Today a report was published by Wedbush Securities which showed that Tesla shares are “strongly linked” to Bitcoin and, who knows the history behind the crypto, we know that this can translate into a complicated relationship.
A crypto love-hate relationship
As many will know, at the end of January Tesla reported the investment of $ 1.5 billion in Bitcoin. And, so far, the investment has been fruitful given that, as we reported on CryptoTrend, it has made more than $ 1 billion in profit.
To put us in context, Wedbush said that last year Tesla received just $ 721 million in profits from the sale of cars. Yes, the company has exceeded a year’s earnings in one month.
Thus, Wedbush explains that there is a persistent concern that “Bitcoin may overshadow the overall EV growth story unfolding for Tesla in 2021 and beyond in the public eye.”
Interestingly, for the past two days the price of Tesla shares has been in the red, coinciding with the collapse of the crypto leader.
This is how Wedbush concludes that the relationship between Bitcoin and Elon Musk is defined as a friend but, at the same time, an enemy. And finally, they warned of volatile times ahead.
The next 5 years will be brilliant, says MicroStrategy CEO
Michael Saylor, CEO of MicroStrategy, has positioned himself as one of the biggest proponents of the crypto market right now.
Today Saylor participated in an interview for CNBC where he assured that the leading crypto was the “dominant digital money network.” But, in addition, he assured that one day we will see that “between 7 and 8 billion people have a digital gold bar on their phone and use it to store their life savings.”
Jerome Powell proceeds cautiously against a digital dollar
Jerome Powell assured that the Fed is analyzing “very carefully” whether to develop a digital dollar, according to Forbes.
During the last year the crypto community has seen an increase in interest from multiple countries in the development of a CBDC, but that has not been the case in the United States.
“There are important technical and political questions related to how we would do it. I would say that we are committed to solving technology problems and consulting very broadly with the public and very transparently with all stakeholders on whether we should do this, ‘he explained.
The investigation behind Bitfinex and Tether ends with a millionaire fine
According to the agreement published today, Bitfinex and Tether will stop all commercial activity in New York State. But, in addition, they will pay USD 18.5 million in fines.
“Bitfinex and Tether recklessly and illegally covered up massive financial losses to keep their scheme going and protect its financial results,” said Attorney General James.
Hester Peirce says DeFi’s crypto proposal is attractive and defends it
Hester Peirce, Commissioner of the SEC and known in the crypto community as “Crypto Mom,” has once again advocated for freedom for the cryptocurrency industry.
Peirce gave a speech to George Washington University students where he mentioned the DeFi industry as a unique regulatory challenge that must be addressed to fulfill its promise of “democratization, open access, transparency, predictability, and systemic resilience.”
In a few lines …
Investor known as India’s Warren Buffett, Rakesh Jhunjhunwala, supports India’s crypto market ban. Lark Davis urges Ethereum creator Vitalik Buterin to finally roll out ETH 2.0.
Did you like the content? Share it