The Meaning of Tesla's Profit from Bitcoin

filotasriza3 (66)in Project HOPE • 4 years ago

We all know Tesla and Elon Musk by now and we also know how much he is into cryptos. Bitcoin and Dogecoin are his gems and he has proven it with many tweets and other announcements!

One of the top announcements regarding btc that even led the markets to a big pump was that Tesla bought 1.5$ billion in bitcoin and to add to that they are also accepting the coin as a form of payment for their cars.

That move was a bit controversial for 2 reasons which in a way divide some people. So we had those that believed that Elon loves cryptos so much and is doing it for mass adoption and to help the dream of satoshi and the dream of most crypto holders come true.

Some others believe that Elon simply did this move to obtain more wealth and become richer. I tend to follow that saying or opinion as well and to add to that i think that at the same time he managed to become more popular among the people.

Don't take this wrong, i don't say that Elon is a villain or something, in fact, i believe he is quite smart and these moves are a win-win for him and his company and we can see it day after day.

Now now we have some big news from Tesla. A lot of people believed that Elon will simply keep his btc and wait for them to reach 100k 500k or more but ofc they don't take into account that he is a businessman after all.

So apparently, Tesla sold 10% of their BTC holdings and they made 101$ million in income from the sale. Elon said he did this "to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet" but that is a bit controversial don't you think? just take a look at this tweet.

I don't find it bad even if he sold any percentage of btc for profits. What i find bad is if he is lying about his true motives, something that we will not learn any time soon. Also, don't forget what Elon and his wife did with the nfts and how much money they made ;)
On the bright side with Elon, cryptos became mass adopted faster than with everyone else!