Bitcoin is a distributed, worldwide, decentralized digital money. If you decide to buy ⦠You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A community dedicated to Bitcoin, the currency of the Internet. Can someone explain this like I'm 5? I love this thought - the FBI selling $Bn BTC to one of few companies who can afford it headed by one of the few CEOs to understand it! "Soon, Tesla will become a financial company that sells cars as a side-hustle (which is basically what happened to VW). A community dedicated to Bitcoin, the currency of the Internet. Those two helping hands helped avert red ink. This is coming later this year with Berlin and Texas factories. Bitcoin is a distributed, worldwide, decentralized digital money. Energy/batteries has always been the ultimate play. A year ago, it was worth a quarter of that at $9,900. Tesla would eventually just win because of this direct to consumer model even without the electric phenomenon imo, they got a huge advantage since other car manufacturers have to follow actual laws related to this similar to how taxis are fucked due to Uber and Lyft avoiding the laws. Press question mark to learn the rest of the keyboard shortcuts. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. A Reddit user claiming to be a Tesla insider appeared to announce the carmaker's purchase of bitcoin a month ago, according to a January post on ⦠Can we make calling politicians vampires a thing thatâd be great. Supply chain issues included a shortage of automotive CPUs that have completely shut down other auto mfgs. Good for them. The price of a Bitcoin is now $55,880 (as of March 24, 2021 at 4:16 AM ET) and while Tesla never confirmed what it paid, the price was likely between $30,000 and 35,000. It continued by saying (via Reuters), âI am a software dev working at R&D at Tesla in California, over the past 72 hours our company bought 24701 BTC at an average price of 33142$. The $0.00006 move has been repeated (53500/0.00006=) 891,666,667 times, and if each move is 1.5 feet for the monitor height, it has now moved 1,337,500,000 feet. Tesla has never been a car company. The moon is 238,825 miles, or 1,261,000,000 feet away from the Earth. They just need to increase units to drive revenue well past the ceiling of random expense events. As to where, good question, interested to know too. I'm sure you're right; my question is how did they find them? So Tesla bought in at 38,5k minimum if they made 67%? Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. ⦠Bitcoin is a ⦠Clutching pearls over selling 10% of a position in BTC is what is actually hilarious. Is it worrying that we don't seem to know where such a large quantity was actually bought? It's a technology company that is primarily in the business of selling energy credits and batteries, and now trading in bitcoin and other financial instruments. Tesla didnât exactly earn its record profit from selling cars, however. The user, claiming he was âa software dev working at R&D at Tesla in California,â reportedly added that the Elon Musk-led company had bought 24,701 bitcoin at an average price of $33,142 ⦠The company said that it sold some of the $1.5 billion worth of bitcoin that it purchased in February, contributing $101 million to the bottom line. Given the volume of coins being bought (>$1Bn) and the low proportion of BTC on exchanges (<20%), where did Tesla get their Bitcoin? I think MicroStrategy used Coinbase and was set to buy $1k every minute. What is more, sales of regulatory credits to other auto makers to help them meet emissions mandates, which carry a 100% profit margin, reached $518 million. IIRC the profit per car isn't much, most of that goes back to the manufacturer and dealerships make their money on the interest and Used car markets. Perhaps he could of bought a deal? Reddit; Tesla has removed its Bitcoin payment option for the online configurator for its electric vehicles overnight. Obviously they didn't use an app or website but in conjunction with CB. 2.9m members in the Bitcoin community. The company made the disclosures in a section of its quarterly securities filing that also detailed its purchase of US$1.5 billion worth of bitcoin. Reddit user who appeared to tip Tesla's Bitcoin buy reveals himself as a German prankster on ... over the past 72 hours our company bought 24701 BTC at an average price of 33142$,â the user with the handle TSLAinsider posted on Reddit last month. 47 votes, 72 comments. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. CB must themselves require these whale holders for their own liquidity. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome. They're like a bank, but unlike a bank, they also produce a valuable product. Lot of vampire-feeding going round here on Earth. By Monday afternoon, the price of a bitcoin had tumbled over $5,000 to $52,295, reducing Tesla's unrealized gains on its cryptocurrency investment to under $900 million. Twitter racks up its second $1 billion quarter, sending shares to 52-week high (Reuters) - A Reddit user claiming to be a Tesla insider appeared to announce the carmaker's purchase of bitcoin a month ago, according to a ⦠At current prices, 0.8 bitcoins would be enough to buy an entry-level Tesla Model 3. That accounts for nearly 100% of Teslaâs $533 million in pretax income. But Bitcoin's value rapidly moves up and down - meaning the cryptocurrency price of the car could change day to day. Tesla, the electric car company run by the worldâs richest person, Elon Musk, revealed on Monday that it had bought $1.5bn (£1.1bn) in bitcoin and said it ⦠A Reddit user who claimed in a post a month ago to be a Tesla Inc insider and knew about the electric car maker's purchase of bitcoin said on Tuesday that his ⦠The price of bitcoin has indeed gone up sharply since then, from $32,149.90 per bitcoin on Jan. 2 to nearly $47,000 Tuesday. Does this mean they earn nearly nothing on the cars they produce and their income is entirely generated through selling regulatory credits and a batch of bitcoins? For MicroStrategy, I think that CB acted like a broker to off-exchange holders, so "in conjunction" probably means using their "black book" of contacts. Making money off of trading is too lucrative, thatâs why. