Category: Elon Musk

SHIB plummets 20% as Elon Musk reveals he owns none

SHIB plummets 20% as Elon Musk reveals he owns none

Shiba Inu (SHIB), the recently surging Dogecoin-inspired ERC-20, suffered a 20% retracement in two hours as Tesla founder and hypothetical Doge CEO Elon Musk announced to Twitter that he doesn’t hold any Shiba Inu tokens.The retracement came after SHIB surged past its previous all-time high to tag a local top of $0.000044 on Oct. 24 following a more than 500% rally since the start of October.Amid the token’s bullish price action, Twitter user “ShibaInuHodler” asked Musk how much Shib he was holding, to which Musk responded: “None.”Hey @elonmusk How Much $Shib You Are Holding!!— Shiba Inu (@ShibaInuHodler) October 24, 2021While SHIB sellers had already stepped in to take profits at the token’s local all-time high, SHIB would quickly lose a further 10% to trade for $0.000035 within roughly half an hour of Musk’s reply. SHIB has since oscillated between $0.000035 and $0.00004.Reactions to Musk’s comments from SHIB investors have been varied, with ShibaInuHodler suggesting Musk should invest in some Shiba Inu tokens.Others criticized ShibaInuHodler for engaging Musk, with “Shibalaskan” imploring them to “plz stop pestering celebrities when the community is doing fine without this sort of foolishness.”I’d delete my Twitter acc or change the name at least after this brutal response from @elonmusk— Crypto Sheriff ( Team #VRA ) (@Eddie202021) October 25, 2021

Related: Dogecoin loses 70% against Bitcoin during 6 months of celebrity DOGE endorsementsThe dog token drama comes as Musk has returned to Twitter to espouse the virtues of Dogecoin.On Oct. 24, the SpaceX founder tweeted: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”

Elon Musk Discusses Important Dogecoin Improvements, Confirms No Investment in Shiba Inu

Elon Musk Discusses Important Dogecoin Improvements, Confirms No Investment in Shiba Inu

Tesla CEO Elon Musk has shared what he believes to be the most important dogecoin improvements. He also clarified that he does not have anything to do with the Dogecoin Foundation and is not investing in the shiba inu (SHIB) token. Musk confirmed that he is only holding three cryptocurrencies.
Elon Musk on Dogecoin Improvements, Shiba Inu Token
Tesla and Spacex CEO Elon Musk made several tweets about cryptocurrency, bitcoin, dogecoin, and the shiba inu token Sunday.
Regarding Dogecoin’s improvements, he was asked whether he had any recent interactions with the Doge development team. While admitting that he had not interacted with them lately, Musk shared:
What matters imo is lowering fees, decreasing block time & increasing block size. A single layer network with exchanges as de facto layer 2 seems like the simplest solution for a medium of exchange.
Dogecoin co-creator Billy Markus chimed in and responded to Musk’s Doge improvement tweet. He stressed that in his opinion, “dogecoin being fast, scalable, and inexpensive to send around is all it needs to be,” adding that “it doesn’t need to be yet another blockchain that hosts NFTs or other tokens or whatever.” Musk replied with a “hundred points” symbol.

Furthermore, Musk responded to another Doge supporter who asked: “Do you think if Dogecoin accomplishes the goals you put forth here then it could be more practical and efficient than something like the Lightning Network as a medium of exchange?”
The Tesla executive answered: “Possibly. Bitcoin was conceived at a time of relatively low bandwidth & high latency. If both continue to improve substantially, we will reach a point when no second layer is needed.”
In August, Musk agreed with the billionaire owner of the NBA team Dallas Mavericks, Mark Cuban, that “The community for doge is the strongest when it comes to using it as a medium of exchange.”
Musk also clarified Sunday that he does not have anything to do with the Dogecoin Foundation in response to a comment on Twitter stating: “Jared Birchall represents Elon Musk, but as all advisors he has no direct voting rights. This guarantees the foundation stays independent while taking advantage of the expertise of shibes like Elon.” The Spacex CEO wrote:
Neither Jared, nor me, nor anyone I know has anything to do with this foundation.
The Dogecoin Foundation relaunched in August. Its website lists Jared Birchall as one of its four board advisors, describing him as a “legal & financial advisor” to Musk. Other board advisors include Markus and Ethereum’s Vitalik Buterin.

