Crypto Biz: Elon Musk: The ultimate crypto tourist

Tesla’s foray into Bitcoin may have been one big distraction for the electric vehicle maker, which reported mixed financial results earlier this month.

Elon Musk’s Tesla proved to be the ultimate paper hands after the electric vehicle maker sold 75% of its Bitcoin (BTC) holdings in the second quarter. I say, good riddance. The cult of personality isn’t good for Bitcoin, and neither is a technologist who treats the asset as his plaything. As far as we are aware, Musk hasn’t sold any of his personal Bitcoin stash and Tesla still has an estimated 10,800 BTC on its books. Still, the less we have to hear about Musk and Bitcoin, the better. 

In this week’s Crypto Biz, we chronicle Tesla’s sale of BTC, KuCoin’s fight against fake news and Cathie Wood’s sale of Coinbase stock.

Tesla reports $64M profit from Bitcoin sale

Tesla’s decision to sell most of its Bitcoin wasn’t as boneheaded as it appeared at first. The company scored a $64 million profit in the exchange. Aside from selling emission credits, the electric vehicle maker has routinely struggled to turn a profit over the years. In a form 10-K filing with the United States Securities and Exchange Commission (SEC), Tesla disclosed that it may “increase or decrease” its holdings of digital assets over time. Cynical prediction: ESG FUD will probably be the reason Tesla gets rid of its remaining holdings over time.

KuCoin CEO Johnny Lyu launches ‘Anti-FUD Fund’

Crypto exchange KuCoin has been at the receiving end of a nasty smear campaign from a self-styled whistleblower tweeting about the company’s alleged insolvency. KuCoin CEO Johnny Lyu has not only refuted claims that his company was facing a liquidity crisis, but he has also launched an “Anti-FUD Fund” to track down and take legal action against so-called “FUDers.” The Twitter account responsible for the misinformation appears to have been deleted.

Cathie Wood sells Coinbase shares amid insider trading allegations

Cathie Wood’s ARK Investment Management appears to be distancing itself from Coinbase amid allegations that the cryptocurrency exchange was involved in insider trading. After holding nearly $9 million in COIN stock as of late June, ARK offloaded more than 1.4 million shares over the next month. According to Bloomberg, Coinbase is being investigated by the SEC over its potential involvement in an ex-product manager’s insider trading scheme. Separately, and on an unrelated note, Coinbase is also being probed for allegedly selling unregistered securities. In the meantime, you won’t believe how badly COIN stock is down.

3AC: A $10B hedge fund gone bust with founders on the run

We’ve spent the past few months talking about the Three Arrows Capital debacle. The firm that also went by 3AC was revered for its investments, trading prowess and insights. The cult of personality surrounding its founders created an image of a company that could do no wrong. Then, it all came crashing down. As we wait for documentarians to make a movie about 3AC’s downfall, Cointelegraph has put together a lengthy expose about the whole ordeal. I’m talking timelines, analysis and information on who owes what to whom.

Don’t miss it! Why does the FOMC meeting matter for crypto?

Have you been wondering why investors keep talking about the “FOMC?” Why are crypto people suddenly so enamored with this four-letter acronym? In this week’s Market Report, I break down exactly what the FOMC is and why investors need to monitor it. Consider it a crash course on the most powerful organization in the world (yes, really). You can watch the full replay below.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Bitcoin Poised For Recovery, Relief Summer still In Play?

Bitcoin has been able to make a resurgence in recent weeks. The 25,000 USD barrier was recaptured by Bitcoin prices just two days ago, marking the first time since June 13th. Bitcoin Poised For New Rally In June, Bitcoin had its largest monthly decline since 2011, falling over 37.3% to a final value of $19,925.

Expert Reveals How “Fake Supply” Is Killing Your Bitcoin Gains

Caitlin Long, the founder and CEO of Custodia Bank, reveals that the BTC price should have hit somewhere close to six figures in the previous cycle. In an interview with Robert Breedlove’s “What Is Money” podcast, Long reveals that “paper bitcoin” has created a fake supply of BTC. The 21 Million Trap Bitcoin’s limited supply

Selling Bitcoin In Fear Of Mt. Gox dump? Here’s What Expert Suggests

Mt. Gox, a Japan based cryptocurrency exchange lost around 850,000 Bitcoins in an alleged hack back in 2014. It has been reported that the creditors will begin to receive some of the stolen assets. However, this event has raised vital concerns regarding the price stability of Bitcoin. Creditor to choose Bitcoin’s fate? As per reports,

Soneva’s Luxury Resorts Now Accept Crypto Payments

Luxury resort chain Soneva has reportedly begun accepting cryptocurrency payments at its resorts in the Maldives and Thailand. “Accepting cryptocurrencies as a payment method is another example of enabling our international guests to easily make payments from anywhere in the world.” Soneva Accepts Cryptocurrency Payments Luxury resort chain Soneva has reportedly begun accepting payments in