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    TSLA   US88160R1014

TESLA, INC.

(TSLA)
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Bitcoin tops $40,000 after Musk says Tesla could use it again

06/14/2021 | 07:57am EDT

* Musk flags Tesla may resume BTC transactions

* Musk says Tesla sold about 10% of BTC holdings as liquidity test

LONDON/SINGAPORE, June 14 (Reuters) - Bitcoin climbed above $40,000 on Monday, after yet another weekend of price swings following tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.

Bitcoin has gyrated to Musk's views for months since Tesla announced a $1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric car maker would not accept bitcoin due to concerns over how mining the currency requires high energy use and contributes to climate change.

"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," Musk said on Twitter on Sunday.

Bitcoin, which jumped nearly 10% on Sunday, breaking above its 20-day moving average, was up 4.3% on Monday at 40,692.27, its first foray above $40,000 in more than two weeks.

"Musk's words caused bitcoin to surge," said Simon Peters, market analyst at eToro.

Bitcoin was also supported Monday after billionaire hedge fund manager Paul Tudor Jones told CNBC on Monday that bitcoin is a great way to protect his wealth over the long run and is part of his portfolio just like gold.

Bitcoin prices were also helped by software company and major bitcoin-backer MicroStrategy raising half a billion dollars to buy bitcoin, said Bobby Ong, co-founder of crypto analytics website CoinGecko.

Bitcoin is up about 40% this year but has collapsed from a record peak above $60,000 amid a regulatory crackdown in China and Musk's apparently wavering enthusiasm for it. Tesla stock is down about 30% since the company's bitcoin purchase.

Musk's tweet was made in response to an article based on remarks from Magda Wierzycka, head of cybersecurity firm Syngia , who in a radio interview last week accused him of "price manipulation" and selling a "big part" of his exposure.

"This is inaccurate," Musk said. "Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market."

Musk had tweeted in May that Tesla "will not be selling any bitcoin" and "has not sold any bitcoin" but investors are keenly awaiting Tesla's next earnings update - due next month - for any disclosure of changes to its position.

Musk has taken issue with the vast computing power required to process bitcoin transactions and in early June posted messages appearing to lament a breakup with bitcoin. (Reporting by Tom Westbrook in Singapore, Tom Wilson in London, and Saqib Iqbal Ahmed in New York; editing by Chizu Nomiyama and Jason Neely)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MICROSTRATEGY INCORPORATED 1.88% 637.79 Delayed Quote.64.15%
SYGNIA LIMITED -1.90% 17.51 End-of-day quote.-13.06%
TESLA, INC. 3.27% 709.67 Delayed Quote.0.57%
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Financials (USD)
Sales 2021 50 031 M - -
Net income 2021 3 837 M - -
Net cash 2021 8 039 M - -
P/E ratio 2021 202x
Yield 2021 -
Capitalization 703 B 703 B -
EV / Sales 2021 13,9x
EV / Sales 2022 10,1x
Nbr of Employees 70 757
Free-Float 81,0%
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Technical analysis trends TESLA, INC.
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TrendsBullishNeutralBullish
Income Statement Evolution
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Sell
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Mean consensus HOLD
Number of Analysts 37
Last Close Price 709,67 $
Average target price 673,70 $
Spread / Average Target -5,07%
EPS Revisions
Managers and Directors
Elon Reeve Musk Technoking of Tesla
Zachary J. Kirkhorn Master of Coin
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
Antonio Jose Gracias Independent Director
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