Marko of Whiteboard Finance Highlights Timeline of Elon Musk BTC Pivot

[Hydrogen]

https://www.youtube.com/watch?v=4D8BuJvM8AA

Elon Musk just crashed Bitcoin!

In this video, we will review how Elon Musk tweeted that Tesla is no longer accepting Bitcoin for the purchase of new vehicles.

This will be a fair criticism of both Elon Musk, Bitcoin, and the raw materials it takes to mine Bitcoin and produce electric vehicle batteries.

....


Good informative overview. Highly recommend watching the entire video to anyone interested in the topic.

I don't agree with the assessment of the pivot being motivated by Elon Musk chasing state energy subsidies. Money has never been the primary motive behind anything Elon Musk / tesla / space x has done.

In early 2020 there was a reactionary movement to relocate supply chains based in china outside of the country, after it was discovered they controlled a significant portion of parts and supply. Recently auto makers have suffered from lack of parts from china. It is possible supply chains being located in china gives them the leverage to force billionaires like Elon Musk to throw bitcoin under a bus. They can hold tesla parts hostage until their demands are met. Tesla factories and supply chains would shut down. China also holds a stranglehold on rare earth mineral reserves around the world like lithium required to manufacture EV vehicles.

We may never truly know reasons for Elon Musk choosing to throw BTC under a bus in hopping on the "bitcoin is bad for the environment" bandwagon. Which most know, has been discussed and disproven countless times over the years.

I'm curious to hear what others think is going on here.

[jackg]

I've seen people do analysis of the stock market and they say things that are oversold and sensationalised tend to outperform everything else.

I think all he wanted was a headline, some mention of tesla - and boom - more wealth...

[decodx]

Money has never been the primary motive behind anything Elon Musk / tesla / space x has done.

Bullshit. I can't imagine someone becoming one of the richest people in the world if he did not care about money. It is time to stop worshiping Elon Musk as if he is God.

[FatFork]

China also holds a stranglehold on rare earth mineral reserves around the world like lithium required to manufacture EV vehicles.

Actually, Bolivia, Argentina, and Chile are at the top of the list of countries with the largest lithium reserves in the world. These three countries alone account for more than half of the identified global lithium reserves (estimated at about 80 million tons as of 2019). They are followed by the United States and Australia, with China in sixth place.^[source]

[fiulpro]

The guy says he did that because he wanted to support cryptocurrencies which are energy efficient.
- Unfortunately he did cash out his BTC after an overall profit without informing the people like he usually does.
-it caused the price to drastically decrease
- he went a step further and criticized BTC ! Which caused the price fall further down
- then he was all about doge suddenly
- he held video conferences with celebs to try and pump the price up.
- he is literally doing whatever he can to make doge the new BTC.
Well I do think what he is trying is to actually increase the price of doge like BTC he will then encash and run out of the market. Let's see, he have also joined the developers now to help and see how far they can take it.
We may never know about his intentions.
But he should be held liable to everything he did.

[so98nn]

[...]
- he is literally doing whatever he can to make doge the new BTC.
Well I do think what he is trying is to actually increase the price of doge like BTC he will then encash and run out of the market. Let's see, he have also joined the developers now to help and see how far they can take it.
We may never know about his intentions.
But he should be held liable to everything he did.

Exactly my thoughts. He knew that DOGE would be the easiest crypto currency to manipulate. Now, people lost the faith from Elon because of his stupid/sudden actions which caused people to dump the money / loose the money.

May be he always wanted to pump the DOGE since he bought it for his son, that was first indication he may do something about the DOGE in future. Second he indicated in fun way on SNL that he will gift his mother DOGE. Once the market went down he bought more for his mother (assumption) and later he want to host the SpaceX with DOGE-1 & get payments in DOGE for Tesla.

See the chronology here.

If we are smart enough then we should be part of this but upto certain limits, and always have our hand on the sell button.

[Ryker1]

Well, on my own --I just thought that Elon Musk ran out of reasons or statements that would make him have his proper exit. Or else he now tries to manipulate the price of bitcoin by his tweet. Imagine Elon Musk now very much free to dive into the dip and then post another tweet that would say that he changed his mind again as bitcoin has a plan to have renewable resources. It really is not good to see that he complains about bitcoin having high energy cost but his cobalts from Congolese are too much danger to nature. Well, good luck to him that’s the only thing I can say about this.

[Hydrogen]

Did anyone watch the youtube clip in OP btw?

Watch it. Its very good.  

Bullshit. I can't imagine someone becoming one of the richest people in the world if he did not care about money. It is time to stop worshiping Elon Musk as if he is God.

People who want to get rich take what they believe to be a path of least resistance in becoming rich.

Elon Musk did the opposite, he tackled the difficult problems no one wanted to think about. Which indicates his goal was to solve problems that were hard and create value, rather than becoming wealthy.

Actually, Bolivia, Argentina, and Chile are at the top of the list of countries with the largest lithium reserves in the world. These three countries alone account for more than half of the identified global lithium reserves (estimated at about 80 million tons as of 2019). They are followed by the United States and Australia, with China in sixth place.^[source]

....

China Dominates the Global Lithium Battery Market

In 2019, Chinese chemical companies accounted for 80 percent of the world’s total output of raw materials for advanced batteries. China controls the processing of pretty much all the critical minerals–rare earth, lithium, cobalt, and graphite. Of the 136 lithium-ion battery plants in the pipeline to 2029, 101 are based in China.

China is among the five top countries with the most lithium resources and it has been buying stakes in mining operations in Australia and South America where most of the world’s lithium reserves are found.

https://www.instituteforenergyresearch.org/renewable/china-dominates-the-global-lithium-battery-market/

I don't know how you missed china taking steps to corner every aspect of lithium and rare earth markets necessary for EV markets.

But you did.  

Exactly my thoughts. He knew that DOGE would be the easiest crypto currency to manipulate.

DOGE is inflationary like fiat.

I wouldn't care much about what Elon Musk did.

Had he not negatively influenced the only inflation protected asset available to normal people.

[jackg]

Bullshit. I can't imagine someone becoming one of the richest people in the world if he did not care about money. It is time to stop worshiping Elon Musk as if he is God.

People who want to get rich take what they believe to be a path of least resistance in becoming rich.

Elon Musk did the opposite, he tackled the difficult problems no one wanted to think about. Which indicates his goal was to solve problems that were hard and create value, rather than becoming wealthy.

He probably just got bored with his wealth and wanted more.

The only innovative things I can think youre referring to are:
1. The one directional supply chain keeping everything in house (like Toyota have done).
2. His space explorative work, like every other billionaire who seems to think they're going to get access to profits from sending people to Mars (if you've seen how the antarctic has been split, we can assume something like that at least would happen to Mars).