Tesla Hold $1.5bn in Bitcoin !

[pdk42]

Spotted this today on the Tesla UK OG Facebook page:

https://ir.tesla.com/sec-filings

 

[Tiger]

Haha, soon people can pay for FSD vaporware in vaporware cryptocurrency

 

[Medved_77]

Ah, that explains the jump in value of my $MGTI shares today.

Elon Musk's Tesla buys $1.5bn of Bitcoin causing currency to spike

 

[tomorrowman]

Shame I sold my tiny partial bitcoin holding last week c'est la vie

 

[Threean]

Funny how Tesla’s mission statement is “to accelerate the world's transition to sustainable energy” yet they invest in the most unnecessarily energy-consuming cryptocurrency.

 

[KendoNagasaki]

Spotted this today on the Tesla UK OG Facebook page:

View attachment 635070

https://ir.tesla.com/sec-filings

I thought Elon is all in on DogeCoin

 

[nxsynjs]

With Elon's net worth my gut feel is he did it for the lulz..

 

[Mattski30]

Funny how Tesla’s mission statement is “to accelerate the world's transition to sustainable energy” yet they invest in the most unnecessarily energy-consuming cryptocurrency.

Very true. There have been lots of articles about this worldwide. The higher the price of BTC, the more unsustainable electrical energy the network uses.

Hopefully, Musk is playing a long game of raising awareness of a problem before switching to a crypto that is faster, cheaper to transact in AND in line with Tesla's stated mission.

 

[Medved_77]

I'm hoping this bitcoin mining company will be able to generate some/most of the power they require from solar in the future:

Home - MGT Capital Investments

They've bought land next to a sub station and connect their containers directly(?) to it, which reduces the cost of electricity if not the environmental impact.

I'm hoping that their model can be transferred to other sites that could be partly powered by solar in the future. Really interesting project if nothing else.

 

[Mattski30]

I'm hoping this bitcoin mining company will be able to generate some/most of the power they require from solar in the future:

Home - MGT Capital Investments

They've bought land next to a sub station and connect their containers directly(?) to it, which reduces the cost of electricity if not the environmental impact.

I'm hoping that their model can be transferred to other sites that could be partly powered by solar in the future. Really interesting project if nothing else.

Yes, some BTC miners are certainly greener than others, but there are already faster and more efficient cryptos out there with lower transaction costs and lower carbon footprints.

I've heard a bit of talk that Sustainability and ESG are rising investment themes...if a company wants to position itself as a Sustainability or ESG play, it makes more sense to me to put corporate cash into a crypto that is already electrically/environmentally efficient rather than one that, by design, consumes more resources the higher its price goes and may or may not improve its mix of electrical supply in the coming years.

 

[m-i-l]

With Elon's net worth my gut feel is he did it for the lulz..

Yes, pretty sure he's partly doing it for the lulz. But he also knows that he could buy $1.5bn of pretty much anything, get large number of followers to buy in and drive up the price, sell it for maybe a billion or so profit after a very short period, and face no consequences for doing so in an unregulated market.

It's such a shame that he's chosen something that is currently using 0.53% of the world's energy consumption (source: cbeci.org), and which is designed to only get worse if it gets more popular. I really hope enough people with enough influence apply enough pressure to get this properly accounted for in the 2021 Tesla Environmental Impact Report.