Goodbye, Fiat: Tesla’s Investment in Bitcoin

Jacob Miller

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  • Feb 15, 2020
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    Another trend that regulators have to grapple with. Was there ever a time where a post by one person could move the market by so much?
    Trump had the same power when he was in office (and still allowed on Twitter!) - when he tweeted, we would see substantial movement in the US Dollar and also in safe havens/ fiat like Gold etc. From a trader's perspective, it was a nightmare but very interesting nonetheless.

    Something interesting about Elon Musk in particular is the almost cult-like following he has developed, with whom he holds absolute unwavering status and respect. I think the fact that we've seen so many examples of the symbiotic relationship between social media and the markets does suggest, to me at least, that it is a powderkeg which is already showing signs of blowing up (e.g. Gamestop). We're in for a really interesting period in the next few years in terms of how this is approached by regulators.
     
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    Jaysen

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  • Feb 17, 2018
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    Trump had the same power when he was in office (and still allowed on Twitter!) - when he tweeted, we would see substantial movement in the US Dollar and also in safe havens/ fiat like Gold etc. From a trader's perspective, it was a nightmare but very interesting nonetheless.

    Something interesting about Elon Musk in particular is the almost cult-like following he has developed, with whom he holds absolute unwavering status and respect. I think the fact that we've seen so many examples of the symbiotic relationship between social media and the markets does suggest, to me at least, that it is a powderkeg which is already showing signs of blowing up (e.g. Gamestop). We're in for a really interesting period in the next few years in terms of how this is approached by regulators.
    Aha I completely forgot about Trump!

    Agreed, I think Elon Musk has really nailed personal branding. I can't think of many businessmen who have the same level of following.
     

    Daniel Boden

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  • Sep 6, 2018
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    Aha I completely forgot about Trump!

    Agreed, I think Elon Musk has really nailed personal branding. I can't think of many businessmen who have the same level of following.
    How nice is it to not have to consider or even worry about what he's doing on a daily basis!

    The only people I can think of who come close to Elon are Bezos, Zuckerberg and Chamath Palihapitiya who seems to thriving in SPAC mania right now
     
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    Jaysen

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  • Feb 17, 2018
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    Quite amused by this: https://www.bbc.co.uk/news/technology-56404583

    "Elon Musk has dropped his chief executive job title and crowned himself 'Technoking of Tesla'.

    Mr Musk will still retain his position of chief within the company, the US Securities and Exchange Commission (SEC) filing said.
    Tesla's chief financial officer, Zach Kirkhorn, has the new title of Master of Coin.
    This may refer to the company's $1.5bn (£1.1bn) purchase of Bitcoin this year.
    Neither Mr Musk or Mr Kirkhorn have elaborated on the meanings of the new titles."
     

    Jaysen

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  • Feb 17, 2018
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    Bitcoin continues to be volatile, falling "after China announced a crackdown on cryptocurrency payments". The news has come shortly after Elon Musk announced a pausing of bitcoin transactions for Tesla due to "environmental concerns".

     

    Badawy

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  • Apr 4, 2020
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    Really interesting article on the detrimental impact bitcoin has upon the environment - something often overlooked.

    A quote that really stood out to me:

    “Bitcoin alone consumes as much electricity as a medium-sized European country,” says Professor Brian Lucey at Trinity College Dublin. “This is a stunning amount of electricity. It’s a dirty business. It’s a dirty currency.”

     
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