Will Elon continue to pump Bitcoin?

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beepblorp

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beepblorp
Feb 9, 2021 125 Comments

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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TOP 125 Comments
  • Now that EV credits are coming to an end which is how Tesla used to “make” so much money (even though they only sell 500M worth of cars lol), Elon is trying to increase his book value by buying Bitcoin.

    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.
    Feb 9, 2021 21
    • UiPath
      mandem

      Go to company page UiPath

      mandem
      An $800 billion company, hardly have to cope
      Feb 12, 2021
    • Oracle
      Cabv76

      Go to company page Oracle

      Cabv76
      The question is misguided. He’s not pumping Bitcoin.

      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.
      Feb 13, 2021
  • Amazon
    2CLdnV

    Go to company page Amazon

    2CLdnV
    Take an asset priced on hype, buy $1.5B, declare people can soon buy Teslas for it.

    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.
    Feb 9, 2021 9
  • Google
    btc

    Go to company page Google

    btc
    What did Elon do to “pump” bitcoin? Bitcoin already had a $700B cap.

    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.
    Feb 9, 2021 2
  • Next Tesla software update: mine Bitcoin with your car.
    Feb 9, 2021 1
  • I wonder what his idea was pumping Doge. Maybe he wanted to raise interest in crypto? And Doge low cost of entry was a good way.

    Or he literally was just trolling?
    Feb 9, 2021 7
    • Speedway / Eng
      Hank Hill

      Go to company page Speedway Eng

      PRE
      AIR, Amazon, JPMorgan Chase & Co.
      Hank Hill
      You can buy $1 worth of bitcoin on cash app, I think it's safe to say most people know you can buy fractional.
      Feb 10, 2021
    • Google
      insertmeme

      Go to company page Google

      insertmeme
      If you Google "bitcoin price" the suggested related searches are "bitcoin price 2025", "free bitcoin", "how can I get 1 bitcoin", "bitcoin pyramid scheme".

      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.
      Feb 10, 2021