“It’s a huge vote of confidence for Bitcoin there’s no question about that because now other companies will start to look at if Tesla is doing it, should we allocate some of our cash into bitcoin? Apr 27, 2021 Tesla. It was a short-term bet that paid off handsomely for Tesla: buy $1.5 billion worth of bitcoin at the close of 2020 when it sold for under $20,000; sell off 10 percent of it … The company disclosed in February that it … The company also announced that they would be accepting the cryptocurrency as a form of payment for its electric vehicles very soon. Tesla revealed earlier this year that it bought $1.5 billion worth of bitcoin. We also believe this will spark other companies (private and public) to explore Tesla’s decision and determine whether they should look to do something similar. Tesla Inc. stock entered a bear market on Tuesday and a few analysts pinned that on the Silicon Valley electric-car maker’s recent bet on bitcoin. Tesla’s Big Bitcoin Bet. On Sunday (May 16), Tesla and Space X CEO Elon Musk attacked Bitcoin (BTC) for being highly centralized after podcaster Peter McCormack criticized Musk for supporting Dogecoin (DOGE) and for spreading misinformation about Bitcoin.. As you probably already know, on May 12, Tesla and SpaceX CEO Elon Musk shocked the world by complaining about Bitcoin … Information about your device and Internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. See here for a complete list of exchanges and delays. Today, one BTC is worth roughly $46,420; as such, Square’s investment is now worth approximately $215 million. Tesla reported a quarterly profit of $438 million, its highest ever. When Square invested in Bitcoin in November, the cost of each BTC was roughly $10,617. Bitcoin hit new lows. (They sold $100MM at $57,000) meaning Tesla has lost more than -25%.Roughly -$375 million in the red. Tesla shares have dropped nearly 20% in 2021 after surging a whopping 740% in 2020. Burry, whose billion-dollar bet on a US housing-market collapse was chronicled in Michael Lewis' book "The Big Short," revealed he was short Tesla in December. Find out more about how we use your information in our Privacy Policy and Cookie Policy. 10:00am Apr 29, 2021. Tesla (TSLA) - Get Report, which purchased $1.5 billion in bitcoin earlier this year, boosted its first-quarter bottom line by $101 million through the … As such FX has a component of trying to see how many trillions of dollars of trading volumes can balance on the head of a pin. April 27, 2021, 8:19 PM EDT Largest-ever purchase of … by Brian Anderson. The automaker said its revised policies also permit it to invest in gold bullion and gold exchange-traded funds. It confirms the growing interest and confidence of important economic players in Bitcoin. Bitcoin bombs below $40,000, erasing all gains since Tesla announced its massive crypto bet; Bitcoin bombs below $40,000, erasing all gains since Tesla announced its massive crypto bet. Elon Musk's move to halt Tesla payments in bitcoin has caused the cryptocurrency to tumble. Tesla’s $1.5 billion bitcoin bet from early this year had already increased in value by more than $1 billion by the end of last month. Fortune - Vildana Hajric, Katie Greifeld, Bloomberg • 49m. Our Standards: The Thomson Reuters Trust Principles. Tesla's $1.5 billion bitcoin bet from early this year had already increased in value by more than $1 billion by the end of last month. And, if things go the way that they have for Square, Tesla’s investment may have been one of the smartest moves that the company has ever made. In Food by RUNINdc February 16, 2021. Result: Tesla still holds around 38,300 Bitcoin that cost $1.329 billion. Our mission to make business better is fueled by readers like you. You can change your choices at any time by visiting Your Privacy Controls. Tesla’s earnings climbed 14 cents to 93 cents per share, up from 79 cents from last year’s earnings. In my view it’s not a tremendous vote of confidence in Tesla stock.”, “Now, he may see what MicroStrategy did and the market started to play the MicroStrategy stock as a proxy for Bitcoin and it attracted flows so there might be a clever play like that.”