Tesla made headlines today by announcing that it invested about $1.5 billion into Bitcoin. But the company has a dark secret. Sources within Tesla’s finance departments have confirmed to Hard Money that the electric automaker is still holding over $13 billion in worthless fiat currency.
Will this cause alarm among investors that a supposedly innovative company like Tesla is still dealing heavily in valueless US dollars and Euros?
Brad Harris, a cryptocurrency fund manager, thinks so. “Tesla is only holding 10% of its cash in Bitcoin. Sadly, this means I have had to write off the other 90% of its cash position as completely worthless, leaving me no choice but to conclude that Tesla is insolvent.”
Anonymous sources also tell Hard Money that Tesla dealerships still prefer taking customer funds in fiat currency rather than Bitcoin. It’s hard to imagine a more irresponsible management decision.
What happens when the US Dollar inevitably goes to zero and is used as fire kindling and toilet paper? One thing is for sure: Elon Musk will regret only buying a measly 40,000 or so Bitcoin.