Elon Tangled Tesla in Crypto
Tesla does not love Bitcoin anymore - what could happen?
Bitcoin is plummeting - the smart choice was to sell Bitcoin at its height, buy DogeCoin then sell DogeCoin at a high and buy Bitcoin at a low.
Elon Musk, Tesla CEO and TechKing, announced Tesla bought $1.5 B worth of Bitcoin and would accept Bitcoin payments for Tesla cars.
Elon announced Tesla would no longer accept Bitcoin a few weeks after announcing accepting Bitcoin.
The official reason was environmental concerns due to the majority of cryptocurrency miners located in China and the vast majority being powered by coal power stations.
Another issue could be the instability of Bitcoin - drops and raises the highest on record for a tradable currency-like thing.
Bitcoin and other cryptocurrencies do not behave like any other tradable thing.
Elon, Tesla, Bitcoin are now linked; one possible outcome is Bitcoin's decline will continue to be passed onto Tesla.
MaX recently discussed Elon:
I think Tesla is holding back Elon.
I suggested Elon retire as Tesla CEO in 2019 and continue to let him know his time would be better spent on Boring Co and SpaceX.
I proposed Elon retire as Tesla CEO in favour of Tesla Chairman and retain Technoking. Robyn M. Denholm would succeed Elon as Tesla CEO.
If I were @elonmusk, I would further build-out+up the @Tesla executive team over 2021/22 allowing for a reduction in Elon-reliance for 2023 allowing Elon to spend more time on @boringcompany, @neuralink, @SpaceX, et al.— MaX Falstein (@MaXFalstein) March 29, 2021
Elon - Chairman + Technoking of Tesla
Robyn - CEO https://t.co/mwZlNyHJ1C
Tesla is attached to Elon's personal brand; we are now seeing the distrust of Bitcoin's [in]stability. I hope this does not damage Elon's brand with non-obsessives; however, it has damaged the Tesla brand.
What will happen to Tesla CFO Zach Kirkhorn who Elon appointed Master of Coin? Will he leave the cryptocurrencies to Elon and his followers?
I predict a balancing of Bitcoin around $20,000 and Tesla to drop 10%
Tesla could drop furter than 10%; I set 15% as a maximum drop.
If the balancing occurs, Tesla will lose $500 Million due to the drop in their Bitcoin holding valuation.
MaX recently discussed Bitcoin:
I expect more diversification of the blockchain increasing competition likely reducing Bitcoin Market Cap via reduced price.— MaX Falstein (@MaXFalstein) May 20, 2021
My concerned prediction:
1. $20,000 by end of July
2. Stabilise at $19,000 to $21,000 for three months
3. $15,000 4Q2021/1Q2022
4. $10,000 in 4Q2022 https://t.co/dzcoufB7zx
I expect to see many more problems for Bitcoin Market Cap over the next two years culminating in a lot of upset people with massive valuation fluctuations.
I expect Bitcoin to have up 10 to 15% shifts in value every day in 2023.