The Big Short ft Elon Musk, Tesla, Bitcoin
Ed Milewski is back to answer audience questions. This week Elon Musk seems to be the central theme as Tesla Inc (NASDAQ:TSLA) and Bitcoin (BTC) come under pressure.
The star of “The Big Short” Michael Burry has gone out on another one of his limbs and has shorted the electric vehicle giant. The interlink between @elonmusk tweets and Tesla’s involvement in Bitcoin is seen on both charts. Tesla has seen a 40% drop since Cathie Woods of ARK innovation ETF dumped $180 million shares. Meanwhile, Bitcoin is down 35% since its all-time high of $64,900 last month. Most of those tumbled were seen after numerous Musk tweets.
It’s not all doom-and-gloom however as equities seem to be behaving with more stability from last week’s inflation worries. Gold is breaking out, rising to its highest level in 3 months. Could gold be the hedge to ease global pandemic concerns, inflation, and a weakening US dollar?
Watch the full Q&A to see whether recent price drops in Tesla and Bitcoin have presented buy opportunities for investors, how gold’s three-month high is linked, and what to make of inflation.
Original article: The Big Short ft Elon Musk, Tesla, Bitcoin
©2021 Midas Letter. All Rights Reserved.
Source: https://midasletter.com/2021/05/the-big-short-ft-elon-musk-tesla-bitcoin/
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