Musk was asked how much shiba inu (SHIB) he is holding. The Tesla technoking simply replied, “None.”

Besides SHIB, Musk was asked whether he had holdings in several other cryptocurrencies, including FLOKI, the token named after his shiba inu puppy.
Instead of responding about each coin, Musk confirmed that he only owned bitcoin, ether, and dogecoin. “Out of curiosity, I acquired some ASCII hash strings called ‘Bitcoin, Ethereum & Doge.’ That’s it,” he affirmed. “As I’ve said before, don’t bet the farm on crypto. True value is building products & providing services to your fellow human beings, not money in any form.”
Musk previously said that his companies, Spacex and Tesla, only owned bitcoin. The electric car company released its Q3 earnings report this week showing $1.26 billion in BTC.
What do you think about Elon Musk’s tweets? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Shiba Inu surges over 45% in two days to reach an all-time high

Shiba Inu surges over 45% in two days to reach an all-time high

Shiba Inu (SHIB), a spin-off to Dogecoin (DOGE) token, reached an all-time high following a price surge of more than 46% in just two days. The SHIB/USD trading pair was valued highest at $0.00003941 during press time. The latest price jump of SHIB token is attributed to an ongoing bullish trend from Oct. 15, which helped the cryptocurrency’s value rally by more than 26%. Since Oct. 17, SHIB maintained week-long support at roughly $0.00002796 before resuming to bull run to its all-time high. In the last seven days, Shiba Inu’s market value surged over 50% and currently stands as the 13th biggest cryptocurrency in terms of market capitalization, just three positions away from Dogecoin.Currently, Shiba Inu holds the biggest circulating supply of nearly 395 trillion. Back in September, the Dogecoin-inspired token jumped 40% after Elon Musk, CEO of Tesla, tweeted about the arrival of a new Shiba Inu puppy called Floki.Floki has arrived pic.twitter.com/2MiUKb91FT— Elon Musk (@elonmusk) September 12, 2021A Cointelegraph analysis from Oct. 18 foresees SHIB token to target the $0.00005200 mark, determined by an expected rebound after the selloff season. Related: Crypto is impossible to destroy, says Tesla CEO Elon MuskThe growth of Dogecoin and Shiba Inu is primarily attributed to support from Tesla CEO Elon Musk. In a recent conference hosted in California, Musk said:“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”Moreover, the entrepreneur believes that the United States government should “do nothing” for regulating cryptocurrencies.

Elon Musk Plans To Become The World’s First Dogecoin Trillionaire

Elon Musk Plans To Become The World’s First Dogecoin Trillionaire

Tesla CEO Elon Musk says that he will become the world’s first Dogecoin trillionaire.According to a recent prediction by a Morgan Stanley analyst, the SpaceX founder is on his way to becoming the world’s first trillionaire with his relentless amassing of wealth.
A Twitter account called UberFacts tweeted this prediction. Amusingly, the Tesla CEO replied to the tweet, stating that he would be a Dogecoin trillionaire. With that reply, he sent the Dogecoin price soaring again.
Related Reading | Elon Musk’s “Baby Doge” Tweet Spikes The Dogecoin Price
As of today, Musk is already the wealthiest man in the world, ahead of Amazon founder Jeff Bezos, who is in second place. According to the Bloomberg Billionaires Index, he has an estimated net worth of $252 billion. The Bloomberg Billionaires Index is a daily ranking of the world’s richest people.
In July, the tech entrepreneur revealed that he owns Bitcoin, Dogecoin, and Ether.
Elon Musk and Dogecoin
Musk’s net worth has skyrocketed because of Tesla, whose stock price has kept increasing over the months. On Friday, the company’s shares rose to a new high above $900/share. With his current net worth, he is worth more than the entire Gross Domestic Product (GDP) of New Zealand.
On Friday, Twitter account @UberFacts reported the prediction from Morgan Stanley.

