Things are moving fast and upward in the realm crypto currencies, compelling me to write another short post on the subject for my crypto brothers and sisters. On February 8th bitcoin's price shot up by almost 3000 dollars in mere minutes as it was reported that Tesla bought 1.5 billion dollars worth of BTC.
source: YouTube
That's Tesla, the company. Not Elon Musk, the world's richest person according to the latest standings. If you've read any of my posts, you know that I don't have much love for Musk, and think that the adulation given to him as some kind of real world Iron Man is greatly exaggerated to say the least. Musk is the reason why Tesla, his electrical car manufacturing company, doesn't have to spend much for advertising while still producing the world's most sold electrical cars; he himself provides advertisement enough as the public face of that company and having garnered the image of a nerdy but trendy whizz-kid. He's no inventor, just a smart business man who knows how to play the capitalist game, a game he started playing with the millions he inherited, and involves him fighting against workers' rights.
A couple of weeks ago he had a short back and forth on Twitter with Michael Saylor in which he showed interest in the possibility of investing in bitcoin, and just last week he added the bitcoin logo to his Twitter handle; that news alone caused the bitcoin price to go up 5000 dollar and back down 2500 dollar in a matter of a few hours. This billionaire trendy nerd has some influence, one might say, in the crypto-sphere where millions of his fellow trendy nerds are gathered; that's you and me. So, yesterday the news broke that Tesla bought 1.5 billion dollars worth of BTC, but that's not all. Tesla disclosed the bitcoin holding in a filing with the US Securities and Exchange Commission (SEC), in which it also stated that it might soon accept payment in the popular cryptocurrency. That's even better news!
But what's even better than all that is what this news promises for the immediate and mid-term future. You see, Tesla and Musk are only the first to follow the advice given by Michael Saylor and his company MicroStrategy. They understand that under current international monetary governance, fiat money will eventually be devalued to the point that hyper-inflation will become inevitable. Central banks print money at light-speed now; in my post No Reserve Banking I linked a video in which you could all see that 20% of every dollar ever printed, was printed in 2020 alone! Companies are increasingly becoming aware that they have to find an alternative, and some voices are already saying that even banks and central banks will ultimately have to give their customers the opportunity to invest in BTC. Also keep in mind that as a publicly traded company, Tesla is obligated to publish these figures; as far as I know his other trending company, SpaceX, isn't. So, that makes me wonder: how much of SpaceX's treasury is now backed by bitcoin? And how much has Musk bought for himself? The bullish possibilities are extensive here...
Whatever I may think of Musk, it must be said that he is the world's most famous trailblazer, or at least the face thereof. And if his words and actions can accelerate the wold's adoption of bitcoin and other cryptocurrencies, I can be nothing but grateful for that. Like it's said in the below linked video, we now may see other big and small companies find their way to the world of blockchain based immutable and trustless electrical money. Next we may see them discover decentralized exchanges as well... I have a feeling that there's a lot of bullish news coming our way in the near future! A word of caution though, before you dive into this extremely euphoric video: nothing goes up in a straight line! The road to a 6 figure and 7 figure bitcoin price will be extremely bumpy. Also: it's not too late to start investing in bitcoin or other promising cryptocurrencies; still only a very small percentage of the world's population owns bitcoin, maybe 3 or 4 percent. So, if you believe that these billionaires will do the right thing to protect their wealth, what's keeping you from doing the same?
$1 MILLION BTC! Tesla's INSANE Bitcoin Buy will force AMAZON APPLE and GOOGLE to buy NEXT!
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