. in the acceptance of cryptos. Tesla’s Big Bitcoin Bet. Nexon Joins Tesla in Bitcoin Bet With $100 Million Purchase (Bloomberg) -- Nexon Co. said it bought $100 million worth of Bitcoin, joining … In theory, the investment is … You can select 'Manage settings' for more information and to manage your choices. Tesla is betting big on bitcoin, saying it may soon accept bitcoin as payment for its cars. The Grayscale Bitcoin Trust rose 20.6%, its highest since mid January. It accounts for just a fraction of the company’s cash hoard but represents a commitment to a volatile asset class that few other businesses of Tesla’s size have made. But these stocks could easily stop bouncing and reverse lower yet again. (Reuters) - Tesla Inc said on Monday it had invested around $1.5 billion in bitcoin and expected to begin accepting payment for its cars and other products with it … It ties the crypto asset class to a nearly trillion dollar and highly visible company that we are confident put substantial resources into vetting the decision and structure (and after its analysis, was confident moving forward). “We view them as highly speculative instruments, which makes them an unsuitable investment choice for pursuing important financial life goals — particularly for investors who can’t afford the high risk of permanently losing money.”, THOMAS HAYES, MANAGING MEMBER, GREAT HILL CAPITAL LLC, NEW YORK, “It’s saying that Elon Musk believes that buying Bitcoin will grow faster and generate a better return for his shareholders than buying Tesla stock. Tesla's $1.5 billion bitcoin bet from early this year had already increased in value by more than $1 billion by the end of last month. Musk’s Tesla Inc. announced Monday that it had invested $1.5 billion in the volatile cryptocurrency, and overnight the conversation changed. If you are drawn to electric vehicles and drawn to Elon Musk then taking in Bitcoin is just perceived to be as just so much ahead of the curve.”, “Musk getting involved in Bitcoin, to those investing in Bitcoin will be used as a way to tell others that this is a real asset, you can actually do something with it, they will support it as an argument of being the way of the future.”, “It is just another reason to point to the asset and say ‘even the richest guy in the world accepts this form of payment.’”, ARNIM HOLZER, MACRO AND CORRELATION DEFENSE STRATEGIST, EAB INVESTMENT GROUP, PHILADELPHIA (email)“While the fervor in Bitcoin isn’t devoid of correlation to speculative enhancement, there is fundamental basis to the concern that fiat money may simply represent too great a share of future liability and not enough asset or growth composition. Analysts said the move by one of the world’s best-known companies was liable to prove a game changer for bitcoin. Tesla bought $1.5BB of Bitcoin at $43,200. Compiled by the Global Finance & Markets Breaking News team. This follows the trend observed since Microstrategy, PayPal etc. Tesla’s investment, the largest for a U.S. business, brings Bitcoin into the mainstream and reveals the digital currency hole in the U.S. accounting rulebook. The worlds largest crypto currency was up 14% in late trade, setting a new record high above $44,000. That did not stop Elon Musk, chief executive of Tesla, from putting $1.5bn of his company’s spare cash into bitcoin last month. At Bitcoin's price of $54,100 on April 26, Tesla's trove is worth over $2.07 billion. DEVIN RYAN, EQUITY RESEARCH ANALYST AT JMP SECURITIES, NEW YORK (email), “Today’s announcement that Tesla ... has purchased $1.5B of bitcoin for its balance sheet in advance of allowing customer payments in bitcoin is bullish for several reasons. Tesla's gain on what it … Tesla dove “into the deep end of the pool” with its bitcoin bet and the company’s “stock is now heavily tied to this digital currency,” Ives said. The one garnering the most attention currently is his recent bet on cryptocurrencies using Tesla’s cash to make the investment. “Ironically, wider acceptance of these technologies may require more centralization and third-party verification, which would cause them to become more similar to the systems they were designed to replace. (Reuters) - Tesla Inc said on Monday it had invested around $1.5 billion in bitcoin and expected to begin accepting payment for its cars and other products with it in the near future, prompting a more than 10% jump in the electronic currency. February 9, 2021. Gold