$365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

Re:$365B wiped off cryptocurrency market after Tesla stops a... by tom_mellior on Thursday May 13, 2021 @05:37PM (#27147798)

I'm with you on everything except the Bitcoin bit. I think he knew exactly that (a) it's a highly speculative asset, and (b) he has enough rabid fans and general publicity to move the market in exactly the ways that he benefits from.

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Re:$365B wiped off cryptocurrency market after Tesla stops a... by kingo55 on Thursday May 13, 2021 @05:46PM (#27147896)

That makes it sound like he was doing a cheap pump and dump.

Maybe you're right.

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Re:$365B wiped off cryptocurrency market after Tesla stops a... by samatman on Thursday May 13, 2021 @06:00PM (#27148023)

Tesla still has 90% of the Bitcoin they bought.

If his proclamation knocks, say, half the value off Bitcoin, and it stays there, that wasn't a very clever pump and dump, because they kinda skipped the 'dump' part.

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Re:$365B wiped off cryptocurrency market after Tesla stops a... by bhouston on Thursday May 13, 2021 @06:53PM (#27148505)

They only declare their sales after the fact. There is a chance that Tesla owns no bitcoin at this time. Probably they still do, but...

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Re:$365B wiped off cryptocurrency market after Tesla stops a... by ChrisClark on Thursday May 13, 2021 @07:57PM (#27149016)

Then won't they get in trouble? The most recent statement directly says they have not sold any, just stopping accepting payments in it.

That would be an explicit lie then, something the SEC has jurisdiction over? (I'm not actually sure)

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Re:$365B wiped off cryptocurrency market after Tesla stops a... by stjohnswarts on Friday May 14, 2021 @02:20PM (#27157824)

Is the SEC regulating bitcoin now? No. so they couldn't do a thing. Bitcoin isn't a security.

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Re:$365B wiped off cryptocurrency market after Tesla stops a... by p_j_w on Thursday May 13, 2021 @08:15PM (#27149145)

SEC doesn't regulate Bitcoin.

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Re:$365B wiped off cryptocurrency market after Tesla stops a... by nightski on Thursday May 13, 2021 @08:29PM (#27149236)

SEC does regulate stocks of companies like Tesla whose dealings in Bitcoin could affect said stock price.

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Re:$365B wiped off cryptocurrency market after Tesla stops a... by Phlarp on Thursday May 13, 2021 @09:15PM (#27149507)

That has never stopped Elon before! "funding secured"

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Re:$365B wiped off cryptocurrency market after Tesla stops a... by mthoms on Friday May 14, 2021 @01:48AM (#27151153)

I think the statement says they will not be selling any in the future.

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Re:$365B wiped off cryptocurrency market after Tesla stops a... by de_nied on Thursday May 13, 2021 @06:25PM (#27148273)

Perhaps it's a chump and pump. Bring down the value to buy the dip.

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Re:$365B wiped off cryptocurrency market after Tesla stops a... by hooande on Thursday May 13, 2021 @10:23PM (#27149965)

I'll say again, it makes no sense for Elon Musk to do a cheap pump and dump. He's worth over $100 billion. The hundreds of millions he might make from a pump and dump are literally a rounding error to him

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Re:$365B wiped off cryptocurrency market after Tesla stops a... by tom_mellior on Friday May 14, 2021 @02:20AM (#27151298)

A pump and dump gets him actual cash, as opposed to capital tied up in shares. But more importantly, every move gets him the press coverage he craves.

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