Elon Musk’s Bitcoin Betrayal

I forgot to include this my post yesterday, but Elon Musk dumped his Bitcoin holdings: Elon Musk’s Tesla sells most of its Bitcoin holdings (Technically, Tesla sold it, not Elon, but he authorized it.)

This comes after he promised not to sell:

And claiming Tesla has ‘diamond hands’, meaning not selling:

Billionaires will only look after #1 in the end, themselves. You cannot rely on them for investment advice. The only thing Elon-related thing worth Buying is Tesla stock. People who bought Twitter in anticipation of the buyout got burned. People who bought Doge got burned. People who bought Bitcoin got burned. I never recommended any of those, only Tesla. Given that Elon’s net worth is tied to Tesla, and that billionaires seek to maximize their personal wealth, then it logically follows that you buy Tesla. Simple.

As I wrote in the post ‘Professional Morons’

Elon is playing chess, Balajis and others are playing checkers and got suckered by the hype. Notice how Elon is smart enough to not go headlong into the crypto hype. He plays to the hype and the audience, but is smart enough to not actually go any further than that. He probably knows it’s crap too.

I knew that Elon Musk had no loyalty to Bitcoin. Tesla stock will keep going up and Bitcoin will keep falling. The reason why he cannot sell Doge is because it has much less liquidity.

I wonder if there is a genetic component to investing and forecasting. I remember talking to my dad and he told me my grandad spent a lot of time following the markets, and was apparently quite good at it. I can recall a specific investment he had chosen, Precision Cast Parts. Until it was acquired in 2016 by Berkshire Hathaway, it crushed the S&P 500:

Also the 3x ETFs, TQQQ and TECL, are starting to outperforming Bitcoin again as the stock market recovers. I predict these too will crush Bitcoin as well.