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06 March 2021

Bitcoin is 'Friend and Foe' for Tesla and Elon Musk: Wedbush - Decrypt

Bitcoin is 'Friend and Foe' for Tesla and Elon Musk: Wedbush - Decrypt


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“Tesla is an EV play entering the golden age of EVs and there is a lingering worry that the Bitcoin sideshow could overshadow the overall EV growth story playing out for Tesla in 2021 and beyond in the eyes of the [Wall] Street,” Wedbush noted.

While conceding that $1.5 billion is a small percentage of the company's overall cash position that “does not move the needle for Tesla,” the report argued that many investors have begun to “tie Bitcoin and Tesla at the hip” as a result of Tesla's Bitcoin play (and thebullish stancetaken by its CEO Elon Musk).

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