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. (Bloomberg) -- Bitcoin’s plunge below $40,000 is sending shock waves across the booming world of crypto derivatives.Just as big S&P 500 … One of Tesla’s earliest moves to shake up the status quo in the auto industry was to sell direct to consumers. Power consumption related to Bitcoin has increased more than eightfold since 2017, by some estimates. 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 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. “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. 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." (Bloomberg) -- The frenzied rally in Bitcoin lost momentum on Tuesday after prices hit a new all-time high of $48,000. Before it's here, it's on the Bloomberg Terminal. 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. (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 … “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. Good morning Eric. On May 12, Musk tweeted that while the company was suspending Bitcoin for car purchases, it wouldn’t be selling any Bitcoin. 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. Miners use banks of powerful computers running specialized software. Tesla took a flier on the digital coin after it tripled in 2020. 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. (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… 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. 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. Tesla had a few share offerings last year and raised some cash, but I’d still think $1.5 billion is material, just because the assets are very volatile.”. The automaker said its revised policies also permit it to invest in gold bullion and gold exchange-traded funds. Tesla Inc. will now start accepting the world’s largest electronic currency as payment for its electric cars. 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. Despite Tesla’s plans to accept payment by Bitcoin, hardly anyone who owns the digital coins uses them for anything beyond speculation. 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 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. (Bloomberg) -- Nexon Co. said it bought $100 million worth of Bitcoin, joining a list of tech companies embracing the digital currency. Part of the demand for those shares came from passive investors forced to buy after Tesla was added to the S&P 500 on Dec. 21. 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… Ark exchange-traded funds added more than 47,000 shares in the electric carmaker in … 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 electric-vehicle maker put cryptocurrencies onto the agenda of corporate treasurers worldwide with its investment in Bitcoin. "To clarify speculation, Tesla has not sold any Bitcoin," Musk said in a tweet. 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. Investors in Tesla now are taking an additional wager on 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. 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. 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. “The question investors will have is whether $1.5 billion is material for Tesla. Before it's here, it's on the Bloomberg Terminal. 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 … 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. Tesla's announcement in March that it would accept the cryptocurrency was met with an outcry from some environmentalists and investors. (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 … Musk’s Tesla Inc. announced Monday that it had invested $1.5 billion in the volatile cryptocurrency, and overnight the conversation changed. Coinbase President on Crypto Mining, Tesla Ditching Bitcoin Tesla’s investment, the largest for a U.S. business, brings Bitcoin into the mainstream and reveals the digital currency hole in the U.S. accounting rulebook. The price of bitcoin fell about 5% to $51,847 after Musk's comments on Twitter. (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 … ... And while Tesla announced plans to accept Bitcoin … Joining us now is Eric Lamb Bloomberg's Asia Cross Assets reporter in Hong Kong. The amount of emissions Bitcoin mining generates depends on the power where the coins are produced. ©2021 Bloomberg L.P. 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. “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. 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. 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. 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. (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. Are such large transactions even possible? Updates with details on Bitcoin usage from 17th paragraph and recasts lede paragraph. 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. Bitcoin fell by more than 10% after the tweet, while Tesla shares also dipped. 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? 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. The world’s leading electric-car maker is getting behind the the world’s largest electronic currency. The fair market value of Tesla's Bitcoin holdings as of March 31 was $2.48 billion, according to securities filings. Tesla CEO Elon Musk clarified in a tweet early Monday that the electric vehicle maker "has not sold any 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. 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. 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. — 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. Musk’s move also will probably drive up interest in Bitcoin mining, the energy-intensive process of creating more of the digital currency. Saylor has proselytized about Bitcoin, recently holding a webinar on how corporate treasurers should move some cash into the digital coin. It’s a complicated and time-consuming process that can suck up vast amounts of electricity. (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 has sold its cryptocurrency holdings.
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