Tesla buys 1.5 BILLION worth Bitcoins !! Good or Bad ?

[Vishnu.Reang]

I won't be surprised if this trigger takes Bitcoin to six-digit level. What Tesla has done is historical. They are simply saying that with all the multi-trillion USD stimulus spending, US Dollar is not a reliable store of value. So they are converting some of their cash reserves from US Dollar to more reliable assets (it is clear if you read their statement). Now I don't think that other companies are going to ignore this news. US Dollar is facing some genuine problems related to inflation and anyone with a brain would keep their holdings of USD to a bare minimum.

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[davis196]

Ellon Musk tweeted that cryptocurrencies are as bs as fiat money,but he doesn't mind accumulating both crypto and fiat.AFAIK,he also tweeted that money(crypto or fiat) are just an informational system,used for resource re-allocation.
Anyway,this is a pretty bullish move and it will have an impact over the crypto markets.I'm not sure how big the impact will be,compared to the Paypal crypto adoption,since Paypal is a financial company,and Tesla has nothing to do with the financial markets.I'm a little bit skeptical about this news actually pumping the BTC price to 50K or more.Maybe Bitcoin price will pump to 40K USD and will have strong resistance to stay above that level for a long time.

[Walterhank]

I personally think that BTC is becoming more of a store of value (like gold) than one that's used as currency (like cash). I think its deflationary nature is a headwind for BTC being used a currency and it's rise right now also prevents that. I know that I'm not spending any of my BTC at the moment with upside of holding much bigger right now

IMO, institutional support should mean that these gains are here to stay as they're going to buy and store and hold - these guys aren't going to be in and out and can move a ton of money.

[LogitechMouse]

We've just saw already the effect of Tesla buying Bitcoins.
New ATH and most of the top coins did the same too movement too. Going upwards.

Its just quite ironic that he is tweeting about Dogecoin in this past few days to weeks but he didn't bought any of them or even Ethereum . Anyway, expect more of this kind of news in the next weeks maybe. This might create a domino effect and it can cause the Bitcoin as long as the other coins to go even higher. $50,000 might be possible this month . Just one big catalyst more and it will happen .

[cryptomaniac_xxx]

I personally think that BTC is becoming more of a store of value (like gold) than one that's used as currency (like cash). I think its deflationary nature is a headwind for BTC being used a currency and it's rise right now also prevents that. I know that I'm not spending any of my BTC at the moment with upside of holding much bigger right now

Yes, but I still believed that there are still people who uses it as a currency, because if everyone will just HODL on it, then we can't really enjoy Satoshi's invention, after all it is supposedly used to be a micro payment system.

IMO, institutional support should mean that these gains are here to stay as they're going to buy and store and hold - these guys aren't going to be in and out and can move a ton of money.

That is there plans, and it's good for the market though, store of value or currency, depends on how we see bitcoin will be, up to us, crypto enthusiast.

[gurunanakji777]

Honestly speaking its good move for now even he is inspiring many other business tycoons to grab this opportunity before its too late. He is obviously a whale now. In future if he speaks little bit negative about btc that would impact the market very badly that's the only concern.

[imstillthebest]

 elon musk already gave way for btc buyers to earn because after he encourage everyone to buy a btc in his tweets , he then followed it up later by buying billions worth of btc but  if we are worried why not sell early or sell now before the suspected manipulation happen ?  are we going to get scared and give up what we started because of this reason  . i dont think elon musk is trolling anymore and if he is only up for manipulating the markets he dont need to buy billions worth of btc but he can manipulate the coins by his tweets  .

[HakaseMarui]

We can consider this a good news, Tesla is one of the famous company/institution in the world. Having them on cryptocurrency world means a lot!

[muenze]

We can consider this a good news, Tesla is one of the famous company/institution in the world. Having them on cryptocurrency world means a lot!

Good news for Tesla too with all the free marketing in newspapers. Its all over the media in all the financial papers obviously but also the rest.

And CMC is giving Tesla props too, saying THANKYOU basically:

[20kevin20]

Good news if you think about adoption since it's in the top corporations list, bad news if you think about the number of coins only one entity now holds. But overall, this is just massive. Props to Elon Musk for sparking the potentially next insane BTC bull run.

[Lorence.xD]

We can consider this a good news, Tesla is one of the famous company/institution in the world. Having them on cryptocurrency world means a lot!

It is good for a short term but on a long term, I don't think so. Imagine if a lot of big fishes flock to the bitcoin market, the prices will go up definitely but in the long term, the small fishes wouldn't get anymore bitcoin because either the prices are too high or there isn't a lot to go for many.

[jseverson]

I won't be surprised if this trigger takes Bitcoin to six-digit level. What Tesla has done is historical.

I would argue that Paypal's move was larger because it reaches far more people, and gives Bitcoin a use-case we didn't expect. I know the way they're handling it is far from ideal, but letting people hold and potentially spend their coins within their platform (which a lot of people already use) increase demand and trust. I feel like that move is what actually sparked this meteoric rise in the first place.

On the other hand, Tesla is just another company jumping in, they just happen to be the biggest one thus far. I actually see this as an inevitability; if it wasn't them, it'll be someone else.

I still don't like how erratic Elon Musk is, especially now that he has a legitimate reason to pump Bitcoin's price. He probably holds more power than any individual in the crypto space right now, and I'm legitimately terrified of what he can do with that power. Someone correct me if I'm wrong, but he can get away basically scot-free if he decides to pump then dump BTC, right?

