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Tesla's $1.5 billion bitcoin investment is already up 37% as regulatory scrutiny ratchets up
Yahoo Finance ^ | 2/9/21 | Jared Blikre

Posted on 02/09/2021 9:51:14 AM PST by jdsteel

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This is craziness piled on craziness.

First, though I am not a Tesla or Musk "hater", their P/E is currently 1,324 and they are thought to maybe have their very first calendar year of showing a profit in 2021. The current price of their stock is beyond speculative. So far people have made fantastic profits from investing in this company, but I don't think that makes it any less insane.

Then, they add Bitcoin in the mix, which is a non-regulated cybersecurity made of used electricity. We are living in crazy times.

1 posted on 02/09/2021 9:51:14 AM PST by jdsteel
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To: jdsteel

Tesla has never made a dime selling cars...


2 posted on 02/09/2021 9:54:53 AM PST by wny
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To: jdsteel

I would counter that this is the guy who managed to get rockets to land by themselves. (I know HE didn’t design the system, but he enabled the vision to be realized.)

I don’t like how he tweets markets into a frenzy. But now that his company owns bitcoin, he won’t be able to do that. Not sure what he messes with next.

The guy is a kook, but he gets stuff done.


3 posted on 02/09/2021 9:55:11 AM PST by Vermont Lt (We have entered "Insanity Week." Act accordingly.)
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To: jdsteel

If I can’t hold it in my hand, I don’t want it.................


4 posted on 02/09/2021 9:55:26 AM PST by Red Badger (SLEAZIN' is the REASON for the TREASON .................................)
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To: jdsteel
their P/E is currently 1,324 and they are thought to maybe have their very first calendar year of showing a profit in 2021.

What’s so hard to believe? Tesla will soon make every new car sold in the world for the next two decades and every other carmaker will disappear. Yeah. It could happen! LOL.

5 posted on 02/09/2021 9:56:23 AM PST by PGR88
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To: wny

Why is there a question about cryptocurrency on this year’s tax return? I saw it while doing my daughter’s tax return using Turbo Tax.


6 posted on 02/09/2021 9:58:20 AM PST by Gahanna Bob
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To: wny

Reminds me of the story about the fishing tackle salesman.

There was a Fishing Tackle salesman hawking his wares at the county fair.
Rods, reels and artificial baits of all kinds.

Some really beautiful fly fishing hand tied flies were especially prominent.

“Do the fish really like them?” One prospect asked.

“I don’t know, I don’t sell them to fish.” replied the salesman................


7 posted on 02/09/2021 9:59:04 AM PST by Red Badger (SLEAZIN' is the REASON for the TREASON .................................)
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To: jdsteel

The law of gravity


8 posted on 02/09/2021 9:59:11 AM PST by xzins (Retired US Army chaplain. Support our troops by praying for their victory. )
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To: wny

“Tesla has never made a dime selling cars...”

They’ve had quarters where they showed a profit, and the thought is in 2021 they will string 4 of them together.

Certainly worthy of a bigger market capitalization than Ford & GM combined.

/sarc


9 posted on 02/09/2021 9:59:57 AM PST by jdsteel ("A Republic, Madam, if you can keep it." Sorry Ben, looks like we blew it.)
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To: jdsteel

I believe the profits were from selling carbon credits or some other such thing...

zero profits from selling cars…..


10 posted on 02/09/2021 10:01:15 AM PST by wny
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To: PGR88

Remember the Wright brothers? Nobody flies Wright airplanes these days.


11 posted on 02/09/2021 10:02:17 AM PST by cuban leaf (We killed our economy and damaged our culture. In 2021 we will pine for the salad days of 2020.)
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To: Vermont Lt

“I would counter that this is the guy who managed to get rockets to land by themselves.”

As I said, I’m not a Musk hater. I am an avid fan of SpaceX. Even with their recent failures to get rockets to land by themselves.

I can also recognize that the stock price of TSLA is not based on reality, and that Bitcoin is even more speculative.


12 posted on 02/09/2021 10:02:23 AM PST by jdsteel ("A Republic, Madam, if you can keep it." Sorry Ben, looks like we blew it.)
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To: Gahanna Bob
"Why is there a question about cryptocurrency on this year’s tax return? I saw it while doing my daughter’s tax return using Turbo Tax"

I have heard this myself and I don't see why we would be compelled to answer. I think my answer will be nunya.

Reporting income correctly and paying the tax should be our only obligation.

13 posted on 02/09/2021 10:03:25 AM PST by precisionshootist
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To: Gahanna Bob

“Why is there a question about cryptocurrency on this year’s tax return?”

Why do you think? The IRS isn’t fond of unreported gains.


14 posted on 02/09/2021 10:03:56 AM PST by jdsteel ("A Republic, Madam, if you can keep it." Sorry Ben, looks like we blew it.)
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To: cuban leaf
Remember the Wright brothers? Nobody flies Wright airplanes these days.

I’ve always considered Elon Musk a modern day Howard Hughes. Half genius, half circus huckster

15 posted on 02/09/2021 10:19:53 AM PST by PGR88
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To: jdsteel

I may buy a Tesla, but my first choice is a DeLorean. I just can’t fine their dealership.


16 posted on 02/09/2021 10:22:25 AM PST by 1Old Pro
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To: PGR88

That’s a really good analogy. Me too.


17 posted on 02/09/2021 10:32:06 AM PST by cuban leaf (We killed our economy and damaged our culture. In 2021 we will pine for the salad days of 2020.)
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To: jdsteel

Agreed on the market cap being crazy high. Do consider that most first world countries are moving toward mandating EVs, and Tesla is way ahead in both actual viable vehicles and factories to build them affordable at scale. P/E may make more sense with that taken into account (can’t criticize P/E when major startup is just breaking even, it’s about where they’ll be when stable).


18 posted on 02/09/2021 10:40:45 AM PST by ctdonath2 (Interesting how those so interested in workERS are so disinterested in workING.)
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To: jdsteel

I sure would hate to be one of those people who bought
Bitcoin at around 20,000 back in 2017. A lot of them rode it down to 6000 or so hoping it would come back, but finally sold so they could have “something”. Many mortgaged their homes, maxed out credit cards to buy it back then. What a feeling it must be for them to see it hovering around 50 grand now. Brutal !


19 posted on 02/09/2021 10:45:02 AM PST by Karl Spooner
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To: Vermont Lt
The guy is a kook, but he gets stuff done.

He's one of the few guys left in Silicon Valley still interested in building cool things instead of social media-related garbage. Well, he was before he left for Texas, anyway.
20 posted on 02/09/2021 10:46:12 AM PST by AnotherUnixGeek
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