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Musk's change of course on bitcoin is a threat to Tesla

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Elon Musk's reversal on allowing Tesla accept bitcoin as payment sent shockwaves across the digital asset ecosystem, and is "very surprising and confusing", not only to cryptocurrency enthusiasts but to Tesla shareholders.

Axaraz reports citing foreign media that Wedbush's Dan Ives said in a note Thursday.

"For Tesla and the stock, not accepting bitcoin does not change the thesis or growth trajectory for the EV story, however, it does add to the noise and volatility around the name at a time in which risk assets are under enormous selling pressure on the Street with Tesla leading the charge," Ives wrote.

Musk's Twitter announcement saying Tesla has suspended vehicle purchases using bitcoin just came three months after the company invested billions in the cryptocurrency and accept it as payment for its electric cars.

Date
2021.05.13 / 17:13
Author
Axar.az
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