Elon Musk is predicted to become the world’s first trillionaire, thanks to SpaceX
— UberFacts (@UberFacts) October 22, 2021

Elon then replied directly to the tweet agreeing that he would be a trillionaire, but in Dogecoin.

*In Dogecoin
— Elon Musk (@elonmusk) October 22, 2021

In typical fashion, Musk’s mention of Dogecoin in the tweet resulted in the coin’s price rallying by almost 6% in just an hour. At the time of writing, Dogecoin is trading at $0.247.

Musk’s tweet pushes Doge to $0.247 | Source: DOGEUSD on TradingView.com
In July, Musk revealed that he owns Bitcoin, Ethereum, and Dogecoin. However, he has always posted memes about Dogecoin in particular and is constantly weighing in on the meme coin.
In May, the SpaceX founder announced that in 2022, SpaceX will launch a moon mission funded by Dogecoin. He said this is the first time that cryptocurrency will be used in space, and that it will also be the first meme used in space.

SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge– 1st crypto in space– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) May 9, 2021

SpaceX Founder’s Net Worth Prediction
According to the Guardian, analysts at investment bank Morgan Stanley have predicted that Elon Musk will become the first trillionaire in the world.
Forbes says that the tech entrepreneur is working to revolutionize transportation both on Earth, through electric car maker Tesla, and in space, via rocket producer SpaceX.
A Morgan Stanley analyst says that he could make much more money from his space exploration business SpaceX than he has made from Tesla.
Related Reading | Elon Musk Brushes Off SNL Fail, Plans To Literally Send Dogecoin To The Moon
The analyst Adam Jonas said that SpaceX was “challenging any preconceived notion of what was possible and the timeframe possible, in terms of rockets, launch vehicles and supporting infrastructure”.
He added: “More than one client has told us if Elon Musk were to become the first trillionaire … it won’t be because of Tesla. Others have said SpaceX may eventually be the most highly valued company in the world – in any industry.”
Related Reading | SpaceX Has Bitcoin On Its Balance Sheet, Elon Musk
Jonas estimates that the privately-held SpaceX, valued at $100bn this month, could be worth $200bn and even more. It is presently the world’s second-biggest privately held company, after the internet firm ByteDance. The SpaceX founder owns roughly 48% of the company.
It remains to be seen if these predictions about the Tesla CEO will come to pass.
Featured image by The World Financial Review, Chart From TradingView.com

Tesla Hodls Bitcoin in Q3, Elon Musk Tweets BTC at $69K Meme

Tesla Hodls Bitcoin in Q3, Elon Musk Tweets BTC at $69K Meme

Tesla is currently holding bitcoin worth $1.26 billion on its balance sheet, the company’s third-quarter earnings report shows. The electric car company reported a bitcoin-related impairment of $51 million in the quarter. Meanwhile, CEO Elon Musk tweeted a meme showing the price of bitcoin at $69K and ether at $4.2K.
Tesla Continues to Hold Bitcoin on Balance Sheet
Elon Musk’s electric car company, Tesla (Nasdaq: TSLA), released its third-quarter earnings report Wednesday. The company posted $13.757 billion in revenue, a 57% increase from the same period last year. It wrote: “The third quarter of 2021 was a record quarter in many respects. We achieved our best-ever net income, operating profit and gross profit.”
Tesla’s balance sheet shows net digital assets of $1.26 billion as of Sept. 30, down from $1.311 billion at the end of the second quarter. Tesla reported a bitcoin-related impairment of $51 million in Q3.
Tesla’s unaudited balance sheet showing net digital assets of $1.26 billion. Source: Tesla
Tesla’s cash flow statement still shows that the only BTC purchase and sale were made in the first quarter when the company bought bitcoin worth $1.5 billion and sold $272 million worth of BTC.
According to Tesla’s 10-K form filed with the U.S. Securities and Exchange Commission (SEC), the company’s “digital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheet at cost, net of any impairment losses incurred since acquisition.” Tesla explained that it performs an analysis each quarter to identify impairment, adding: “If the carrying value of the digital asset exceeds the fair value based on the lowest price quoted in the active exchanges during the period, we will recognize an impairment loss equal to the difference in the consolidated statement of operations.”

