Elon also tweeted that Bitcoin is almost as BS as fiat money in December, while Tesla was secretly buying up their Bitcoin. If you believe Elon swings the markets, you could argue that he was manipulating Bitcoin prices down so Tesla could buy at cheaper prices before their announcement.<p>Now he seems to be trying to close the loop by legitimizing his previous statements. I wouldn't be surprised if his previous comments are coming under scrutiny and this is his way to convince that he wasn't being dishonest earlier.
What a great time to sell and completely avoid this cryptocurrency bubble.<p>Elon Musk and others have already made a killing over pumping Bitcoin and they are certainly not going to hold it. We don't know what price they bought it at. Possibly before the <$40k+ pump, but they'll definitely sell it and announce it very late, only for them to cause a sharp crash to buy back at even lower prices.
The only practical, real world application for bitcoin is speculation and market manipulation. Oh, and it's profitable for power companies.<p>As an engineer is want to do, Musk is simply making the best possible use of it.