Business
Bitcoin: this year I stand to make $200 million more than Elon Musk – The Conversation AU
Tesla spending billions on Bitcoin is bad news for the company’s shareholders and for Elon Musk’s admirers – not to mention the planet.
Elon Musk, the chief executive of Tesla, recently announced his company had bought US$1.5 billion (almost A$2 billion) of Bitcoin. The announcement led to a flurry of enthusiasm and a quick surge in price for the controversial cryptocurrency.
This price bump has been good news for Musk in the short term. At one point, Teslas Bitcoin investment had gained more than US$1 billion in value. But can the enthusiasm be sustained? I think there is a good chance that over the next year the price of Bitcoin…
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