Kamis, 13 Mei 2021

Elon’s Damascene moment crashes bitcoin - Financial Times

Tesla’s Technoking had a Damascene moment overnight, via Twitter:

FT Alphaville isn’t sure why it took this long for one of the world’s geniuses to figure out what everyone already knew about Bitcoin’s carbon footprint, but there you go.

Bitcoin dropped as much as 14 per cent on the back of the tweet, falling below $47,000, though it has since recovered some of that to trade down a tenth or so on the day now, to $50,755.

The Hodlers aren’t happy. Davey Day Trader, aka retail guru and Barstool Sports founder Dave Portnoy, accused Musk shortly after of “pulling levels like the Wizard of Oz on crypto . . . he’s sending dogecoin up, he’s sending Bitcoin down”, before concluding, “this is bullshit”. Similarly, r/Bitcoin is up in arms, with some diamond-handed traders planning to dump their Tesla stock on market open in protest. (The Venn diagram between the two assets, if you hadn’t guessed, often resembles a circle.)

Tesla’s stock has lost more than a third of its value — or $263bn of market capitalisation, or roughly one Toyota Motor Corporation — since Musk announced the company would be buying bitcoin as an “investment” on February 8. So FT Alphaville can’t help but wonder if this reverse ferret is a simply a feeble attempt to stop the slide.

It doesn’t seem to be working. Tesla’s stock is down 1.3 per cent in pre-market to $582.50, after falling 4.4 per cent on Wednesday.

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https://news.google.com/__i/rss/rd/articles/CBMiP2h0dHBzOi8vd3d3LmZ0LmNvbS9jb250ZW50LzFkYTBjZTA5LTk1NDQtNDQxOC05YTA4LTliZWQ2Y2Q0MjQ5MNIBP2h0dHBzOi8vYW1wLmZ0LmNvbS9jb250ZW50LzFkYTBjZTA5LTk1NDQtNDQxOC05YTA4LTliZWQ2Y2Q0MjQ5MA?oc=5

2021-05-13 08:12:39Z
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