Investor Michael Bury said that Tesla is in dispute over the quality in China, due to which it has suppressed the news by investing in bitcoin.
On Monday, Tesla, a company of Elon Musk, said that it has made a huge investment of $ 1.5 billion in Bitcoin. As soon as this news came to the media, the price of Bitcoin crossed $ 48000, which is the highest level ever. In a Business Insider report, Big Short Investor Michael Bury said that Tesla bought Bitcoin because it wanted to suppress the issue of regulatory dispute in China. He also said that the surge in the price of Dogecoin is like a bubble which can erupt at any time.
Chinese Regulatory has issued a notice of quality to Tesla. According to the media report, the Chinese consumer has complained about the quality of the car. In such a situation, to avoid controversy, he invested $ 1.5 billion in bitcoin, which was not discussed.
Changes made in investment policy
Explain that in the regulatory filing, it has been said from Tesla that the company has changed the investment policy. We are now focusing on better returns. Apart from the operating liquidity, the company wants to get maximum return on the fund which is not being used yet. For this, cryptocurrency has also been included in the portfolio. It was also said by the company that we will start taking bitcoin payments very soon. However, there are still some legal hurdles with it.
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First car company to take payment in cryptocurrency
Tesla has become the first car company in the world after its announcement, which will now take payment in Bitcoin or any cryptocurrency. Wedbush’s analyst, Dan Ives, says Tesla’s decision will have a big impact. This can greatly help the circulation of bitcoins in transactions. After the investment of Musk, it is now believed that the business of cryptocurrency is growing rapidly and gradually it is also gaining credibility.
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