Elon Musk/Tesla buys $1.5 billion in bitcoin, creates another hype for Bitcoin

[brandtalex]

Here are the few key points about the news:

• Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin.
• The company also said it would start accepting bitcoin as a payment method for its products.
• CEO Elon Musk has been credited for raising the prices of cryptocurrencies, including bitcoin, through his messages on Twitter.

Two weeks ago, Elon Musk added the hashtag #bitcoin to his Twitter bio, in a move that helped to briefly push up the price of the cryptocurrency by as much as 20%. Two days later, he said on the social medial chat site Clubhouse: “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin.” Bitcoin prices surged to new highs Monday following Tesla’s announcement, reaching a price of at least $44,200. Tesla shares were up more than 2.5% in premarket trading. Tesla warned investors of the volatility of bitcoin’s price in its SEC filing.

Where do you guys think Elon store/trade his Bitcoin? Does he have a plan on supporting other coin/token or a cryptocurrency exchange aside from Bitcoin & Dogecoin?

[JimmMull]

If elon really has a huge amount of BTC, he'd definitely store it in his own wallet. Elon might not support non-mainstream coins because there's a lot of altcoins in the industry right now, It'd be hard to pick one for every tweet that he makes.

But for real though, Elon really got a huge power he's holding right now - with the way he influence the market, that thing is scary and amaze me at the same time. The incredible thing was that Telsa didn't even make a grand announcement about their BTC investments, In its annual report, Tesla said it updated its investment policy in January so it could have "more flexibility to further diversify and maximize returns" on any extra cash it was sitting on, eagle-eyed investors managed to see that.

[boyptc]

We have too many Tesla threads already.

--> https://bitcointalk.org/index.php?topic=5315588.0

--> https://bitcointalk.org/index.php?topic=5315629.0

--> https://bitcointalk.org/index.php?topic=5315718.0

--> https://bitcointalk.org/index.php?topic=5315771.0

--> https://bitcointalk.org/index.php?topic=5315581.0

--> https://bitcointalk.org/index.php?topic=5315582.0

[slaman29]

It's not "his" Bitcoin though it's Tesla's and that decision has to come not just from him but the entire board of directors, so that means it was a collective company decision, probably of course led by him.

And investors can always choose to pull out like they did temporarily with Microstrategy. Tesla stocks rising seems to say they aren't?

[Dave1]

Where do you guys think Elon store/trade his Bitcoin? Does he have a plan on supporting other coin/token or a cryptocurrency exchange aside from Bitcoin & Dogecoin?

Technically though, although he owns the company, Tesla, still he reports to the board of Directors. So it's not just Elon Musk who decided when or how they are going to invest or accept bitcoin. Perhaps there is a middle between the company and bitcoin, meaning there is a broker, so it's not a "direct buy". It could be the top exchanges like Binance or Kraken or even Coinbase. For Dogecoin, we have news that he owns big as well? or he is just trolling us with his Dogecoin tweet?

[justdimin]

This is tesla, probably one of the most famous companies in the world, and Elon Musk who becomes richest person in the world and drops to second and vice versa constantly with Jeff Bezos, so he is very very famous as well, all around the world. So, I get it why it is such a huge global news that they got into bitcoin, I also understand why there are many topics about it as well, because people want to talk about it everywhere, just one topic is not enough for something so huge.

I have been using binance from the first day they came out, I actually tried to get into the beta version as well, so I know them from very early days and I have never seen them crash for so long, that Tesla news was a huge news with an INSANE hype around it that it crashed even binance. So, I think it is obvious that Tesla did something nobody else ever did before.

[bekti3]

We have too many Tesla threads already.

--> https://bitcointalk.org/index.php?topic=5315588.0

--> https://bitcointalk.org/index.php?topic=5315629.0

--> https://bitcointalk.org/index.php?topic=5315718.0

--> https://bitcointalk.org/index.php?topic=5315771.0

--> https://bitcointalk.org/index.php?topic=5315581.0

--> https://bitcointalk.org/index.php?topic=5315582.0

thank you for representing, this topic is spread too much so we all know the gist of all the posts that there are three categories, Elon, Tesla, Bitcoin. well, I know why this continues to be discussed material. We all admit that there are some who easily have control behind it all.

[MWesterweele]

It's not "his" Bitcoin though it's Tesla's and that decision has to come not just from him but the entire board of directors, so that means it was a collective company decision, probably of course led by him.

And investors can always choose to pull out like they did temporarily with Microstrategy. Tesla stocks rising seems to say they aren't?

Which is true if course Tesla was a company and the major decision of buying bitcoin doesn't depend solely to Elon Musk itself but the member of boards also have informed and has a permission to Elon Musk to make it a deal with bitcoin. And see what he had made to happen to bitcoin after this huge amount of capital to buy bitcoin it was increased by 20% hype which was a really good impact to the bitcoin market.

[cryptoaddictchie]

Actually I'm not sure if really it's Elon Musk is the one managing that Twitter account. Cause lately he post a lot  about dogecoin and many more hints. Actually that's a good sign that he is onto cryptocurrency. Until the news on sec that they did bought bitcoin. I'm sure this bull market will definitely have a long run as his buying price is at 30k means that the price would definitely stay longer there unless there are some grave news one again that will hit the market.

Im sure they are handling it using hardwallet.

[cryptoaddictchie]

This Bitcoin Investment of Tesla company was approved by the board of directors and I believe this is not just a hype but a real Bitcoin adoption and this is just the beginning, once they fully accept Bitcoin as mode of payment we’ll see another surge in the price.

Yeah I read it. But before it happened, if you would remembered how Elon talk about bitcoin on a clubhouse convention, and ignore dogecoin. During that time, doge fall out and few days after that. He shill it using his twitter account that made the market goes swing again higher and then the sec happened.

