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Wednesday, December 1, 2021

Elon Musk To Plunge Into A $1.5 Billion Bitcoin Bet; Former BTC Miner Calls Act “Crazy”

Tesla, the EV manufacturing company, is still not focused on its core business when it comes to making money. The company’s CEO announces that they are going to take a plunge into the biggest Bitcoin bet ever.

It is sufficiently clear that Tesla’s CEO is majorly interested in Bitcoin and the surrounding crypto market. Being one of the most influential people in the world, he has taken full advantage of that to keep the BTC market in a state of constant flux. However, the latest move of a $1.5 billion bet is a lot of risk and volatility, considers Alex Pickard, a former Bitcoin miner who has recently shared his bit regarding Musk’s move.

Bitcoin Market- A Casino Chip For Digital Gamblers

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In a piece chronicling his life, Alex Pickard mentioned that he had moved away from the crypto market when he realized that it was deviating from its core mission. He stated that Bitcoin and other digital assets originated to become a consumer currency. But increasingly it can be seen that it is getting into the clutches of the select few as institutional investors and company giants’ participation in the sector increases by leaps and bounds. According to Pickard, the crypto market has degenerated to become a casino chip for virtual gamblers.

Several other analysts have also stated that Tesla’s bet might be something that the company needs to avoid essentially. The hyper-volatility associated with the BTC market is something that might lead to the company losing out on several quarters of profits.

To this Alex Pickard claims that Tesla is deliberately mistreating its shareholders. Instead of returning the proceeds to the investors and letting them have a say in where they want to invest their piece, Tesla is making that decision for them. He adds that Musk can create a special dividend and make his Bitcoin bet from his own portfolio instead of playing with investors’ shares.

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