While Tesla never disclosed how many bitcoins it owned, CEO Elon Musk revealed in July that the amount was close to 42K BTC. At the time of writing, the price of bitcoin is $$63,053.60. It surpassed all-time highs Wednesday following the debut of the U.S.’ first bitcoin futures exchange-traded fund (ETF). This means Tesla’s bitcoin stash is currently worth about $2.65 billion.
On Wednesday, Musk tweeted a meme showing the price of bitcoin at $69K and the price of ether at $4.2K.

Musk has long been a crypto proponent. He revealed in July that besides bitcoin, he personally owned “a bit of ethereum and dogecoin.” The Tesla executive opined, “In general, I am a supporter of bitcoin,” noting that the BTC he owned was “worth a lot more than ethereum or doge.”
In September, Musk said that governments should not try to control or regulate cryptocurrencies, emphasizing that regulators should “do nothing” about crypto.
What do you think about Tesla’s bitcoin holdings and Elon Musk’s tweet? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Shiba Inu eyes 'much wow' 90% breakout as SHIB price paints a textbook bull pattern

Shiba Inu eyes 'much wow' 90% breakout as SHIB price paints a textbook bull pattern

The Shiba Inu (SHIB) market is in a very strong bull market in 2021, and one major continuation pattern on its longer timeframe charts highlights the scope for an additional 90% upside move ahead.In detail, SHIB rose over 1,250% year-to-date (YTD) to establish the yearly high at $0.00003528 (data from Binance) on Oct. 8. Later, the cryptocurrency cracked under the profit-taking sentiment, leading to a 41.50% price correction to $0.00002060.But bulls started accumulating SHIB near the said low level. A rebound ensued and the price rallied over 55% to $0.00003200, where it met another round of selloffs. Overall, the SHIB price kept forming lower highs and higher lows in the next sessions, forming a Triangle structure that appeared like a Bull Pennant.Analysts treat Pennants as bullish continuation patterns, i.e., their formation, coupled with declining trade volumes, tends to send prices in the direction of their previous trend — by as much as the height of the previous price rally, also known as Flagpole. So it appears, SHIB has been forming the same structure.SHIB/USDT 12-hour price chart featuring Bull Pennant setup. Source: TradingViewThe SHIB Flagpole’s height comes to be around $0.00002450. Therefore, considering the cryptocurrency would pursue a breakout to the upside from the Bull Pennant’s apex (the level at which its upper and lower trendlines converge), its next target would be at around $0.00005200, roughly 90% higher.Yet, Pennants are notorious for being the worst reliable technical indicators, at least according to a study conducted by Samurai Trading Academy’s Cody Hind in 2020, based on his assessment of 10 years of market data and over 200,000 trading structures. He found that Bull Pennants successfully reached their price targets in 54.87% of cases.Macro fundamentalsThe SHIB price almost doubled in October in parts due to Tesla CEO Elon Musk’s cryptic endorsement of the Shiba Inu project and amid reports of whale buying activity and the rise of its decentralized exchange ShibaSwap.Soecifically, Musk posted the picture of his Shiba Inu puppy on Oct. 4. The billionaire entrepreneur’s tweet coincided with the SHIB price rallying by more than 330% in the next four days, reminiscent of how he influenced the prices of Dogecoin (DOGE) earlier this year.  Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf— Elon Musk (@elonmusk) October 4, 2021The jump also took cues from reports of whale buying activity in the Shiba Inu market. For the uninitiated, Yahoo Finance highlighted in his Oct. 5 report that an unknown entity purchased 6.2 trillion SHIB for circa $44 million in late September.Related: Shiba Inu rebounds 40% despite major selling by SHIB whalesMeanwhile, Shiba Inu’s namesake decentralized exchange ShibaSwap detected a surge in the amount held by its liquidity pools. As of Monday, the total value locked inside the ShibaSwap contracts was $411.42 million versus $253.41 million at the beginning of this month, as per data provided by DeFi Llama.ShibaSwap TVL as of Oct 18, 2021. Source: Defi LlamaAt its prime, in July 2021, ShibaSwap was managing $1.76 billion worth of funds via its liquidity pool.Ishan Arora, a hedge fund manager associated with Tykhe Block Ventures, told Yahoo Finance that Shiba Inu emerged as a product of an ongoing craze for meme cryptocurrencies, adding that most people buy these tokens by merely following some influencers’ advice.Arora warned investors about the risks of putting money into such one-hit wonders, but mentioned Dogecoin for its ability to return incredible profits earlier this year.”Early Doge investors last year did quite well, so it is not as black and white as most want it to be.”Meanwhile, crypto data tracking service Santiment detected an increase in Shiba Inu whale transactions over $100,000 in the past 24 hours, noting that their occurrence is typically bullish for SHIB.Shiba Inu whale transactions exceeding $100K. Source: Santiment”When these transactions come in bunches, price rises generally follow,” the platform wrote in a tweet published Monday.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin’s Unknown Creator Satoshi Nakamoto Is Now the 20th Wealthiest Person on Earth

