Wenbing
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There is gold in volatility..
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February 02, 2021, 04:39:09 PM
Last edit: February 26, 2021, 02:47:26 PM by mprep |
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Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.
Why then was he so late to support BTC?
Well, at the early stage of crypto people thought it'll be a failed experiment. But, for Musk I belive he has been doing DUE DILIGENCE regarding the use of crypto and how it will evolve. Secondly, leaving PayPal to working on other projects such as SpaceX, Tesla.. This is enough reason why his attention will not be in the crypto space. I feel this might to some extent justify his lateness to the most exciting party...
He was the co-founder of PayPal, a payments solution technology that goes directly against what bitcoin offers. It will obviously take him some time to churn the reality that bitcoin can co-exist with what we have right now in terms of payments and investments. Also, the dude is practically busy in most of his companies, especially his biggest cash cow right now, Tesla and SpaceX. Given the incredibly high valuation of Tesla stocks, Mr. Musk should make sure that those who bought shares would get their money's worth, and I believe that bitcoin is incredibly volatile at the time (even now) to cover for the money that Tesla is carrying should there be any issues and all.
Though Tesla may be highly valuable than bitcoin in terms of market market Cap, at the present time but I feel with the trend of btc the future market price of btc will be incomparable to that Tesla. [moderator's note: consecutive posts merged] |
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kryptqnick
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February 02, 2021, 05:03:30 PM |
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Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.
Why then was he so late to support BTC?
I feel like he's been playing around with phrases about Bitcoin for years now, so I'm not sure what you mean by 'so late'. He's just a trickster to me, to be honest, because he can praise or in some other way sympathize with Bitcoin one day, but then say something bearish a couple of months later. If he's currently in the good mood about Bitcoin, it doesn't mean that he's a supporter and won't betray it in the future. Musk is a good inventor, but his position on cryptos seems fluid to me, so I wouldn't pay much attention to it. |
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death69
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February 02, 2021, 05:19:22 PM |
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Well, I guess he has tons of things to do before thinking about bitcoin or cryptocurrency even though in the deep of his heart, cryptocurrency always has good attention. What he is doing right now is quite amaze and this does emphatically affect the crypto market by giving people more strength and confidence.
And, the party is not yet over. There are still many years ahead for cryptocurrency to be developed and ameliorated. Once Musk has shown his support, this process seems to be altered even faster. Hope that we will soon see Elon Musk having a big talk show about high tech that includes cryptocurrency
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slaman29
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February 03, 2021, 10:11:06 AM |
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Probably just because he was previously skeptical, and something just clicked. It’s most probably just mere coincidence, but his support of BTC came out after the Robinhood-GME fiasco. I wouldn’t be surprised if that ended up being the final straw for Elon to recognize the importance of a free market.
I think most investors are like him. It's not so much whether he's a skeptic or not, he has advisors around him telling him the risks and potentials, and if anyone has an inch of financial brain power, they know it's wise to invest a little bit in Bitcoin. The tech is impossible to ignore. The decentralization of the future impossible to miss. |
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aesma
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February 03, 2021, 11:36:14 AM |
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He was the co-founder of PayPal, a payments solution technology that goes directly against what bitcoin offers. It will obviously take him some time to churn the reality that bitcoin can co-exist with what we have right now in terms of payments and investments. Also, the dude is practically busy in most of his companies, especially his biggest cash cow right now, Tesla and SpaceX. Given the incredibly high valuation of Tesla stocks, Mr. Musk should make sure that those who bought shares would get their money's worth, and I believe that bitcoin is incredibly volatile at the time (even now) to cover for the money that Tesla is carrying should there be any issues and all.
The thing is, Tesla and SpaceX aren't actually cash cows. They barely make money. And the stock being very valuable doesn't help much, the company still has only emitted a few shares and cashed in a few billions, immediately invested in new plants/etc. They're not (yet) like something like Apple generating hundreds of billions of cash per year, it's more in the mere millions. |
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semobo
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February 03, 2021, 12:08:13 PM |
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Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.
Why then was he so late to support BTC?
Everyone feels that they are late to the party because people who even knew about bitcoin in 2011 ignored to invest on it because they never know how far it can grow in the next 10 years. But its okay to enter now because we are still in the five digits, probably in the next 10 years we can expect 7 digit value per bitcoin. |
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Vishnu.Reang
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February 03, 2021, 12:29:59 PM |
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Though Tesla may be highly valuable than bitcoin in terms of market market Cap, at the present time but I feel with the trend of btc the future market price of btc will be incomparable to that Tesla.
The difference is not that large. Tesla market capitalization as of now is around $827 billion, compared to the Bitcoin market cap of $675 billion (the total cryptocurrency market cap stands at $1.086 trillion). However, if you check the ROI, then Tesla is performing better than Bitcoin. During the past 12 months, the Tesla stock went up by a massive 460%. The same figure for Bitcoin is 269%. But then, I feel that it is not right to compare an EV manufacturer with a cryptocurrency. Both of them have very good future potential, but apart from that there are few similarities. BTW, 12 months ago BTC had a higher market cap compared to Tesla ($183 billion vs $147 billion). |
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gurunanakji777
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February 03, 2021, 02:09:42 PM |
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His Tesla is doing awesome and we have seen its worth is increasing at a good pace. Even we have witnessed the outstanding growth of BTC in recent months and still continuing. Big players involved when they can be benefited might be he has some bitcoins so he added Bitcoin in its Twitter bio after that we all know Btc rallied again. So I would say he is not late If he bought before writing Btc in its bio he must be in good profit by holding BTC. It's just my opinion.
