role of Elon Musk in Paypal.
and the recent evolution of Paypal towards bi tcoin.
are these two things linked ?

[Sithara007]

Although this is great news, I don't understand why Elon is not making any direct investment in Bitcoin. Tesla has made the investment, but Elon has made it clear that he owns only BTC0.25 in cryptocurrency and even that was received as a gift many years back. And also, I am not comfortable with his shilling of DOGE. If he promotes both BTC and DOGE, then he is indirectly linking DOGE shitcoin with Bitcoin, and that is not going to be beneficial for the latter.

[acquafredda]

do not forget the important role of Elon Musk in Paypal.
and the recent evolution of Paypal towards bi tcoin.
are these two things linked ?

C-level executives certainly talk to each other, that is for sure. Musk, as you correctly point out, had a huge role at PayPal and therefore it would not surprise me if he had a chat last year about bitcoin with PP current CEO. Bitcoin is the new game in town, an opportunity not to be missed for those who want to lead innovation in the years to come. I expect more companies to follow suit.

[Theb]

@Theb. Agreed! However, from bitcoin’s price today, how much is it to maximize their returns? Triple the price? I speculate Tesla is expecting not less than 5x profit from the trade. This might only be beginning. Other billionaires are also beginning to consider bitcoin. The bear market will be intruiging, however hehehe.

They won't look at how much percentage gain they will have from their Bitcoin investment but they might just look at their investment if they are in fact earning anything out of it. We are talking about the cash reserves of the company meaning they are only using the extra funds lying around in their company without any use that is why most companies are using it to invest in assets to "maximize returns" but when the time comes these companies who have invested their cash reserves have financial trouble or have decided to expanded or just needed the money for other projects then they can pull out anytime without even thinking about maximizing the returns. That is how a company works and I don't think companies who have invested in Bitcoin are planning to hodl their position for a very long time.

[estenity]

do not forget the important role of Elon Musk in Paypal.
and the recent evolution of Paypal towards bi tcoin.
are these two things linked ?

C-level executives certainly talk to each other, that is for sure. Musk, as you correctly point out, had a huge role at PayPal and therefore it would not surprise me if he had a chat last year about bitcoin with PP current CEO. Bitcoin is the new game in town, an opportunity not to be missed for those who want to lead innovation in the years to come. I expect more companies to follow suit.

https://twitter.com/DoveyWan/status/1359537256994729988/photo/1

[bbc.reporter]

@Theb. Agreed! However, from bitcoin’s price today, how much is it to maximize their returns? Triple the price? I speculate Tesla is expecting not less than 5x profit from the trade. This might only be beginning. Other billionaires are also beginning to consider bitcoin. The bear market will be intruiging, however hehehe.

They won't look at how much percentage gain they will have from their Bitcoin investment but they might just look at their investment if they are in fact earning anything out of it. We are talking about the cash reserves of the company meaning they are only using the extra funds lying around in their company without any use that is why most companies are using it to invest in assets to "maximize returns" but when the time comes these companies who have invested their cash reserves have financial trouble or have decided to expanded or just needed the money for other projects then they can pull out anytime without even thinking about maximizing the returns. That is how a company works and I don't think companies who have invested in Bitcoin are planning to hodl their position for a very long time.

I reckon that maximize returns implies that Tesla will also dump anytime in case the investment does not maximize returns.

Also, this news. Michael Burry is short on Tesla. This might be biased opinion, however, he was right on the big short of 2007.



'Big Short' investor Michael Burry says Tesla's $1.5 billion bet on Bitcoin was a distraction

"Chinese regulators summon Tesla on quality issues as consumers complain about quality ... but $TSLA bought $BTC," the Scion Asset Management boss tweeted, using the tickers for Tesla and Bitcoin. "In my mind's eye, so much #digitalconfetti."

In other words, Burry thinks Tesla may have timed its $1.5 billion purchase of Bitcoin to distract from its China troubles.

Source https://www.businessinsider.com/big-short-investor-michael-burry-questions-tesla-bitcoin-dogecoin-bubble-2021-2

[kjlimo]

I haven't found any details on how/when they will start accepting bitcoin... has anyone seen anything on this?

Should I contact my local dealer?

Thanks for the responses on Tesla... so I called up my local Tesla Cleveland location.  There are no plans for accepting bitcoin payments at this time. "Mr. Musk likes to say a lot of things, but we don't believe anything until it's on tesla.com." Of course I offered my assistance to set them up to accept bitcoin payments... which was met with chuckles... I'll keep you posted if a path to reality ever emerges!

https://www.facebook.com/MontyBitcoin-109179704163890

Cheers

[bbc.reporter]

@kjlimo. The skeptical me thinks that he only wants Tesla stocks to pump similar to Microstrategy stocks hehe. Also read my post. Similar to what Michael Burry has said, Elon’s bitcoin move might only be a distraction from Tesla being summoned by Chinese regulators. I am also skepitcal about the summon. It might not be really about consumer complaints.