Bitcoin’s Unknown Creator Satoshi Nakamoto Is Now the 20th Wealthiest Person on Earth

In mid-April the creator of the Bitcoin network, Satoshi Nakamoto entered the world’s top 20 richest billionaire list but after bitcoin’s price dropped, the inventor’s wealth plummeted. This week, Nakamoto has once again joined the top 20 richest people on the face of the earth. The last time, Nakamoto made the 19th position, and this time around, Bitcoin’s inventor is now the 20th richest person(s) on the face of the planet.
6 Months After Bitcoin’s All-Time High, Satoshi Nakamoto Becomes the 20th Wealthiest Person in the World
The leading crypto asset bitcoin (BTC) has skyrocketed past the $60K handle and tapped a high of $62,945 on Friday. Using today’s exchange rate and the estimated stash of bitcoin Satoshi Nakamoto reportedly owns, indicates that Bitcoin’s inventor is the 16th richest person or persons worldwide. The last time Bitcoin.com News reported on this subject, Nakamoto climbed from the 159th richest person in the globe to the 19th in a mere five months. Using today’s BTC exchange rates on October 17, 2021, six months later, Nakamoto is now the 20th richest person(s) worldwide.
A report from Whale Alert that studies the “Patoshi Patterns.” In this report, it is assumed that Satoshi Nakamoto may own 1.125 million BTC. Bitcoin.com News readers can read Whale Alert’s article called “The Satoshi Fortune” here. Whale Alert’s study is based off of Sergio Demian Lerner’s 2013 study on the “Patoshi Patterns.” Sergio Demian Lerner’s 2013 report can be read here.
The reason why people assume Satoshi Nakamoto owns all this wealth, is because it is estimated that Bitcoin’s inventor owns around 1 million BTC. Of course, there are lower-bound estimates which say the inventor only collected 750,000 BTC and then upper-bound estimates that assume Nakamoto has more than 1.1 million BTC. The crypto community at large assumes that Nakamoto has around 1 million bitcoin and because he, she or they acquired it during the first year of BTC’s existence, the inventor owns all the forks tied to the stash as well.