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Eduarop
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February 10, 2021, 06:26:13 AM |
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Do you believe in everything that anyone had ever said? Elon Musk just again promotes cryptocurrencies. He has a lot of fans, more than forty four millions of subscribers in Twitter, his words really matters to all of them and he skillfully uses these “army” to “fire” cryptomarket.
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Qcrypto
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February 10, 2021, 06:35:14 AM |
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Who knows the exact reason. It's best to ask Elon himself.
One thing is sure however. If Tesla bought $1.2B worth of Bitcoin, they are expecting a return from that investment. Big companies like that don't just 'speculate/gamble' on the market with $1.2B
Which means, Bitcoin price is going to grow. Grow a lot.
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NeuroticFish
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February 10, 2021, 06:36:06 AM |
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Why then was he so late to support BTC?
Late? Not at all! Bitcoin is still extremely young. Bitcoin is still not known or not understood by most of this world population. And imho Bitcoin is still poorly regulated making it rather difficult for companies to join the party. Keep in mind that we are here a rather small group. The world is way much bigger than this. And I think that compared to Bitcoin, he entered "late" into cars or space industries, but most probably even there he is not late at all. And he's doing a good job. |
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3meek
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February 10, 2021, 07:43:47 AM |
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I think he knows more than we do... It was most likely related to the issue of cryptocurrency regulation... And now his firms are officially allowed to buy bitcoin...
But I'm sure he personally has owned various cryptocurrencies for a long time now!
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Alucard1
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February 10, 2021, 07:51:18 AM |
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I don't think that there is someone here who knows the reason behind that thing but for sure he has his reason but actually, there is no late for the world of cryptocurrency maybe you just got late to earn more when the price of bitcoin is not that too high to buy but you can still explore bitcoin or crypto community as long as you want, you will never get late for the knowledge.
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dre1982
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February 10, 2021, 08:09:59 AM |
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Well it's nice to see that the richest man on earth supports crypto but he is and will be an eccentric billionaire. Now he thinks that crypto is hot but who knows how he thinks about this in a few months.
Let's hope he will be into crypto for a long time and not that he dumps everything when he got bored.
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cha.young
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February 10, 2021, 08:15:52 AM |
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My BTC DCA showing a great profit from kucoin platform, and i would hug Musk for buying BTC at the right timing |
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slaman29
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February 10, 2021, 08:18:52 AM |
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Well it's nice to see that the richest man on earth supports crypto but he is and will be an eccentric billionaire. Now he thinks that crypto is hot but who knows how he thinks about this in a few months.
Let's hope he will be into crypto for a long time and not that he dumps everything when he got bored.
The funny thing about his actual business (Tesla and not others like SpaceX) is that it's actually not really doing as well as it should. He hasn't produced a lot of cars, in fact production has always had problems and not meeting the supply limits, and always behind on schedule. Yet the stocks keep on getting higher and higher. Big bubble:) Maybe he is putting all the profits in BTC and hoping what he makes from there can help expand. |
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DapanasFruit
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February 10, 2021, 08:23:09 AM |
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Musk was involved with paypal, and has access to a lot of high tech and high tech advisors. Why then was he so late to support BTC?
I am sure that many people in cryptocurrency can be asking the same question. And I think only Elon Musk can be able to supply the right answer to that. However, he is known as a big supporter of cryptocurrency for a long time, it is just that he was not known to have accumulated a big number of coins, and it is only now that his Tesla company decided to join the Bitcoin party. Well, we should never be complaining considering that he made the move at the right time. Elon is such a big influence and now the most powerful man in the world of cryptocurrency as anything he can say will have waves in the market. |
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mindrust
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February 10, 2021, 08:25:47 AM |
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Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.
Why then was he so late to support BTC?
I wonder this too. I am pretty sure he knew about bitcoin even in 2011-2012. Somebody must have told him. All these years he ignored it and now suddenly he became a believer and not even that, ccording to the news, he bought his stash when the price was abve $30k. He could have bought it from $10k or even $1k. I wonder what changed his mind. |
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mezzaluna
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February 10, 2021, 08:58:23 AM |
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Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.
Why then was he so late to support BTC?
I only think that he was not really minding Bitcoin because he was focused on his current craft which was PayPal. He has great influence in the field of technology right now than before but that does not mean Elon Musk was not knowledgeable about Cryptocurrencies. He might have heard about it before it became publicly known and he just decided to let it go boom instead of promoting it and its just good that he is hyping it right now since his influence is bigger now than before. |
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Anonylz
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February 10, 2021, 09:10:22 AM |
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Musk was involved with paypal, and has access to a lot of high tech and high tech advisors.
Why then was he so late to support BTC?
Who knows, perhaps he felt it wasn't the right time for him or he was probably waiting to see how long btc can survive the hit coming from the government and non government organizations, or again he was triggered by the bold step of PayPal, i bet that PayPal moves awaken something in many of the giant companies and rich individuals out there, they were surprise to see a company like PayPal who has publicly condemned btc has suddenly switch over, that must kept them wondering, and being a business man Elon saw an opportunity that he didn't see years back and he decided to make a move. |
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