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Friend or enemy? Relationship between Bitcoin and Tesla

Today, a report by Wedbush Securities was published which showed that Tesla shares are “strongly linked” to Bitcoin and, who knows the history behind the crypto, we know that this can translate into a complicated relationship.

A crypto love-hate relationship

As many will know, at the end of January Tesla reported the investment of $ 1.5 billion in Bitcoin. And, so far, the investment has been fruitful given that, as we reported in CryptoTrend, it has made more than a billion dollars in profit.

To put us in context, Wedbush said that last year Tesla received just $ 721 million in profits from the sale of cars. Yes, the company has exceeded a year’s earnings in one month.

Thus, Wedbush explains that there is a persistent concern that “Bitcoin may overshadow the overall EV growth story unfolding for Tesla in 2021 and beyond in the public eye.”

Interestingly, for the past two days the price of Tesla shares has been in the red, coinciding with the collapse of the crypto leader.

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This is how Wedbush concludes that the relationship between Bitcoin and Elon Musk is defined as a friend but, at the same time, an enemy. And finally, they warned of volatile times ahead.

The next 5 years will be brilliant, says MicroStrategy CEO

Michael Saylor, CEO of MicroStrategy, has positioned himself as one of the biggest proponents of the crypto market right now.

Today Saylor He participated in an interview for CNBC where he assured that the leading crypto was the “dominant digital money network.” But, in addition, he assured that one day we will see that “between 7 and 8 billion people have a digital gold bar on their phone and use it to store their life savings.”

Jerome Powell proceeds cautiously against a digital dollar

Jerome Powell said the Fed is analyzing “very carefully” whether to develop a digital dollar, according to Forbes.

Over the last year the crypto community has seen an increase in interest from multiple countries in developing a CBDC, but that has not been the case in the United States.

‚ÄúThere are important technical and political questions related to how we would do it. I would say that we are committed to solving technology problems and consulting very broadly with the public and very transparently with all stakeholders on whether we should do this. “he explained.

The investigation behind Bitfinex and Tether ends with a millionaire fine

According to the agreement published today, Bitfinex and Tether will stop all commercial activity in New York State. But, in addition, they will pay USD 18.5 million in fines.

“Bitfinex and Tether recklessly and illegally covered up massive financial losses to keep their scheme running and protect their bottom line”said Attorney General James.

Hester Peirce says DeFi’s crypto proposal is attractive and defends it

Hester Peirce, SEC Commissioner and known in the crypto community as “Crypto Mom,” has once again advocated for freedom for the crypto industry.

Peirce delivered a speech to George Washington University students where he mentioned the DeFi industry as a unique regulatory challenge that must be addressed to fulfill its promise to “Democratization, open access, transparency, predictability and systemic resilience”.

In a few lines …

  • Investor known as Warren Buffett of India, Rakesh Jhunjhunwala, supports the prohibition of the crypto market in India.
  • Lark Davis urges Ethereum creator Vitalik Buterin to finally roll out ETH 2.0.


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