Between Bitcoin and 3 Forks, Nakamoto Has Roughly $61 Billion in Unspent Wealth
This means that on October 17, 2021, Nakamoto owns roughly $60.7 billion in bitcoin (BTC), $625 million in bitcoin cash (BCH), $169 million in bitcoinsv (BSV), and $191 million in ecash (formerly known as BCHA or Bitcoin ABC). That’s a grand total of $60.9 billion between those four networks which places Bitcoin’s inventor at the 20th position in Forbe’s real-time billionaires’ list. Satoshi Nakamoto is above the net worth of ​​Zhang Yiming, the billionaire from China. However, Nakamoto’s wealth is below the world’s 19th richest as Walmart’s Rob Walton has around $75.3 billion to his name.
The current Forbes real-time billionaires’ list on October 17, 2021, with Bitcoin’s creator, included. The family who owns and operates the mega retail chain Walmart, Jim Walton, Alice Walton, and Rob Walton have more wealth than Satoshi Nakamoto. BTC/USD exchange rate metrics for this article were recorded on October 17, 2021, at 10:00 a.m. (EST).
What’s pretty amazing is that one of the world’s 20 richest people in the world is the mysterious inventor of Bitcoin. A person or group of people that have yet to spend a single penny of the $60.9 billion worth of crypto assets. Some people assume that Nakamoto may have passed away and this is why the inventor has never and will never spend the stash of 1 million coins collected when the creator kick-started the BTC network. However, Nakamoto may still be alive and may still have access to these riches.
Bitcoin’s inventor still has to catch up to the world’s two richest people which include Elon Musk and Jeff Bezos respectively. Musk has around $214.8 billion in wealth today according to Forbe’s real-time billionaires’ list and Jeff Bezos owns around $197.8 billion. In order to overtake Musk’s net worth, a single BTC will need to be valued at over $215K per unit. If BTC taps $100K this year, Bitcoin’s inventor will be in the top 10 richest person(s) list next to Warren Buffet and Mukesh Ambani.
What do you think about Bitcoin’s inventor Satoshi Nakamoto becoming the 20th richest person(s) on planet earth? Let us know what you think about this subject in the comments section below.

Tags in this story

19th position, 20th richest, BCH, Bitcoin (BTC), Bitcoin Stash, BSV, BTC, BTC Stash, BTG, centibillionaire, Elon Musk, jeff bezos, Jim Walton, Nakamoto, Rob Walton, Sam Walton, Satoshi, Satoshi Nakamoto, Satoshi’s Stash, Sergio Demian Lerner, unknown satoshi, Whale Alert, World’s Richest, world’s 20 richest

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Elon Musk Gives a ‘Thumbs Up’ to New Dogecoin Update

Elon Musk Gives a ‘Thumbs Up’ to New Dogecoin Update

Billionaire and business tycoon Elon Musk is showing his approval of Dogecoin’s (DOGE) latest network upgrade.
Dogecoin co-creator recently Billy Markus took to Twitter urging miners to download the meme coin’s latest upgrade, which enables them to run more efficient nodes on the network that validate transactions and lower fees.
ADVERTISEMENT

Dogecoin loses 70% against Bitcoin during 6 months of celebrity DOGE endorsements

Dogecoin loses 70% against Bitcoin during 6 months of celebrity DOGE endorsements

