Tesla and other major public companies sunk billions into crypto and now they’re taking a big hit
BY TRISTAN BOVE
January 28, 2022 12:58 PM CST
As Quartz previously reported, 27 publicly traded companies currently hold Bitcoin on their balance sheets, putting the volatile digital currency where reliable assets are customarily found. Although Bitcoin became an increasingly popular hedge against inflation in 2021, the recent swoon in the cryptocurrency has left many major companies red-faced. The hedge just hasn't been reliable of late.
Two public companies, electric-car maker Tesla and software developer MicroStrategy, collectively own around 169,000 Bitcoin, almost 78% of all Bitcoin owned by publicly traded companies. MicroStrategy alone makes up for more than half of this amount, holding 121,000 Bitcoin, equal to $3.5 billion.
Other companies whose holdings have been hit by the crypto downturn include financial services and digital payments company Square (8,027 Bitcoin), cryptocurrency exchange platform Coinbase (4,483 Bitcoin), and South Korean video game publisher Nexon (1,717 Bitcoin).
However, some companies have sworn off buying cryptocurrency altogether, expressing concern over the infamous volatility of digital currencies like Bitcoin.
“We’re generally interested in safety and liquidity to run our businesses. Bitcoin can be still too volatile and still too speculative, so I think it’ll be an awfully long time before Bitcoin becomes a functional currency for us,” PepsiCo CFO Hugh Johnston told CNBC SquawkBox last October.
Tim Cook Owns Cryptocurrency -- So Do 68% of American Millionaires
68% of American millionaires own cryptocurrency, according to a Motley Fool survey. Read on for more details.
Jack Caporal
(TMFJackCap)
Nov 16, 2021 at 1:19PM
This was put out 9 days after the all time high in Bitcoin.
The bus was fully loaded when it went over the cliff. As is always the case. Max bullishness at the top.
Meantime, while Cook dabbles in Bitcoin, it will not be going on the balance sheet of Apple. Or Pepsi. Or any other reputable company.
However, Cook said that his interest was from a “personal point of view” and dismissed suggestions that Apple might take cryptocurrency in exchange for products as tender.
Cook also rejected the possibility of Apple buying cryptocurrency with corporate funds as an investment.
“I wouldn’t go invest in crypto, not because I wouldn’t invest my own money, but because I don’t think people buy Apple stock to get exposure to crypto,” he said.
Yes, even if the crisis war doesn't take place, the US central authority/Fed power is diminishing day by day with their treatment of the USD and confidence therein. If inflation keeps roaring, and people are also threatened to be kept out of jobs for whatever tyrannical reason, BTC becomes the ultimate freedom play (or other privacy cryptos) - a required asset to have. Many legacy people on this board just don't understand this, and it is a sad phenomenon.
This was written 2 days after the fool article posted above and just a few days after the all time high in Bitcoin. Like I said, the bus was fully loaded.
And inflation has kept roaring. But BTC did not become "a required asset to have" and instead crashed 50%. And "legacy people on this board" understood that.
Yes, even if the crisis war doesn't take place, the US central authority/Fed power is diminishing day by day with their treatment of the USD and confidence therein. If inflation keeps roaring, and people are also threatened to be kept out of jobs for whatever tyrannical reason, BTC becomes the ultimate freedom play (or other privacy cryptos) - a required asset to have. Many legacy people on this board just don't understand this, and it is a sad phenomenon.
This was written 2 days after the fool article posted above and just a few days after the all time high in Bitcoin. Like I said, the bus was fully loaded.
And inflation has kept roaring. But BTC did not become "a required asset to have" and instead crashed 50%. And "legacy people on this board" understood that.
Sure bud, just don't buy it and stay legacy then. And get left behind.
Yes, even if the crisis war doesn't take place, the US central authority/Fed power is diminishing day by day with their treatment of the USD and confidence therein. If inflation keeps roaring, and people are also threatened to be kept out of jobs for whatever tyrannical reason, BTC becomes the ultimate freedom play (or other privacy cryptos) - a required asset to have. Many legacy people on this board just don't understand this, and it is a sad phenomenon.
This was written 2 days after the fool article posted above and just a few days after the all time high in Bitcoin. Like I said, the bus was fully loaded.
And inflation has kept roaring. But BTC did not become "a required asset to have" and instead crashed 50%. And "legacy people on this board" understood that.
Sure bud, just don't buy it and stay legacy then. And get left behind.
You had a choice to:
1. Follow legacy and cash out at the all time high of Bitcoin.
2. Keep more than half your money and get out as it crashed 50%.
3. Go all in as it crashed and lose all your money.
You obviously took the worst option and are obviously proud of your incompetence.
The hedge funds will start following this thread and use you as a contrary indicator to make their next billions.
Cell phones will still be sold for fiat currency long after Bitcoin goes to zero.
The only question is when Bitcoin will get to zero, whether it will be in 2022 or shortly after that.
Bitcoin is tulips without the tulips. Therefore, Bitcoin has no residual value like tulips did.
Shortly after? LOL, when this doesn't happen I don't even have to post it, of course what would be the point, another "Guest" talkin out of his arse.
OK, so you think it will get to zero after 2022 (but not shortly after) and I think it will get to zero in 2022. Why talk about that small difference. It's going to zero anyway.
The hedge funds will start following this thread and use you as a contrary indicator to make their next billions.
Yes, I am developing the Cool Breeze Scream Indicator (CBSI). It will work about like this:
Strong Sell - Frantically screaming about Bitcoin and calling people names (retard is his favorite with full retard a close second). Posting multiple times per day.
Sell - Screaming about Bitcoin. Posting a few times per week.
Neutral - All is quiet.
Buy - Bitcoin is never a buy.
Based on the CBSI, bitcoin rates as a sell currently.
But whatever you think of Bitcoin, Michael Saylor’s own story is more complicated, calling into question what we should expect from Bitcoin’s latest rally. After founding MicroStrategy in 1989, Saylor was part of an alleged accounting scheme that vastly overstated the company’s earnings, making a money-losing, publicly traded corporation look profitable. In 2000, Saylor, two other MicroStrategy executives, and the company itself paid a total of $11 million in a settlement with the SEC; Saylor, who personally signed off on the fraudulent earnings reports, paid $8.2 million of that. The charges were settled with no one admitting any wrongdoing. Somehow, Saylor has held onto his role at MicroStrategy over the last 20 years, reportedly becoming one of the richest people in the capital region. The company’s revenue has declined every year since 2014.