Popular Bitcoin critic and Gold preacher; Peter Schiff has recently shared his opinion in a tweet while replying to popular Bitcoin influencer; Anthony Pompliano’s tweet about Tesla’s profit since the auto-mobile producing company invested such a large amount in Bitcoin.
In the tweet, Schiff was of the opinion that Tesla might find it very difficult making profits from its Bitcoin investment and that its shareholders have seen 5% decrease in their holdings since the purchase by Tesla.
Schiff Says Tesla Shareholders have been down 5% Since the Company’s move on Bitcoin
On the 8th February, 2021, Tesla made a purchase of 1.5 billion worth in Bitcoin and the asset saw a surge in price from about $37k to around $46k. The Company’s stock; TSLA went to a price of about $863 per share and dropped a few days later and is currently trading at $816.12 per share at the time of this publication according to Nasdaq.
Peter Schiff, the Chief Executive Officer of Euro Capital believes the price of the stock has gone down by 5% since the company acquired the Bitcoin on the 8th of February, 2021 according to his tweet;
“But #Tesla shareholders are already down about 5% on Tesla stock since the #Bitcoin purchase was announced…”
Schiff Says Tesla Might Find it Hard to Get Buyers for Its Bitcoin
The chief executive is also of the opinion opposed to Pompliano’s claim of Tesla’s 40 percent profit since purchase that Tesla can only be profitable from its Bitcoin investment when it takes profit by selling off its Bitcoin holdings. He also claims that the auto-mobile producing company might encounter difficulty in finding a buyer to purchase its large volume Bitcoin holdings;
“Plus Tesla doesn’t have a profit until it sells. Finding buyers for that much Bitcoin may be hard than it was to find sellers”, he said in the tweet.
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