Bitcoin

What Elon Musk is Doing to Bitcoin

After seeing all of Elon Musk’s Tweets I really had to put something out on his Bitcoin comments. I really feel that Elon is working on a pump and dump scheme on cryptocurrency. Who knows, maybe he is just not as smart as people think he is.

What you Should Know about Tesla and Elon

I like to invest in stocks just as much as I like to invest in Crypto. So first we should look a little deeper into what could be going on.

First let’s talk about an article from one of my favorite places to get stock info, The Motley Fool. The article is Tesla’s Profits Are Not From Selling Cars from January 2021. It is interesting that a car company that is worth around $800 Billion has never turned a profit by selling cars.

How is Tesla Making Profit?

Tesla has been making a profit from selling regulatory credits from the government. In 2020 Tesla booked $1.58 billion dollars in revenue from selling these regulatory tax credits to traditional automakers. So Tesla makes a profit because of taxpayer dollars.

In Quater 1 Tesla made $101 million dollars when they sold 10% of the $1.5 Billion Bitcoin that they purchased. So they still own 90% of the original purchase.

bitcoin versus elon musk

Why would Elon Risk the Bitcoin Investment?

This brings to question the WHY? would Elon Musk continue to drive the Bitcoin price down. Is it all about the pump and dump? Drive the price back down and let some of his buddies buy-in before making it push higher? Maybe he is trying to crash Crypto as we know it and develop his own alternative!

Facts:

In February Tesla Bought $1.5 Billion in Bitcoin.

In March it was worth about $2.5 Billion.

Tesla made $101 Million selling 10% of the Bitcoin they purchased.

If an electric car is receiving its power from a grid that is supplied by coal it actually causes 3.6 times more soot and smog deaths than a gas-powered car will.

Questions On Elon Musk and Tesla’s Motive

Was Elon clueless to the power consumption from Bitcoin Mining?

Why would you risk the value of your 90% that you still own in Bitcoin? There has to be a motive.

Do Tesla and Elon have something against Bitcoin that they believe is worth losing $1.3 Billion Dollars to get revenge?

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