Bitcoin price has been surprisingly stable today. Assuming that Tesla may have bought Bitcoin a few weeks ago when Elon was hyping it on Twitter, it’s likely already appreciated quite a bit.
Elon doesn’t seem like the type to drop $2 billion on crypto and then simply hope for the best.
Having access to large amounts of capital and crypto can allow you manipulate the market ie by placing large blocks of orders to generate more volume, and Tesla has both of those things.
What’s Elon’s next play?
#bitcoin
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Tesla most likely bought over the course of many months at a cheaper price, Elon starts pumping Doge (increase interest in crypto), makes this announcement to pump Bitcoin further, and will dump in a year or so.
Bitcoin is a monetary network. You want to plug in to Bitcoin take advantage of it.
With the network comes millions of customers and network effects.
Why did Walmart plug in to the internet? Because everyone was using it for information flow and you want to advertise your products to them via the internet network.
Similarly, you plug in to Bitcoin because people are using it for money flow. You get die hard customers through it. No one in Bitcoin network will buy any other car than Tesla (because Tesla is apart of the network now).
Companies who miss out on this network or who come later will have to pay a bigger price. It’s a network play. Better than other car companies spending billions annually on tv ads lol
Note: Bitcoin is classified as “property” not “security” by IRS. Most people still don’t know about this distinction. Bitcoin is similar to real estate. It’s property. SEC has nothing to do with this.
Totally not a pump and dump, totally not a conflict of interest where he could benefit from promoting crypto, totally not a SEC lawsuit waiting to happen.
Oh wait, you mean he put #bitcoin on his profile? Like @jack has done, why y’all not calling out Dorsey for “pumping”.
On clubhouse he merely said he supports it but didn’t mention anything about owning it for regulatory reasons.
Elon and Tesla are market leaders, they do shit other people follow. And THATS why bitcoin is hot, because the market knows others will follow.
Or he literally was just trolling?
The public is absolutely and pathetically stupid. The public can't reason their way through any basic economics argument. Understanding "magic internet money" is so far beyond them.
The value of bitcoin will continue to be disconnected from traditional economic models as long as these abject idiots remain too rich for their own abilities.