Musk's cited environmental concerns, saying Bitcoin mining and transactions are too carbon intensive. (Bloomberg) -- Elon Musk says in a series of tweets that Bitcoin paid to the company will be retained as the cryptocurrency and not converted into fiat currency. While Wood appears committed to her Tesla bet, famed investor Michael Burry has been revealed to be betting heavily against the carmaker via put options. It’s a complicated and time-consuming process that can suck up vast amounts of electricity. The company ended 2020 with more than $19 billion in cash on hand after having raised $12 billion in stock sales, taking advantage of an almost 750% surge in its share price. I have not sold any of my Bitcoin. Bitcoin Whipsaws Investors With Same-Day Plunge, Rally of 30%, Crypto Tumble Wipes $600 Billion Off Digital Tokens in a Week, U.S. Stocks Mixed; Yields Rise on Fed Minutes: Markets Wrap, Bitcoin Rally Was So Huge It Was Worth the Risk-Adjusted Twists, The Housing Market Has a Bottleneck That’s Even Bigger Than Lumber. (Bloomberg) -- Tesla Inc.’s stock suffered a double whammy on Wednesday with news of lagging sales in China and a sharp selloff in technology and … Elon Musk said Tesla Inc. sold 10% of its Bitcoin holdings to demonstrate the token’s liquidity, while adding that he’s retained his personal investment in the cryptocurrency. No, you do not. Elon Musk said Tesla Inc. sold 10% of its Bitcoin holdings to demonstrate the token’s liquidity, while adding that he’s retained his personal investment in the cryptocurrency. Tesla fell as much as 3.1% in late trading after its results were announced Monday despite a record profit in the first quarter. The amount of emissions Bitcoin mining generates depends on the power where the coins are produced. (Reuters) -The market value of Tesla Inc's bitcoin holdings have fallen by half to $1.26 billion, close to the electric car maker's purchase cost, as … Tesla now trails only MicroStrategy as the largest corporate owner of Bitcoin; it issued $650 million in convertible bonds last year explicitly to use the cash to buy the cryptocurrency. Bitcoin’s Still a Buy, Despite Tesla, Says Bloomberg’s McGlone Will the man who forecast bitcoin's price rise to $50K last year be heeded or ignored? — With assistance by Max Zimmerman, Edward Ludlow, and Dana Hull, Tesla CEO says firm trying to show Bitcoin as cash alternative, Billionaire adds he hasn’t sold his personal Bitcoin holdings, Tesla Sells $101 Million of Bitcoin to Prove Token’s Liquidity. (Bloomberg) -- Tesla Inc. earned record profit in the first quarter, sidestepped an industry chip shortage, improved its manufacturing and even made money off Bitcoin. Tesla’s earnings report showed the firm -- which bought more than $1 billion of the tokens earlier this year -- generated $101 million in income from the sale. That decision to cut out dealers makes it easier to accept a digital currency since all of the company’s retail transactions are over the internet. For instance, BCA Research Inc. argues that Bitcoin fails as a store of value or unit of account owing to its volatility, even though these are basic functions of money. Bitcoin hit a fresh record above $48,000 on Tuesday after Tesla Inc.’s announcement of a $1.5 billion investment in the largest cryptocurrency. Having stunned the market with its audacious bet on Bitcoin earlier this year, Tesla Inc. will now start accepting the world’s largest electronic currency as payment for its electric cars. Tesla Inc. will now start accepting the world’s largest electronic currency as payment for its electric cars. Bitcoin has erased all the gains since Tesla’s Feb. 8 announcement that it would use corporate cash to buy the digital currency, and was trading at around US$37,900 as of 8:33 a.m. in New York. (Bloomberg) -- Elon Musk continued to whipsaw the price of Bitcoin, briefly sending it to the lowest since February after implying in a Twitter exchange Sunday that Tesla Inc. may sell or … Chief Executive Officer Elon Musk’s Palo Alto, California-based manufacturer said in a filing Monday it made the bet on Bitcoin after updating its investment policy last month to allow it to buy digital assets. Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet. “We expect to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis,” Tesla said in the securities filing. Coinbase President on Crypto Mining, Tesla Ditching Bitcoin Dogecoin, the once tongue-in-cheek digital currency, hit a record on Monday after Musk, rapper Snoop Dogg and Kiss bassist Gene Simmons all tweeted about it. Tesla’s embrace of Bitcoin lends increased legitimacy to electronic currencies, which have become more of a mainstream asset in recent years despite some skepticism. Investors in Tesla now are taking an additional wager on Bitcoin. Bitcoin fell by more than 10% after the tweet, while Tesla shares also dipped. “Elon Musk has been a fan of Bitcoin and has been tweeting about it, but from a purely business perspective, there aren’t a lot of benefits from this decision,” said Michael O’Rourke, chief market strategist at JonesTrading. Tesla Inc. invested $1.5 billion in Bitcoin and signaled its intent to begin accepting the cryptocurrency as a form of payment, sending prices to a record after the vote of confidence from the EV leader and recent stock-market darling. Tesla Inc.’s Chief Executive Officer Elon Musk said the electric-vehicle manufacturer is suspending purchases using Bitcoin, triggering a slide in the digital currency. Tesla said in February that it had invested around $1.5 billion in Bitcoin and it planned to begin accepting the digital currency as payment “soon." Saylor has proselytized about Bitcoin, recently holding a webinar on how corporate treasurers should move some cash into the digital coin. The electric-vehicle maker put cryptocurrencies onto the agenda of corporate treasurers worldwide with its investment in Bitcoin. Tesla's announcement in March that it would accept the cryptocurrency was met with an outcry from some environmentalists and investors. The Tesla Inc. chief sent Bitcoin rallying back above $45,000 on Monday after clarifying that the company hasn’t sold any holdings of the digital token. Tesla's stock finished Wednesday down 4.4%. Before it's here, it's on the Bloomberg Terminal. ©2021 Bloomberg L.P. The price of bitcoin fell about 5% to $51,847 after Musk's comments on Twitter. Musk’s Tesla Inc. announced Monday that it had invested $1.5 billion in the volatile cryptocurrency, and overnight the conversation changed. ... And while Tesla announced plans to accept Bitcoin … (Bloomberg) -- Elon Musk continued to whipsaw the price of Bitcoin, briefly sending it to the lowest since February after implying in a Twitter exchange Sunday that Tesla Inc. may sell or … Good morning Eric. Tesla now trails only MicroStrategy as the largest corporate owner of Bitcoin; it issued $650 million in convertible bonds last year explicitly to use the cash to buy the cryptocurrency. In a series of tweets, Saylor encouraged the billionaire to shift dollars from the EV company to the cryptocurrency and “do your shareholders a $100 billion favor.”. Are such large transactions even possible? Joining us now is Eric Lamb Bloomberg's Asia Cross Assets reporter in Hong Kong. It’s the latest post to whipsaw prices across the industry and fuel speculation over just why the electric-car pioneer is issuing crypto missives on a daily basis on Twitter. The world’s leading electric-car maker is getting behind the the world’s largest electronic currency. (Bloomberg) -- Bitcoin’s plunge below $40,000 is sending shock waves across the booming world of crypto derivatives.Just as big S&P 500 … (Bloomberg) -- Cathie Wood’s Ark Investment Management is buying the dip in Tesla Inc., sticking with high-conviction names and setting aside a big disagreement with Elon Musk over Bitcoin… Before it's here, it's on the Bloomberg Terminal. Musk has often tweeted about cryptocurrency-related topics and earlier this month called Bitcoin “a good thing” in an interview. The Tesla CEO responded “Indeed.” Musk has been hitting back at several different users on Twitter who are criticizing his stance on the cryptocurrency. Power consumption related to Bitcoin has increased more than eightfold since 2017, by some estimates. (Bloomberg) -- Nexon Co. said it bought $100 million worth of Bitcoin, joining a list of tech companies embracing the digital currency. Tesla also said it would begin accepting the digital token as a form of payment for its electric cars. Tesla took a flier on the digital coin after it tripled in 2020. Have a confidential tip for our reporters? — With assistance by Esha Dey, and Will Wade, Electric-car company makes $1.5 billion investment in Bitcoin, Musk’s latest disruptive move follows pro-crytocurrency tweets. He also inquired about converting “large transactions” of Tesla’s balance sheet into Bitcoin in a Twitter exchange with Michael Saylor, chief