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome. (Reuters) - A Reddit user claiming to be a Tesla (NASDAQ: TSLA) insider appeared to announce the carmaker's purchase of bitcoin a month ago, according to ⦠Bitcoin is a distributed, worldwide, decentralized digital money. Tesla wants to own the last-mile electric grid. You sound like you hate capitalism? Cars are vehicles (no pun intended) for selling battery technology to consumers. Given the volume of coins being bought (>$1Bn) and the low proportion of BTC on exchanges (<20%), where did Tesla get their Bitcoin? Tesla's $1.5 billion investment in bitcoin could also be a simple hedge against the hegemony of the U.S. dollar as the world's reserve currency since World War Two. Who and how? âI am a software dev working at R&D at Tesla in California, over the past 72 hours our company bought 24701 BTC at an average price of 33142$,â a user with the handle TSLAinsider posted in ⦠The big question observers may have is why is the Elon Musk-run company purchasing bitcoins. Actually, the author here chose to neglect: One-time charge for Elonâs compensation, One time charge for S and X line overhaul (gigapress incorporation, etc), Persistent supply chain issues from Covid. It is now April 2021 at a price of $53,500. Tesla had not publicly announced the purchase of $1.5 billion bitcoin before it revealed it in an official filing this week. Instructions unclear, put nickels in my oil intake. Business Bitcoin hits new record after $1.5 billion Tesla buy-in. Iâve heard of America auctioning off seized conis? I'd imagine considering the amount they would have been accumulating and dollar cost averaging? Teslaâs record-breaking bitcoin purchase stunned the markets earlier this week, causing the price of bitcoin to spike to a new high of over $48,000 per coin. The digital asset is now worth over $43,000 following Teslaâs disclosure that it invested $1.5 billion in Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. Tesla (TSLA) founder Elon Musk has sent the price of bitcoin (BTC-USD) soaring after the billionaire tagged the cryptocurrency in his Twitter (TWTR) bio on Friday. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. How we know there are many OTC (over the counter, or bilateral) trades both of BTC and many non cyrpto assets, but often these are between known parties, eg between pension funds. It hit an all-time high after Tesla's official announcement Monday. âI am a software dev working at R&D at Tesla in California, over the past 72 hours our company bought 24701 BTC at an average price of 33142$,â the ⦠Price Action: Tesla shares closed nearly 1.6% lower at $849.46 on Tuesday and fell 0.47% in the after-hours session. Learn more about Redditâs use of cookies. Highly recommend it! An anonymous Reddit user, who made a post claiming the multibillionaireâs electric car manufacturer Tesla would buy $800 mn in Bitcoin before the automotive giant announced it had actually acquired $1.5 bn in the cryptocurrency, has admitted that his post was a hoax. We know Coinbase help MicroStrategy find some, but Tesla bought quite a bit, so they just have found other routes to these people. sorry if this was answered yesterday, I did a search and could not find a suitable answer. Matt Levine had a great money stuff newsletter on this topic today. Bitcoin: 1,337,500,000 feet I wish my bank did something productive instead of just using my money to feed vampires and sink the economy. âI am a software dev working at R&D at Tesla in California, over the past 72 hours our company bought 24701 BTC at an average price of 33142$,â the ⦠Earlier today, Tesla announced that it is starting to take payment in Bitcoin in the US. TSLA already has the margins necessary to be profitable. Teslaâs $1.5 billion investment in bitcoin could also be a simple hedge against the hegemony of the U.S. dollar as the worldâs reserve currency since World War Two. Looks like you're using new Reddit on an old browser. See full story. Soon, Tesla will become a financial company that sells cars as a side-hustle (which is basically what happened to VW). Looks like you're using new Reddit on an old browser. âI have no idea what will happen once this reaches the newspapers but I think the price will explode even more,â the user wrote. Itâs not clear if itâs a permanent or temporary move. For instance, if you bought one bitcoin back in July 2020, when the price was about $10,000, what once could buy a used Hyundai Elantra could now get you a ⦠How we know there are many OTC (over the counter, or bilateral) trades both of BTC and many non cyrpto assets, but often these are between known parties, eg between pension funds. Musk said on Twitter that Tesla in essence was trying âto prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.â. QUESTION Where did Tesla buy their Bitcoin? How would Tesla have contacted sellers? The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Tesla could have used the same strategy that Saylor is so fond of sharing in his playbook. That is nearly a fourth of its total profit. What types of middle men would they have used? They'll be buying again, for sure. https://www.coindesk.com/microstrategy-used-coinbase-for-massive-bitcoin-purchase. Tech disruption is just too fast for Politicians to catch up with then quickly Tesla/Uber/Lyft are rich enough to buy off the politicians and totally dominate the market. ", Car dealerships in general have long been based on a bank business model. A community dedicated to Bitcoin, the currency of the Internet. Press question mark to learn the rest of the keyboard shortcuts. DCA doesnât really matter when a couple tweets you send skyrockets the price (in Elonâs case). Bitcoin has broken another price record, jumping nearly 15% on the news that Tesla has invested $1.5 billion in ⦠We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. Tesla only sold 10% of its Bitcoin to boost its end-of Q2 2021 profit numbers. The correct term for the banks are PARASITES. It looks like Tesla sold just enough bitcoin ($272 million for a $101 million profit) to give them $1 Billion in adjusted earnings. That's still a tidy return. And how much of their remaining profit was due to that US regulation forcing the other auto manufacturers to give them money? Why is that? You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. The difference/advantage Tesla has is they don't have a dealership model so they can keep those profits that would normally go to the middle man.
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