Tesla would no longer accept Bitcoin – What Elon Musk wanted to do?



Recently, the “turmoil” in the currency circle has become widely known. After a while, Dogecoin soars, and then “Shit Coin” becomes stronger. Some people get rich overnight because of speculation, and some lose money. All of this chaos is related to Musk, the leader of the currency circle. Last week, Musk suddenly announced that Tesla would no longer accept Bitcoin payments, which not only made the price of Bitcoin “dump”, but also annoyed his peers.

The co-founder of Dogecoin started on Twitter, saying that Musk has always been a selfish liar. Musk’s “Sao operation” is indeed incomprehensible. It was him who declared his support for Bitcoin, and it was him who said that Bitcoin was not environmentally friendly. While talking about Dogecoin’s rise to the moon, he admits that Dogecoin is a scam. What is Musk doing right and left?

Musk’s financing “war”:

As we all know, Musk owns two high-profile companies like him, Tesla and Space X. Both of these companies are high-tech companies. They are tall in appearance and in fact, have been burning money. It takes 185 million U.S. dollars to launch a rocket once, and you can imagine how much Musk’s financing pressure. Of course, Tesla can not do without the help of capital. Although Musk has become Tesla’s “global spokesperson”, in fact, he is not the founder, but one of Tesla’s “capitalists”. In 2004, Musk injected $7.5 million in Tesla’s A round of financing and became the largest shareholder. It didn’t take long for him to lead round B and C rounds one after another, injecting $53 million into Tesla.

Tesla and Musk have completely become “grasshoppers on the same line.” But Musk’s money quickly burned out, and he could only pull other people into the water. In 2008, Tesla was on the verge of bankruptcy. Musk tried his best to persuade Daimler to buy shares and exchanged 10% of Tesla’s shares for 50 million US dollars, only to barely tide over the difficulties. In the next few years, Musk tried every means to “make money” for Tesla, with an amount of more than one billion US dollars. Even when Tesla went public in 2010, it was still carrying 1.02 billion in debt. However, after multiple rounds of financing, Musk is still Tesla’s largest shareholder. Until 2018, when Tesla was finally about to bear fruit, it was shorted by financial institutions. Musk, who has always been known as “Iron Man,” cried. In order to prevent the hard-raising children from changing hands, Musk gave out false news of “privatization”, but he did not expect to be targeted by the supervision.

Elon Musk

The currency circle strikes, Musk is “invincible”:

In Musk’s eyes, the biggest enemy is not competitors, but regulators and financial institutions. Before Tesla could not make blood independently, how to achieve “freedom of financing” without being targeted by short-sellers became Musk’s goal. As the so-called “a tooth for a tooth”, defeating financial institutions requires financial means, and the currency circle provides a way out for Musk. Bitcoin is Musk’s first virtual currency to test the waters. Using Twitter as a “position”, Musk first changed all his personal profiles to Bitcoin, and after its soaring, he let Tesla “officially announce” that he owns $2.48 billion in Bitcoin.

After a meal, the price of Bitcoin skyrocketed, reaching 59,000 US dollars per month, and Musk only spent 25,000 US dollars per month. It can be seen that this “coincidence” speculation drama is entirely Musk’s “conspiracy”. Relying on the proceeds from currency speculation, Tesla made a net profit of US$440 million in the first quarter of 2021, but actually lost US$100 million in car sales. Musk, who tasted the sweetness for the first time, began to follow the same pattern for the second “coin circle movement.” If Bitcoin is Tesla’s “good person”, Dogecoin is Space X’s “destined person”.

Before Musk raised the flag for Dogecoin, its price was only $0.004, and it has now doubled by 200 times. In Musk’s words, with “Dogecoin”, you can “go to the moon”. It is said that there are a total of 130 billion Dogecoins on the market, of which Musk has more than 40 billion. It is reasonable to speculate that before Musk declared Dogecoin a “scam”, he might have sold some of it.

Easily realize “freedom of financing”?

It seems that Musk’s attitudes are inconsistent before and after, but the logic behind it has not changed: When financing is needed, use influence to increase prices and ship in time. When you don’t need to raise funds, sign virtual currency badly to prevent speculators from taking all the money away. Even if U.S. regulators say Musk is “guilty”, it doesn’t work. After all, Musk also said: Dogecoin is a “scam”. The play of left and right hands has allowed Musk to realize “freedom of financing” while talking and laughing, and it also made supervision “nothing to say”. The next time Musk “sweet words”, there is a high probability that his investment project is short of money. For ordinary people, virtual currencies such as Bitcoin are no different from “air coins”, which are too affected by a single factor and may collapse at any time.

Those who enter the arena with the mentality of making a fortune are actually joining a game of “beating the drums to pass flowers”, and the probabilities of unlucky in the end are still themselves. Now that Bitcoin is plummeting, anyone who wants to buy the bottom must think twice. The currency circle is risky, please be cautious when entering the market.

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