Crypto Biz: Elon Musk: The Ultimate Crypto Tourist
Tesla's foray into Bitcoin may have been a big distraction for the electric vehicle maker, which reported financial results mixed at the beginning of the month.
Newsletter
Elon Musk's Tesla turned out to be the ultimate paper hand after the electric vehicle maker sold 75% of its Bitcoin (BTC) holdings in the second quarter. I say, good riddance. The cult of personality is not good for Bitcoin, nor is a technologist who treats the asset like his plaything. To our knowledge, Musk has not sold any of his personal Bitcoin stashes and Tesla still has around 10,800 BTC on its books. Still, the less we hear about Musk and Bitcoin, the better.
In this week's Crypto Biz, we chronicle Tesla's BTC selloff, KuCoin's fight against fake news, and Cathie Wood's Coinbase stock selloff.
Tesla Announces $64 Million Profit From Bitcoin SaleTesla's decision to sell off most of its Bitcoins wasn't as stupid as it first seemed. The company made a profit of $64 million on the exchange. In addition to selling emissions credits, the electric vehicle maker has consistently struggled to make a profit over the years. In a Form 10-K filed with the U.S. Securities and Exchange Commission (SEC), Tesla disclosed that it could "up or down" its holdings of digital assets over time. Cynical prediction: ESG FUD will likely be the reason Tesla dumps its remaining holdings over time.
KuCoin CEO Johnny Lyu Launches “Anti-FUD Fund”Crypto exchange KuCoin has been the victim of a nasty smear campaign by a self-proclaimed whistleblower tweeting about the com...
Tesla's foray into Bitcoin may have been a big distraction for the electric vehicle maker, which reported financial results mixed at the beginning of the month.
Newsletter
Elon Musk's Tesla turned out to be the ultimate paper hand after the electric vehicle maker sold 75% of its Bitcoin (BTC) holdings in the second quarter. I say, good riddance. The cult of personality is not good for Bitcoin, nor is a technologist who treats the asset like his plaything. To our knowledge, Musk has not sold any of his personal Bitcoin stashes and Tesla still has around 10,800 BTC on its books. Still, the less we hear about Musk and Bitcoin, the better.
In this week's Crypto Biz, we chronicle Tesla's BTC selloff, KuCoin's fight against fake news, and Cathie Wood's Coinbase stock selloff.
Tesla Announces $64 Million Profit From Bitcoin SaleTesla's decision to sell off most of its Bitcoins wasn't as stupid as it first seemed. The company made a profit of $64 million on the exchange. In addition to selling emissions credits, the electric vehicle maker has consistently struggled to make a profit over the years. In a Form 10-K filed with the U.S. Securities and Exchange Commission (SEC), Tesla disclosed that it could "up or down" its holdings of digital assets over time. Cynical prediction: ESG FUD will likely be the reason Tesla dumps its remaining holdings over time.
KuCoin CEO Johnny Lyu Launches “Anti-FUD Fund”Crypto exchange KuCoin has been the victim of a nasty smear campaign by a self-proclaimed whistleblower tweeting about the com...
What's Your Reaction?
