Author : Naveen Prasad, Founder & MD at Group Agilis April 09, 2021
If you ever get to compare Tesla and Bitcoin together, it would appear that both the technologies are league apart. On one hand we have Tesla which deals in scenarios like electric cars, auto manufacturing, Artificial Intelligence and green energy . On the other hand we have Bitcoin that is completely a decentralized digital asset which is resulting in constant storms in the financial world. No doubt both the technologies are Revolutionary but both of them need consistent monitoring.
The prices of Tesla and Bitcoin are correlated with each other and that is why if one industry slows the behaviour of others is also turned down. The booming retail investment business is motivating people to invest in one specific technology to have a secured future.
It is being said that the big short investor - Michael Burry claimed that Tesla bought bitcoin in order to distract from the legal issues of China. He also added that the dogecoin record price is the evidence that there is a huge market bubble that exists.
There have been a couple of deleted tweets on Monday which have created a sense of restlessness amongst investors. People are constantly worried about which market to lay their trust upon. Since all the technology are intermingled, it is putting the investors into a huge dilemma and a sense of dissatisfaction.
Know the recent scenario
Elon musk and Tesla are now linked with Bitcoin scenarios.
Despite Tesla making bigger profits, it is portraying elements of risks revealed by Ives.
Elon Musk has been constantly talking about the cryptocurrency scenarios that have been rising by leaps and bounds in the past few days. He is also pointing out the scenarios of ethereum and Doge which majority of the investors are failing to consider.
The overall value of the cryptocurrency market reached $2 trillion this Monday and it was the first ever time that something like that happened.
Tuesday morning Singapore time revealed that ether successfully broke all the previous records and reached a mark of $ 2151.25. The data reveals that it is covid-19 80% of the Year to - date
Bitcoin Being the most commonly used digital currency is known to hold the total of 50% of the entire market capitalisation.