Mistake of Elon Musk on Bitcoin and Janet Yellen Statement
Mistake of Elon Musk on Bitcoin and Janet Yellen Statement:
Bitcoin probably must have recently made the heartbeat of the world-renowned figure and one of the richest men on the planet to skip as its prize dropped below the expectation of Elon musk; hitting below $46,000 after rising closely up to $55,000 as of last few days.
Elon Musk whose company recently invested $1.5 billion into the “invisible Wealth making coin”
stated prior to the investment in a tweet- which hovered and made some people sell off their coins while some were not moved at all. Some may say he made a mistake when he made such a huge investment and confidently tied his company’s balance sheet into the coin. Perhaps, he did…whatsoever you think; what the richest man did not remember is that those billion-dollar coins he loaded on Tesla’s balance sheet would fluctuate whenever there are fluctuations in the value of BTC and so would Tesla’s valuation and that is definitely, an attack on the company’s net worth and so goes to any company that tied its assets on BTC.
And am quite sure that the investors won’t be comfortable seeing Tesla’s assets diminish.
Meanwhile, American most powerful woman on trading and also the most powerful woman in the world of commerce, trading, and finance, Janet Yellen strictly told CNBC’s during the New York times DeadBook conference that Bitcoin: “I don’t think that bitcoin … is widely used as a transaction mechanism” she further states that: “To the extent, it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”
However, Tesla will hopefully recover as BTC bounce back to $53,000 after it received a pull from other sources.
Author: Isaacoed Buchi Jamie