Tesla, SpaceX, Dogecoin, Elon Musk, and then, finally, FAANG. Let\’s talk about why these are the topics TheStreet\’s Katherine Ross is watching on Wednesday.
It has been a long week so far.
But at least the markets seem to be on the up and up. The Dow ended up 0.83%, the S&P 500 up 0.82% and the Nasdaq up 0.92%.
Let\’s Chat About the B-Word
These are technically two things that I want to focus on.
Tesla (TSLA) – Get Tesla Inc Report and SpaceX CEO Elon Musk spoke at the B-Word conference on Wednesday, July 21.
In the conference, Musk explained that Tesla is not the only company of his to hold Bitcoin.
\”I own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin,\” Musk said.
And there is a possibility that Tesla will begin to accept Bitcoin again so long as Bitcoin mining becomes more sustainable.
“I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If so, Tesla will most resume accepting Bitcoin,” Musk said.
Not only were Musk\’s comments the IV that helped give Bitcoin a leg up on Wednesday, July 21. Bitcoin extended its gains following Musk\’s comments, initially going above $32,000. At the time that I\’m writing this, it\’s just slightly below the $32,000 level.https://deaf0875e3c153eda03a7b8d39ed3b46.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
But, somewhat shockingly–to me at least–it didn\’t really boost Tesla\’s share price.
When I heard the comments, I expected at least a little spike, but aside from a move within a couple of dollars of its $655 or so closing price, Tesla really didn\’t move.
It makes me wonder if Bitcoin bulls felt scorned by the previous back and forth and if they\’re waiting for Tesla to actually make bitcoin payments happen again before eyeing the stock.
A Little More Musk…
Outside of company stock Musk noted that he only owns \”three meaningful assets\” including Bitcoin, Ether, and Dogecoin, but that he owns \”much more Bitcoin than ether or doge.\”
It\’s unclear how much Bitcoin SpaceX owns.
\”The Doge community is somewhat irreverent, obviously and has great memes. And loves dogs. I love dogs and memes and, um, it doesn\’t take itself too seriously,\” Musk responded to a question about why he likes dogecoin.
\”The most ironic and entertaining outcome would be that the cryptocurrency that was started as a joke [Musk laughed here] to make fun of cryptocurrencies ends up being the lead cryptocurrency,\” he said, laughing.https://deaf0875e3c153eda03a7b8d39ed3b46.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
Cathie Wood, who was on the panel alongside Jack Dorsey, CEO of Twitter and Square, also looked amused when Musk answered.
Maybe this is where I should be a serious journalist and point out the flaws of doge, as others have. And don\’t get me wrong–there are flaws and investors should be cautious. But, also, what a lighthearted comment from a billionaire who could sink a decent chunk of pocket change into a crypto that could be worthless tomorrow and not blink an eye.
Credit to@ thestreet.com
