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The first claim isn't true, because Elon has been a bitcoiner for a long time. There was a huge Bitcoin hype / hubris at that time. Specifically, Saylor happene
by Geee 1y ago
The first claim isn't true, because Elon has been a bitcoiner for a long time. There was a huge Bitcoin hype / hubris at that time. Specifically, Saylor happened, and he convinced Elon and others that Bitcoin is the best reserve asset, and Tesla had a lot of cash, which was melting like an ice cube due to inflation. There was a lot of inflation talk / protecting against inflation. And in the end it actually worked out for them pretty well, given that BTC has about tripled since then (they bough at $34k).
After they had bought the bitcoin, adding it as a payment option was a way to add hype to increase its value. They quickly found out that it's too volatile for payments to be practical, and the hype cycle was ending anyway and they sold half of their reserve.
- consumer451 1y agoThis quote is not indicative of someone who was into BTC (2017): > ... A friend sent me part of a BTC a few years, but I don’t know where it is. https://twitter.com/elonmusk/status/935329447594541056 https://twitter.com/elonmusk/status/935329447594541056
- Geee 1y agoWell, he has been aware of it for a long time, and made occasional tweets mentioning it. He has not been a huge bitcoiner, but I don't recall him being a sceptic.
- consumer451 1y agoThanks for "Saylor happened" context, I was not aware of that. It helped fill a void of understanding for me. I appreciate it.