executive officer of MicroStrategy Inc. and a prominent booster of the digital currency. Cathie Wood’s Ark Investment Management is buying the dip in Tesla Inc., sticking with high-conviction names and setting aside a big disagreement with Elon Musk over Bitcoin… Tesla shares pared a gain of as much as 3% to trade up 1.4% to $863.82 as of early afternoon in New York. "To clarify speculation, Tesla has not sold any Bitcoin," Musk said in a tweet. The world’s largest cryptocurrency was up 2.3% to $54,503 as of 10:18 a.m. in London on Tuesday. Musk’s move also will probably drive up interest in Bitcoin mining, the energy-intensive process of creating more of the digital currency. However, Musk has been a high-profile supporter of cryptocurrencies for some time and late last month announced that Tesla would begin accepting payment for its vehicles in Bitcoin. While many continue to view the token as just too risky to be compared with cash, Tesla’s Chief Financial Officer Zachary Kirkhorn said on an earnings call that the company believes in Bitcoin’s long-term value. Miners use banks of powerful computers running specialized software. Tesla CEO Elon Musk clarified in a tweet early Monday that the electric vehicle maker "has not sold any Bitcoin." It also fits the maverick image of Musk, who upended the automotive industry with battery-powered vehicles and disrupted the equities market with the stock’s ascension to the blue-chip S&P 500 Index last year. March 2021: Tesla begins accepting Bitcoin as payment for its vehicles in the U.S. April 2021: Cathie Wood’s ARK Investment Management LLC, a big fan of Tesla, releases a white paper positing Bitcoin actually promotes renewable energy, an … “Tesla is hardly considered a traditional company, but when one of the largest companies in the world starts to hold Bitcoin on its balance sheet as a substitute for cash, the market takes notice,” Paul Hickey of Bespoke Investment Group wrote in a note to clients. Have a confidential tip for our reporters? On May 12, Musk tweeted that while the company was suspending Bitcoin for car purchases, it wouldn’t be selling any Bitcoin. Data from New York-based blockchain researcher Chainalysis Inc. showed that only 1.3% of economic transactions came from merchants in the first four months of 2019. Musk said on Twitter that Tesla in essence was trying “to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”. Coins mined in the U.S. Pacific Northwest -- where hydropower is cheap and abundant -- are apt to be less damaging to the environment than those mined in coal-heavy regions of China or India. (Bloomberg) --Cathie Wood’s Ark Investment Management is buying the dip in Tesla Inc., sticking with high-conviction names and setting aside a big disagreement with Elon Musk over Bitcoin. Tesla now trails only MicroStrategy as the largest corporate owner of Bitcoin; it issued $650 million in convertible bonds last year explicitly to use the cash to buy the cryptocurrency. The cryptocurrency rose as much as 16% to an all-time high of $44,795 before trading at around $43,183 as of 1:30 p.m. in New York. Some $11 trillion is indexed to the benchmark for American equities. Ford Hopes New Electric F-150 Pickup Will Boost EV Street Cred, Ford Aims to Build Batteries in U.S. With Korea’s SK Innovation, Waymo Eyes Raising Up to $4 Billion as Leaders’ Exits Sow Doubts, A Seat on Bezos’s Rocket Is Going for $2.2 Million and Counting. It accounts for just a fraction of the company’s cash hoard but represents a commitment to a volatile asset class that few other businesses of Tesla’s size have made. (Bloomberg) -- Tesla Inc. is suspending vehicle purchases using Bitcoin over concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” Chief Executive Officer Elon Musk said Wednesday in a Twitter post. Updates with details on Bitcoin usage from 17th paragraph and recasts lede paragraph. One of Tesla’s earliest moves to shake up the status quo in the auto industry was to sell direct to consumers. Bitcoin Whipsaws Investors With Same-Day Plunge, Rally of 30%, Crypto Tumble Wipes $600 Billion Off Digital Tokens in a Week, U.S. Stocks Mixed; Yields Rise on Fed Minutes: Markets Wrap, Bitcoin Rally Was So Huge It Was Worth the Risk-Adjusted Twists, The Housing Market Has a Bottleneck That’s Even Bigger Than Lumber. (Bloomberg) -- The frenzied rally in Bitcoin lost momentum on Tuesday after prices hit a new all-time high of $48,000.
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