Is Musk a Grifter or Business Mogul? Tesla invests in Bitcoin

So why is Tesla buying Bitcoin?  If I were a Tesla shareholder (I am not), I wouldn't be happy about it.

If Musk believes in Bitcoin, he should risk his own money.

https://www.bbc.com/news/business-55984393

Bitcoin has hit record highs for a second day after Elon Musk's car company Tesla said it had bought about $1.5bn (£1.1bn) of the cryptocurrency.

Bitcoin rose above $48,000 (£34,820) before falling back, but it remains about 25% higher than a week ago.

Some investors took Tesla's move as a signal that Bitcoin would become a mainstream financial asset.

However, there was some criticism about a green car firm investing in such an energy intensive currency.

I still don't get how you can call something like this currency.  Definitely feels like there are players majorly influencing it.  Wish I bought a few when it was $3,000 - I thought it was insanely inflated back then.  I never saw this coming - it's bizarre.

jamie said:

I still don't get how you can call something like this currency.  Definitely feels like there are players majorly influencing it.  Wish I bought a few when it was $3,000 - I thought it was insanely inflated back then.  I never saw this coming - it's bizarre.

 It's a currency the way Beanie Babies could have been a currency back when they were in demand.

As for Elon, the fact that he buys something and declares it valuable, makes it more valuable for some people.  So right now he can't lose, unless he rides it all the way back down.

grifter

The Beanie Baby analogy may be the best explanation of Bitcoin yet. 

but, at least you HAVE a beanie baby.

jamie said:

but, at least you HAVE a beanie baby.

 Unless your parents threw them out.

Beanie babies were tangible unlike BTC. Has there ever been an asset valued so high that didnt physically exist or have a real world use? 

Beanie Babies had a real world use?

I'm waiting for the rumor that QAnon is the creator of Bitcoin.

drummerboy said:

Beanie Babies had a real world use?

 Not sure if you were asking me or a general question. Hopefully I didnt imply that they did. 

Elon Musk is the Howard Hughes of our time, -brilliant, stinkin' rich and crazy as a loon.