Dogecoin (DOGE) may have landed major proponent Mark Cuban in hot water as it hits its lowest against Bitcoin (BTC) in over half a year.DOGE/BTC 1-week candle chart (Bittrex). Source: TradingView”Now price it in bananas”Data from Cointelegraph Markets Pro and TradingView showed DOGE/BTC trailing at 412 satoshis (0.00000412 BTC) on Oct. 14 — down from highs of 1,284 satoshis (0.00001284 BTC) in April.As Bitcoin outpaces altcoins en masse this month, the pain has been especially intense for Dogecoin investors after months of public campaigning by both Cuban and others, including the world’s richest man, Elon Musk.Nothing has been able to reverse the meme-based cryptocurrency’s fortunes, however, and now, frustrated commentators are even demanding an explanation.Cuban was in line for retribution this week, with podcast host Preston Pysh suggesting that his touting of Dogecoin on U.S. national television at the highs had been — to say the least — misguided.Cuban Coin, measured in BTC…since promoting it to the world on Ellen. @mcuban pic.twitter.com/8LQAECwsmk— Preston Pysh (@PrestonPysh) October 13, 2021Fellow pundit Peter McCormack joined calls for Cuban to comment on the situation against the latter’s backdrop of criticism of Bitcoin.Twitter users further evoked Cuban’s claim that he would rather own bananas than BTC, poking fun at Dogecoin’s declining purchasing power when measured in the fruit.In August, Cuban stated that he owned less than $500 of DOGE.Has the DOGE had its day?Musk, meanwhile, has moved on to incorporate Dogecoin spin-off cryptocurrencies in his publicity efforts, these likewise seeing huge gains on the back of even the most innocuous comments.Related: Elon Musk’s Tesla is already $1 billion in profit from holding BitcoinOne such coin, Shiba Inu (SHIB), has since seen substantial selling from large-volume investors known as whales.The Tesla CEO did not escape the wrath of Bitcoiners earlier this year, however, with his Dogecoin activities being met with claims of investor manipulation.As Cointelegraph reported, altcoins are tipped for a renaissance once Bitcoin hits its cycle top, this currently slated for the beginning of 2022.

Elon Musk's Tesla is already $1 billion in profit from holding Bitcoin

Elon Musk's Tesla is already $1 billion in profit from holding Bitcoin

Tesla’s (TSLA) bold foray into the Bitcoin (BTC) market has been paying off in 2021 as BTC price rallies in October to hit over $58,000 on Oct.14.Tesla currently holds roughly 43,200 BTC, worth roughly $2.5 billion at today’s prices, according to online monitoring resource Bitcointreasuries.net. This is approximately 65% or $1 billion more than what the carmaker paid in February when Elon Musk’s company revealed that it added $1.5 billion in BTC to its balance sheet.BTC/USD daily price chart. Source: TradingView.comIn Q2, Tesla’s sold 10% of its Bitcoin holdings — about 46,000 BTC — at a reported average price of around $50,000 per token. In its Q2 earnings report, the company had notified that it booked gains worth $128 million from its Bitcoin sale. Tesla made first billion in profit in Q2 from selling cars Following the latest Bitcoin price rebound, Tesla’s net profits from its crypto holdings came out to be as much as its income from Q2.In detail, Tesla had reported $1.14 billion in net profit for Q2, the first time it ever crossed the one billion dollars mark. The income was a part of $11.96 billion in revenue that Tesla made mostly by selling cars — about $10.21 billion. The remaining $354 million came from the sales of regulatory credits.Tesla revealed on Oct. 1 that it had delivered 241,300 electric vehicles during Q3, compared to 201,250 vehicles in the previous quarter. Combined with Tesla’s Bitcoin profits, expectations are high for blockbuster earnings set to be released after the market closes on Oct 19.”We think Q3 will be TSLA’s strongest quarter ever,” said Piper Sandler analyst Alexander Potter.Will other companies follow?Thus far, Tesla’s Bitcoin strategy has been very successful, providing a case study of how other corporates could replace a portion of their cash reserves with BTC. That said, several companies that invested in Bitcoin before Tesla, have seen even greater gains.For instance, business intelligence firm MicroStrategy purchased around $3.15 billion worth of Bitcoin in multiple buying rounds. With its first purchase dating backing to Aug. 11, 2020, the company’s net Bitcoin profits are now near $6.3 billion, almost doubling its investment.Jack Dorsey’s payment service firm Square also seen considerable gains from holding Bitcoin, now worth over $442 million from its $220 million investment. Additionally, Canada-based crypto mining firm, Hut 8 Mining Corp, has seen its $39.3 million Bitcoin purchase increase in value by more than 600%, reaching around $250 million. Back in June, the company also revealed plans to hold 5,000 BTC by 2022. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Back to top