jumped more than 1% while ethereum, another cryptocurrency, surged to a record high. While Wood appears committed to her Tesla bet, famed investor Michael Burry has been revealed to be betting heavily against the carmaker via put options.Bitcoin … MicroStrategy ..., which has been a pioneer in purchasing bitcoin for its firm treasury account as a public company, held a virtual event last week which discussed their decision and process for entering the bitcoin space and gave a blueprint for other companies to think about making similar decisions.”, JIM SMIGIEL, CIO, NON-TRADITIONAL STRATEGIES, SEI INVESTMENTS, PENNSYLVANIA (email). Related Elon Musk on Tesla's Bitcoin Bet: "Only a Fool Wouldn't Look Elsewhere" But financial maneuvers flattered this number: Tesla’s $1.5 billion purchase of … All quotes delayed a minimum of 15 minutes. “The cryptocurrency market is just beginning to mature and the supportive value of digital coins remains difficult to price. If you bet correctly, you'll get a super-low cost basis. Breaking news hit for the crypto community, when an SEC Filing became public in which Tesla Inc. declared they bought Bitcoin for 1,5 Billion Dollars to put on their balance sheet. Bitcoin … By Jay Ramey. Takashi Mochizuki. The company’s shares … Its revenue also rose to $10.39 billion from $10.29 billion in Q1 2020. Tesla woes continue. By clicking "Accept all", you agree that Verizon Media and our partners will store and/or access information on your device through the use of cookies and similar technologies and process your personal data to display personalised ads and content, for ad and content measurement, audience insights and product development. Tesla’s big bitcoin bet could come back to bite the EV maker Tesla’s bitcoin bet paid off, while Model S and Model X production came to a halt in the first quarter of 2021. Bitcoin soared to a new all-time high of $57,553 on Feb. 20, up over 48 percent since Tesla revealed its $1.5 billion purchase. Click here to find out more about our partners. Michael Burry, who shot to fame for predicting and profiting off of the 2008 subprime mortgage crisis, has revealed a more than half-a-billion-dollar bet against Elon Musk’s Tesla. This will reflect on the next earnings call. Second, Tesla’s Bitcoin bet is reflective of how monetary policy during the pandemic has boosted the outlook for equities. Simply put, Tesla’s decision de-risks the decision for other companies, which could reasonably open the door for more corporate adoption. Therefore, it contributes to the maturity of the market even if it is still very volatile and today’s rise is probably the result of speculative flows playing on the news. Tesla Bets Big on Bitcoin, Starves its 401k Plan While Elon Musk’s electric vehicle maker is making news by embracing the cryptocurrency, Monday’s Form 10-K filing reveals 2020 was third straight year of no employer 401k match. In that light, the Tesla Bitcoin announcement is more a symptom than driver.”. “If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin I don’t think it would have been taken seriously.”, “But when the richest man in the world does it everyone has to take a second look there’s no question about it.”, ROBERT PAVLIK, SENIOR PORTFOLIO MANAGER, DAKOTA WEALTH MANAGEMENT, PALM BEACH, FLORIDA, “This just highlights its (Tesla) ability to show that it is just that much more technologically sophisticated than other companies, that it is willing to accept this relatively new form of payment in exchange for a luxury automobile.”, “It sort of elevates (Tesla’s) stature in the minds of people who are drawn to its products. “This is positive news for digital assets. Nexon Joins Tesla in Bitcoin Bet With $100 Million Purchase By . Tesla earned record profit in the first quarter, sidestepped an industry chip shortage, improved its manufacturing and even made money off Bitcoin, its … Investors in Tesla now are taking an additional wager on Bitcoin. Bitcoin shot to the moon today with news of Tesla adding $1.5 Billion Bitcoin to its balance sheet. Bitcoin traders are increasingly betting the price will fall below $40,000 by June. In any case, Tesla will probably set an example for other large companies and this could strengthen Bitcoin in the future”.
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