This title of course is a joke, but as you probably know, Tesla bought some Bitcoin this year, spending $ 1.5 billion. You may also hear that Tesla ranks 5th for the largest market cap on the US Stock Exchange, making a guy named Elon allegedly the richest man on this planet. I also heard that Tesla mainly produces electric cars, but that could be wrong. According to this article and some simple math:
“if Tesla owns the same amount of Bitcoin as it did on January 31, it made a paper profit of about $930 million since January. That's almost 30% more than its $721 million revenue from electric vehicles”
This is something to think about and, moreover, a fun fact that you can point out to those who think cryptocurrencies are a bubble, but the stock market is perfectly fine.
I absolutely love how honestly Elon described this move:
"Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company”
My cat says: Dogs chase cars, cats HODL BTC.
This is not a financial advice – I’m no financial adviser, nor is this legal advice – although I’m a lawyer. This is no advice at all, seriously, don’t take advice from random cats – the Internet is full of them! DYOR!