[Wind_FURY]

Shower thought. What if Elon Musk’s participation in Bitcoin isn’t only as an investment? What if he will employ his own company, Solar City, to power ASIC mining farms in the United States? THEN miners will be converting energy from the sun into digital cryptocurrency.

[vennali]

I think its good as it showcases to other mainstream as well as investment companies that Bitcoin/Crypto is a viable option as an investment. Bitcoin is absolutely soaring and i'm not even sure if there's going to be a correction for this. A lot more people are going to consider investing into crypto, just like the 2017 crypto boom where people were literally investing into anything with the word "crypto" on it. Hopefully a bit smarter this time.

[fiulpro]

IMO, I consider for now that it's good news and surely this might be the cause again that Bitcoin will surge price in the market and create another ATH which is my presumption is $50k within this month and most like rumored by some predictions.

I can't give some assumption in the future what will possibly happen, as long as Elon Musk helps the entire crypto give awareness from other investors and also might in institutional investors.  And probably more other private business sectors will follow the same as what Elon Musk did to accept Bitcoin as a way of payment.

He once gave a negative comment on Bitcoin last year on his Twitter post.
https://twitter.com/elonmusk/status/1340588909974200321?s=20

"Bitcoin is almost as bs as fiat money"

This is something that I do remember happening , he haven't been stable with his idea of cryptocurrencies, he did support dogecoin and some other things too but at the end we I see by his recent doings he did all of that to attain some profits from the market which is indeed very low and the funny thing is : He knows very well what he is doing since he did commented after something like "what else did you expect to happen".

Now the thing is , I considered this guy in the positive section when we did think about the people but he have done something that people of the market are not only scared of but also it's bad for real , he Manipulates the market time and again. Now this shows the whales that it's all good to do and they also might get influenced and somehow we are stable and we are moving forward nicely and this might ruin all of the plans.

If he is thinking of accepting them as a form of payment , no doubt he is helping in Adoption but this is not what the community needed right now.

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Ironically their buying has placed bitcoin  above Tesla itself  in ^{terms of market capitalization.} . Generally speaking I see this as a good sign showing Bitcoin is on the verge of the mainstream. Musk has proved  to be a powerful influencer as to crypto, so his decision to play with BTC will push it high. Is this good for poor people, probably not, because price of $ 50,000 or more would mean that fewer people could buy it.

I did not know this fact lol ! Amazing though.

Shower thought. What if Elon Musk’s participation in Bitcoin isn’t only as an investment? What if he will employ his own company, Solar City, to power ASIC mining farms in the United States? THEN miners will be converting energy from the sun into digital cryptocurrency.

This is a fair idea and I do think you should put it on Twitter and tag him. I do believe that the only way to solve the mining situation is to be sustainable and use renewable sources of energy this might be something that needs a lot of investment at first but it would not only make it healthier for the world but your cost of electricity would be nil!

Good news if you think about adoption since it's in the top corporations list, bad news if you think about the number of coins only one entity now holds. But overall, this is just massive. Props to Elon Musk for sparking the potentially next insane BTC bull run.

We have to for sure keep a close eye on him !! He is planning something big for sure !

[MCobian]

A company as big as Tesla, decided that investing in $ 1.5 billion in Bitcoin was good news. This will be a trigger for other companies to be interested
in investing in Bitcoin as well. I believe Tesla is an investment in the long term, so there is very little chance of manipulating the Bitcoin price
in the market. Even the price of Bitcoin will continue to rise with this news, it is proven that now the price of Bitcoin has reached $ 46k.
Even though a few days before Bitcoin was still under $ 35k.

[Bitstar_coin]

1,5billion  that's a huge amount to invest, no wonder btc is firing up since yesterday, how is it not a good thing, this is what btc community have been yearning for, fresh money to come into the space, and who else can invest such huge amount of money than the Man himself, the richest man in the world  this guy knows the right place to put his money. 

[Reosta_]

I see this as a good news for sure. Because after they bought an incredible amount of Bitcoins and announced it, Bitcoin price went up too sharply and reached a new ath, 48k dollars. I think the price will not be affected for a long time but this shows again how the prices of cryptos can be manipulated so easily.

[irixo10]

When we refer to mass adoption what were we actually referring to? what do we mean when we say so? Is mass adoption not when platforms, industries, companies and so on starts embracing Bitcoin hence using or seeing it as means of payment? If that is correct (which I think it is, in my own understanding) then I don't think there is anything to worry about in the case of market manipulation, why will you think of manipulating the market when you can use Bitcoin to buy what you want. This means that, people who have been holding Bitcoin will now learn to use it freely without worring about the government, because I believe for a company like Tesla to do so, means they did their homework and fulfilled all regulatory compliances. Therefore, in my own opinion, this is a very wonderful news for everyone in the crypto space, and this will also act as a motivation to other platforms, industries and sectors whether big or small, to embrace Bitcoin and see it as a means of payment, thus leading to more mass adoption.

[Review Master]

TBH, it's good for now and don't know what will happen next. But, recent tweets from Elon is just done to welcome those who buy Dogecoin in Fomo at top level. But Elon is more positive on Bitcoin and even regret for not becoming a hodler of Bitcoin in the past. Also, Elon musk previously said in an interview that he used dogecoin just for meme , on the other hand, now more searious about bitcoin which indicates that it won't become a problem in the long run.