Today, Elon Musk and Tesla (TSLA) reported a $1.5 billion bitcoin investment pushing Bitcoin Trust (GBTC) up almost 16% in early trading. Over the past 5.8 years since inception, GBTC has strongly outperformed the Nasdaq-100 3x (TQQQ) and Tesla (TSLA). In fact, GBTC delivered 91x the S&P 500 total return over the same period!
At ETF PM, we explained our recent GBTC purchases back in October 2020, and in January we added GBTC to the investable benchmark portfolios. Below, see links to our prior notes on bitcoin and Tesla, and be sure to watch “Bitcoin – The End of Money As We Know It.” In this YouTube video version, stay for the credits where the paper currency taunts you to buy bitcoin.
ETF PM has long positions in GBTC, TQQQ and TSLA.
Prior notes on GBTC: 1/21, 12/20, 11/20 b, 11/20, 10/20, 12/17. Tesla: 7/20, 6/20, 1/20, 6/17, 5/17, 4/17, 2/17, 7/16, 9/15, 7/15, 9/14, 8/14, 6/14, 2/14 b, 2/14, 1/14 b, 1/14, 12/13, 11/13, 10/13, 8/13.
Musk’s Tesla says it invested $1.5 billion in bitcoin, sending the cryptocurrency to record levels near $44,000
By Mark DeCambre, 2/8/21
Tesla plans to accept bitcoin as payment for its products, filings with regulators on Monday show
Elon Musk’s Tesla Inc. said that it has acquired $1.5 billion in bitcoins in January and that it could accept the world’s No. 1 digital asset for payment in the future.
Click here for the full article.