Is Musk a Grifter or Business Mogul? Tesla invests in Bitcoin

yahooyahoo

Feb 9, 2021 at 10:15am Edited

So why is Tesla buying Bitcoin? If I were a Tesla shareholder (I am not), I wouldn't be happy about it.

If Musk believes in Bitcoin, he should risk his own money.

https://www.bbc.com/news/business-55984393

Bitcoin has hit record highs for a second day after Elon Musk's car company Tesla said it had bought about $1.5bn (£1.1bn) of the cryptocurrency.

Bitcoin rose above $48,000 (£34,820) before falling back, but it remains about 25% higher than a week ago.

Some investors took Tesla's move as a signal that Bitcoin would become a mainstream financial asset.

However, there was some criticism about a green car firm investing in such an energy intensive currency.

I still don't get how you can call something like this currency. Definitely feels like there are players majorly influencing it. Wish I bought a few when it was $3,000 - I thought it was insanely inflated back then. I never saw this coming - it's bizarre.

nohero

Feb 9, 2021 at 11:00am

jamie said:
I still don't get how you can call something like this currency. Definitely feels like there are players majorly influencing it. Wish I bought a few when it was $3,000 - I thought it was insanely inflated back then. I never saw this coming - it's bizarre.

It's a currency the way Beanie Babies could have been a currency back when they were in demand.

As for Elon, the fact that he buys something and declares it valuable, makes it more valuable for some people. So right now he can't lose, unless he rides it all the way back down.