Direct from the desk of Dane Williams.
While Elon Musk says he sold Tesla’s Bitcoin at a loss due to having negatively impacted their year-on-year operating income, there are certainly other factors at play.
Elon Musk is the epitome of what we like to call smart money.
Every single word that comes out of his mouth in interviews or written on his own social media accounts are perfectly stage managed with an agenda in mind.
This is why when I read headlines like Elon Musk selling Tesla’s Bitcoin (BTC) at a loss, I can’t help but chuckle.
So did Elon Musk really sell Tesla’s Bitcoin at a loss?
Short answer, yes.
After making sure we all knew that he was buying Tesla 1.5 billion USD worth of Bitcoin back in February 2021, Elon recently puked the lows.
BUT.
Remember the price rip after that initial purchase?
While we can debate the morality of Elon’s effect on the market, you will also remember that price ripped on the back of this news.
And at the top, Elon was more than happy to unload 10% of their holdings and consequently reported $272 million in profits from that trade in its April 2021 quarterly update.
So even after puking the lows here and speaking about “Bitcoin impairment” (lololol) in their latest quarterly update, they were also happy to report adding $936 million USD to the company’s books.
Funny that :)
When it comes to the balance sheets of publicly traded companies, you just get a little creative and the news you have to report is all rosy.
Elon selling the rest of Tesla’s Bitcoin at a loss here, is nothing more than a clever accounting trick.
Elon Musk is the epitome of smart money
Don’t for a second think that is the end of Elon Musk and Tesla’s involvement in Bitcoin.
While dumping his company’s holdings, due to the fact crypto is not yet contributing to an environmentally sustainable future, he wanted to make it clear that this move shouldn’t be viewed as his final verdict on Bitcoin.
Lol.
Yep, after Bitcoin being green enough for Elon just a few months ago, it turns out that it’s not anymore:
https://twitter.com/WatcherGuru/status/1549884481221312514?s=20&t=lv0JAzuYVhs2iFaKkUFYMw
- WatcherGuru
Go figure.
While I laughed when I read this quote, I can’t help but respect the way he is able to use his position to manipulate the market for maximum profit.
For whatever reason, Elon has established himself as a godlike figure in crypto.
The Dogefather lives on!
Whatever Elon says or does in the market catches everyone’s attention.
So with that in mind, do you really think he’s going to talk up the technology after just puking the lows as an accounting trick?
Of course he’s not.
He’s going to pull out a tried and tested headline printer by saying Bitcoin is bad for the environment and let the market do its thing.
In today’s market, price will inevitably continue to grind lower until oh will you look at that…
Bitcoin contributes to record clean energy production just as Elon rebuys all of Tesla’s Bitcoin he sold at bargain basement prices miraculously before the flood of positive headlines that flip sentiment.
You know it’s going to play out this way.
Will you be ready to take advantage?
Best of probabilities to you.