The week of “wow” continues….
The following announcement by Elon Musk’s Tesla Corporation says it all:
If any of my readers believe this was due to the “environment” please, go away. That is 100% pure unadulterated bullshit.
Elon Musk is lying through his yellowed cannabis colored teeth. The truth is that the variable transaction cost once a contract is signed to the point where the Bitcoin is redeemed or transferred into Tesla’s account was costing them thousands of dollars per vehicle. Add in holding a “currency” which has more daily variations in valuation than a Wiemar Deutschmark, and this was totally predictable.
Thus when Elon announced the nuclear bomb on the cryptocurrency world tonight the result was totally predictable:
$10,000 down? No problem….for the wealthy who got the inside skinny.
As of publication of this article, BTC has recovered about $3000 of tonight’s losses, but the Asian market will dictate tomorrow’s action.
Once again verifying, that for daily transactions the instability created by the whales makes most of the cryptocurrency market too dysfunctional for any type of commerce.