Elon Musk has single-handedly made hundreds of millions of people into passive crypto investors.<p>Tesla stock is 1.9% of the S&P500 by weight, and Tesla's Bitcoin holdings makes up ~0.2% of Tesla's market cap. This means for every $100k that is invested into the S&P500, $3.50 goes into BTC.
Meanwhile "Tesla skips 401(k) match for third straight year". For all the future projections Musk claim to push forward, I wish employees empowerment and the betterment of the human condition could be a bit more on his mind.<p>More related to Tesla than to the story of this thread but I can't help feeling like we focus too much on one side of the equation here, I do believe better techs can mean a better life for all, but it's on us not to forget that second part otherwise it's a waste of innovation.
Seems like a bit weird. One side he wants to save the planet and the other side he buys bitcoin that uses tons and tons of energy to even exist and operate. Let alone the other problems with bitcoins.
Overhyped cryptocurrency fueled by an overvalued EV startup... Bravo. These two seem to love each other...<p>(I am not against Cryptos but e.g. ETH seems way more usable to me and I am not against EVs but the price tag on a TSLA share is ridicules)
One possible rational explanation for this (apart from the usual Elon's trolling) is a mostly legal way for Tesla to bribe some Chinese Bitcoin mining controlling interests
What stops him from issuing something like ERC-721 Tokens for his cars? You'd be able to do cool things, like you'd be able to trade it P2P, or do stuff like unlock it with your MetaMask wallet and the whole infrastructure is already here. For me doing this would be a logical next step at some point.
Bitcoin's lowest price was $5k on the 12th day of march. Not only is that extreme cherry picking. The calculation is still wrong. That's only a gain of 820%. If you bought BTC on a random day in 2020 you're more likely to have paid 8k-10k for it. Suddenly we are back to the usual 300%+ gains.
I really like Bitcoin as a technology and as a statement of decentralized control, but I really hate the power consumption - which is becoming increasingly hard to ignore.<p>How do we kill it?
Tesla made a (paper) profit of $642M on that announcement.<p>Can you imagine this CFO? First, Reddit ceaselessly pumps his stock. Then, he makes more revenue overnight than most full companies do in a year through bitcoin.<p>Kind of convenient that we, in the US, have such blind faith in the only major EV manufacturer, come to think of it.
Increased bitcoin price leads, due to the economic equilibrium on which bitcoin rests, to greater energy usage and greater emissions.<p>Bitcoin already emits as much carbon as the nation of New Zealand. It emits ten times more carbon per year than Tesla, according to their own numbers, have saved over the lifetime of the company.<p>Increasing the bitcoin price by just 10% will eventually lead to an increase in emissions that will wipe out all of Tesla's environmental gains in a year.