TESLA X BITCOIN
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MUSK BUYS BITCOIN
It’s official.
Announced this morning, Tesla purchased $1.5 Billion dollars worth of digital assets. Elon Musk has been back and forth on Twitter hinting at his interest in Bitcoin but nonetheless, this comes as a big surprise to many. In response, Bitcoin soared to over $44,000 a coin. Less than a year ago Bitcoin hovered as low as $5000 but has been on an absolute tear ever since.
Musk is not alone in this move to have his company put Bitcoin on a balance sheet. Michael Saylor’s company MicroStrategy over the years has acquired over 71,079 coins at a $16,109 average per coin. Saylor believes that having reserves in Bitcoin rather than cash or gold for the future is truly the safest move a company makes. On top of this, he recently just held a virtual conference with over 6,900 enterprises going over his bullishness on Bitcoin and why he believes in its future as a means of storage. Jack Dorsey (CEO of Square and Twitter) followed Saylor’s lead by having his company Square $SQ purchase over $50 million (4,709 bitcoins) back in October of 2020.
Call me crazy, but every day it’s becoming safer and safer to say that Bitcoin is going absolutely nowhere and is here to stay. I won’t be surprised if Fortune 500 companies around the U.S. start adding Bitcoin to their balance sheet in droves pushing the price higher and higher. To be transparent I own Bitcoin and very bullish on its future. Everything mentioned above is an opinion and not advice.
My last point I will make is how important having social media is when it comes to being a sound investor in today’s market. Elon Musk flirted with several tweets about buying Bitcoin but his biggest hint was when he spoke on clubhouse on Feb 1st. When asked about Bitcoin he stated:
You can find me on Clubhouse “@gannon” and if you know me personally shoot me a text and I will send you an invite. Coming up these weeks I will be making some rooms talking about the market.
Last but not least, if you have no idea how Bitcoin works here is an excellent video that describes it in 5 minutes (it’s worth the watch).
Hope you all have a great rest of the week!
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Never too late to the party brother! Musk took things to another level.