Elon Musk’s decision to invest US$1.5-billion of Tesla’s cash in bitcoin is financial dynamite that unites two speculative bubbles. There’s plenty to suggest the move is inadvisable
Elon Musk on Sunday asked about the possibility of converting “large transactions” of Tesla’s balance sheet into bitcoin, according to a Twitter exchange.
MicroStrategy has bought more bitcoin. The company paid $50-million for more of the world’s largest cryptocurrency at an average purchase price of $19 427, it said in a filing.
Bitcoin advocates say this time will be different as the virtual coin surges back to price levels last seen in the wake of the collapse of the cryptocurrency market bubble almost three years ago.