Tesla buys $1.5 billion worth of Bitcoin, pushes value to new heights

[NightAntilli]

Nonetheless, very shortly after Musk, (him with his very high profile), purchased the Bitcoin, the price jumped to over $40,000. So, the plain fact of the matter is, he could have made millions (?**) selling it just days after he made the buy.

I'm not willing to commit that this was a causal loop, but I'm certainly not about to say it wasn't either. If this was a stock transaction, eyebrows likely would have been raised at the SEC.

(**) Just a guess, I didn't bother doing the math

Bitcoin was below $4k last year. You're overestimating Tesla's influence.

 

[captaincranky]

Bitcoin was below $4k last year. You're overestimating Tesla's influence.

Actually I don't think I am. Consider that the price hike which succeeded Musk's purchase, exceeded the actual value of one entire bitcoin last year, as you present it.

One thing Musk is, is the consummate master of, is taking money from other people's pockets and putting it into his own. When you consider the effect that Musk had on Tesla stock, when he merely opined, "I may take Tesla private", his influence in the financial sector can't be ignored.