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Why did Elon Musk spend $1B on Bitcoin?   

#Investment #Technology


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Joe Waiganjo
@Techy.Rack · Posted 24 Feb. 2021

Elon Musk did not spend $1 billion to buy Bitcoin.


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Shane Dunk
@ShaneDunk · Posted 24 Feb. 2021

Elon Musk first criticized Bitcoin probably causing its price to drop. He then declared his flame a few weeks later. The SEC may see this as a (successful) attempt at price manipulation. The SEC may well demand accounts from Elon Musk and Tesla in the coming weeks.

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Joe Waiganjo
@Techy.Rack · Posted 26 Feb. 2021

Tesla’s decline was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message -- via his favored medium of Twitter -- came two weeks after Tesla announced it has added US$1.5 billion in Bitcoin to its balance sheet.


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Debbie Katz Free Spirit
@debkatz78 · Posted 24 Feb. 2021

He has invested in it because he plans on allowing people to use Bitcoin within his company. Say you want to buy a Tesla and you have 2 bitcoins, you will be able to buy the car and still have a percentage of one coin left over. The value is about $53,000 per coin and it is projected to only go up. Some are saying it will hit a million per coin in value by 2026. This means if people use the coins to buy his cars, he will be getting a HUGE return as time goes on. 

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Joe Waiganjo
@Techy.Rack · Posted 26 Feb. 2021

thats very True....

Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6 per cent on Monday, wiping US$15.2 billion from his net worth.

Tesla’s decline was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message -- via his favored medium of Twitter -- came two weeks after Tesla announced it has added US$1.5 billion in Bitcoin to its balance sheet.


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Ryan M
@RyanM · Posted 25 Feb. 2021

He invested 1.5 billion and so far has already got most of that back, as he already got 1 billion of it back. This post here will tell you Tesla made a pretty profit - https://nypost.com/2021/02/22/tesla-has-already-made-1b-on-bitcoin-bet-analyst/

I wish I had the money to invest in it myself, but sadly I do not. To be rich, must be nice. :D 

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Joe Waiganjo
@Techy.Rack · Posted 26 Feb. 2021

yeah, thats true Ryan, must be nice having the ability to invest anytime you want..... on my side am working to achieve this....


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