Tesla made news buying Bitcoin, unreported that it sold some, for a hefty profit.
https://cointelegraph.com/news/tesla-books-huge-profit-from-bitcoin-sale-in-q1
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Tesla made news buying Bitcoin, unreported that it sold some, for a hefty profit.
https://cointelegraph.com/news/tesla-books-huge-profit-from-bitcoin-sale-in-q1
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They started selling .. Aren;t they holding for long term?
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They sold a 10% piece. Some are speculating it was so they could show a profit for this past quarter.
They made a nice chunk of change off what they had and they still have 90% or $1.3 billion of what they originally purchased.
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They made nice money and the recent dip in bitcoin price could because of this sale by tesla. Although prices seems to be recovering now.
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Nah that was made back in March.
So it has nothing to do with this recent dip.
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ohk. I did not know about it. thanks for letting me know
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I don't really know how it works in the USA. Does it count towards the company results?
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Yes it would count towards their profits. The only issue is that right now one of the main criticisms is that it relies on credits to make up for its money spending sectors. Its part of the growth and many deem it "unprofitable" but I feel that spending is required for it to grow.
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They took a $200 billion hit on the start up of the new model X/S lines which amounted to 0 cars sold for the quarter.
Musks comp plan also hit them to the tune of $300 million.
Both should be down in following quarters.
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Sounds like I should look forward to the next quarters earnings.
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Wow that was a nice little profit. Do you think the impacted the price of Bitcoin more The large sale or the Headlines?
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I think headlines affect it more. Tesla doesn't have that much in BTC so those dip buyers would of been able to catch it I think.
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Plus the sale was over a month ago. It was in this quarter's numbers. That is an eternity in the Bitcoin world.
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classic pump and dump :) I was talking about the fact this could happen when the whole bitcoin buying by institutions mania began
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I am not sure 10% can be considered a dump.
Plus they sold that back in March, long before this recent dump.
The pump and dump are in the futures market. That is where the action is.
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10% for them was a lot of bitcoin but I understand what you are saying. Although hyping stuff up I think can be put in the pump category :)
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Sure it does but the question is does it have an impact?
Musk tweets out a lot of stuff that people give him credit for.
Last year he tweeted that Tesla stock was overpriced. It dropped for a day and then continued on a 700% gain for the year. So obviously the market didnt really care what Musk said.
I have a feeling the big buyers of Bitcoin could care less about Musk's view on anything.
Now if he tweeted about Hive, with the market cap, that might be something different.
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