TSLA bitcoin purchase.

johnarb said:
Tesla is accepting bitcoin as a payment method but they may use a payment processor that automatically converts it to US $. I don't know if this is the case or if Tesla will actually keep the bitcoins as Overstock did.

The important part of the news is that Tesla converted almost 10% of its cash reserves to bitcoin

MSTR, Stone Ridge, Square, now Tesla and there are others who have done this.

Microstrategy has completed a "Bitcoin for CEO's conference" on 2/3 - 2/4/2021 to open source this strategy and there was a high interest

I wonder if AAPL will use part of their huge cash reserves and convert to bitcoin and how much?

ICYMI, I started the video below on this topic.

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MSTR to 1045 tomorrow.
 
Overnight said:
It's because the BTC future contract represents 5 full Bitcoins. So at, say, $42K per pop, yer looking at $210K underlying.
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OK, sure. Still nearly 50% margin on the underlying. That's rather high for a futures contract.
 
Scataphagos said:
OK, sure. Still nearly 50% margin on the underlying. That's rather high for a futures contract.
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Mmm, well, I am assuming he means IB, which historically charges higher than the exchange minimum. Looks like the front month contract has only 79K initial (72K maintenance). So IB is not too far out of line on that one.
 
"Tesla spend 10 million more on bitcoin in 2020 than on Research & Development. Let that sink in. The quarterly volatility of holding that amount of bitcoin is higher than their current profit"

"St. Elon cometh. First he did bless Dogecoin and it was good, then he blessed Bitcoin and it was better."

"Someone in /r/dogecoin said that Musk was like the evil rich guy in movies who throw money in the street and watch the peasants fight over it. And goddammit if that isn't the best description for Musk that I've ever heard."

"So Tesla is not a car manufacturer anymore but a speculative fund?"

1 Tesla = 1 Bitcoin
 
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SteveM said:
Note that in the year since the pandemic started, Elon Musk's personal net worth has increased by $100B on paper. That's $100 billion with a "B".

Also notice that no one on social media groups him in with the "bad people" like hedge fund managers, the Federal Reserve, Bezos, white CEOs, fossil fuel executives, etc.

His act is carefully constructed to ensure things stay that way - having Tesla accept "the currency of the little people" is all a part of this marketing ploy.
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I find it ironic how the green energy guy buys something that depends on more energy consumption than several countries combined:

https://www.statista.com/statistics/881472/worldwide-bitcoin-energy-consumption/

Uses a sh*tload of energy and unlike other stores of value (it's really a speculative product as its volatility makes it an unreliable store of value) will need a sh*tload of energy in the future to have any value.

"The heart of Bitcoin is now in Inner Mongolia, where dirty coal fuels sophisticated semiconductor engineering"

https://spectrum.ieee.org/computing/networks/why-the-biggest-bitcoin-mines-are-in-china

Fortunately for Elon, most people are too stupid to realize this.
 
ET180 said:
I find it ironic how the green energy guy buys something that depends on more energy consumption than several countries combined:

https://www.statista.com/statistics/881472/worldwide-bitcoin-energy-consumption/

Uses a sh*tload of energy and unlike other stores of value (it's really a speculative product as its volatility makes it an unreliable store of value) will need a sh*tload of energy in the future to have any value.

"The heart of Bitcoin is now in Inner Mongolia, where dirty coal fuels sophisticated semiconductor engineering"

https://spectrum.ieee.org/computing/networks/why-the-biggest-bitcoin-mines-are-in-china

Fortunately for Elon, most people are too stupid to realize this.
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Global warming was the hook for Hollywood, Cali. & greenies. Elon's pivoted & catered to the MAGA crowd quite effectively ever since he took that economic advisory board post in the early days of Trump's term.

The above doesn't detract from the fact that he may see crypto as an investment, the damage & carbon footprint having been done already. Or he realizes he can move the crypto market w/a single tweet.
 
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