I'm not against about the adoption cause it will help thr blockchain projects get exposed more to a larger community.

[OcTradism]

CZ and coinmarketcap are shilling Elon Musk and Tesla. They removed WallStreetBet and add Model 3 Tesla.  
Do you see MODEL 3 TESLA on coinmarketcap?
Binance makes a funny tweet BTC Surpasses Tesla to Become 9th Biggest Global Asset

I recognized the big news from Tesla but the reactions from Binance and Coinmarketcap are very intentionally funny. Coinmarketcap has more ad banners and their style were changed after the sell to Binance.

Source: https://twitter.com/binance/status/1359145697858248713

[dondonk]

I think Elon musk sees cryptocurrency as having great potential in the future that is profitable, so he invested his assets by buying bitcoin and tweeting about cryptocurrency as a manifestation of his enthusiasm for cryptocurrency.

[Clement Kaliyar]

Where do you guys think Elon store/trade his Bitcoin? Does he have a plan on supporting other coin/token or a cryptocurrency exchange aside from Bitcoin & Dogecoin?

You clearly mentions here that Tesla purchased the coins and even though Elon Musk is the CEO he is not going to trade that privately, if he claims that he personally invested then there is a different meaning altogether. Other than trolling in twitter he never claimed that he is holding any meaningful amount of coins either in bitcoin or doge.
The news have created a hype and the price of bitcoin even touched $48k but we are seeing a minor correction after that.

[ScamViruS]

I think Elon musk sees cryptocurrency as having great potential in the future that is profitable, so he invested his assets by buying bitcoin and tweeting about cryptocurrency as a manifestation of his enthusiasm for cryptocurrency.

He has already become the richest man in the world using his innovative talent. He can guess in advance which one is more likely in the future. He understands how promising Bitcoin will be in the future, so he is already preparing for it. I think Elon and Tesla bought the bitcoins long before the news came out. Because we've seen how much Bitcoin has been pumped since the news came out.

[livingfree]

I think Elon musk sees cryptocurrency as having great potential in the future that is profitable, so he invested his assets by buying bitcoin and tweeting about cryptocurrency as a manifestation of his enthusiasm for cryptocurrency.

He's known bitcoin for a long time and his company might already be buying since the price of bitcoin hasn't reached all-time high. That's very likely and just announced it lately but it's helpful because it's able to reach $40k+.

What's next for Tesla is the possibility that they'll start accepting payments in bitcoin. Well, that's for sure that there will be bitcoin holders would be taking their Tesla's paying their purchases in bitcoin.

[DarkDays]

Where do you guys think Elon store/trade his Bitcoin? Does he have a plan on supporting other coin/token or a cryptocurrency exchange aside from Bitcoin & Dogecoin?

Well, his BTC would most probably be in cold storage not on any exchanges as this is a large amount of money that can't be targeted by hacks. As for him endorsing DOGE, I'm not so sure, especially after his troll on Twitter today. Perhaps, he has some favorite alts but I don't yet think that DOGE is one of them. I could be wrong, of course...

[nelson4lov]

Where do you guys think Elon store/trade his Bitcoin? Does he have a plan on supporting other coin/token or a cryptocurrency exchange aside from Bitcoin & Dogecoin?

~Snipped
As for him endorsing DOGE, I'm not so sure, especially after his troll on Twitter today. Perhaps, he has some favorite alts but I don't yet think that DOGE is one of them. I could be wrong, of course...

Judging from the way Elon Musk has been shilling Dogecoin in the last couple of weeks, I'd say Doge is mostly on his list of favorite cryptocurrencies. It isn't just these past weeks. If I remember correctly, in the past year, he has posted a thing or two about doge so it's nothing new. Also he doesn't necessarily need to buy and hold dove for it to be his fav coin. He might be shilling it and not owing even a single piece of doge. I saw a recent tweet about Elon Musk buying some doge for his son so he could be a hodler. I don't know how true it is but it's his account.

[Inspiron14]

that is the second good news this year after Paypal adopted Bitcoin and other crypto currencies, this time Tesla also adopted Bitcoin, of course this is a tremendous hype this year, yes even though now the Bitcoin price is experiencing a dump, I still believe that this is the year of the bull, so just hold on, as this is a reasonable correction ahead of the chinese new year

[Kemarit]

I think Elon musk sees cryptocurrency as having great potential in the future that is profitable, so he invested his assets by buying bitcoin and tweeting about cryptocurrency as a manifestation of his enthusiasm for cryptocurrency.

Just to be clear, it was his company, maybe he is still the majority owner, but he has to answer to his board of directors, so it's not all his assets technically. Regardless though, he has somewhat been very bullish on crypto years ago so I'm not surprised though by the news, but it was good to finally hear it from him and his company and make it official.

And the trickle effect is now being felt by the whole market as it balloon to $1.4 trillion. And then we also have the MasterCard news as well, so everything if falling into the right direction as we might be crossing the $50,000 and sets another all time high because of this positive news.

[yohananaomi]

It's not "his" Bitcoin though it's Tesla's and that decision has to come not just from him but the entire board of directors, so that means it was a collective company decision, probably of course led by him.

And investors can always choose to pull out like they did temporarily with Microstrategy. Tesla stocks rising seems to say they aren't?

Indeed, what @elonmusk is doing is known to all shareholders if they want to do something, moreover the value is certainly not small and in the stock market they compete with each other between Tesla and Bitcoin. But what @elonmusk is doing has a very clear impact on bitcoin and there has been a pretty sharp increase, but in business we don't know what it does and why it should buy bitcoin.

but as long as it is very profitable in business, of course it will be done even though in the stock market they compete with each other. sometimes it is difficult to read the minds of big businessmen who are very confusing. for them the most important thing is to generate profit for the company.