It is important to recollect that Tesla bought $1.5 billion worth of Bitcoin. Further, “The Company has also stated that they will also be accepting Bitcoin as a payment method for their products.”
While Tesla stated that they would accept BTC in payments for their products, they made it clear it will be “subject to applicable laws and initially on a limited basis.”
For clarity, Tesla mentioned the reason for its investment in Bitcoin as being, “More flexibility to diversify further and maximize returns on our cash.”
The investment made by Tesla into Bitcoin seems to be something that has been done with a lot of caution. It is important to note that Tesla has more than $19 billion in cash and cash equivalents on hand by the year 2020. So, it makes sense for them, considering the strength of their cash reserves, to be investing in BTC.
A retail investor who seems to have experience watching the markets for long stated, “You will lose everything that isn’t in Bitcoin before September. Same cycle every 4 years.”
These retail investors do not seem to be impressed by anything, whether Dogecoin, Cardano, or any other Altcoin. Looks like an aggressive BTC advocate.
And, there are BTC HODLers, who are simply accumulating BTC. They are not planning to change their position for whatever reason in the near future.
Thus, “the conviction of bitcoiners is not easily shaken by choppy price action.”
The real sellers of BTC are the miners because they are frequently pushed to sell a part of what they continue to accumulate to provide for the running fees of their mining process.
It just looks like Bitcoin is ruled by rules, and Altcoins are ruled by rulers. For instance, Doge by Elon Musk, Cardano by Charles Hoskinson, Digibyte by Jared Tate, TRX by Justin Sun, and more.
Recently, Dan Held tweeted: Mark Zuckerberg named one of his goats “Bitcoin” in response to Mark Zuckerberg tweeting: My goats: Max and Bitcoin.
Someone said: Bitcoin = GOAT (Greatest of All Time)
Technically, the value of each token should be derived from the value of the projects backing the token. For now, this is the reality because both blockchain technology and cryptocurrency are getting looked at through the lens of making money. Most of them are vested in cryptos for the profits it can make for them. People are always worried about the next price action of the token they got invested with.
The worth of Bitcoin is expected to cross $100,000 by 2030. It is very clear that BTC is nowhere near the top of its run.
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