Over shorter horizons, Bitcoin has also beaten Tesla’s returns. Just a year ago, the value of Bitcoin grew to 139%, while the value of Tesla stocks decreased by more than 11%. On the other hand, since the beginning of the year, Tesla’s share price has been down by 42%, while Bitcoin is up by 49%.

Thanks to its phenomenal success, Bitcoin market capitalization has reached $1.3 trillion, becoming the 9th largest asset in the world. In contrast, Tesla is the world’s 21st-largest asset by market value, with a value of $455 billion.

Tesla buying more than $1.5 billion worth of BTC in February 2021, Tesla joined the ranks of the first publicly traded companies that had done so. However, the company did sell some 10% of its Bitcoin holdings in March 2021 and some 75% in the second quarter of 2022.

By not selling its bitcoin, Tesla would have ended up with more than $1.27 billion, a return of over 84% over its original investment. Tesla now has 11,509 BTC, worth more than $766 million with Coinbase Prime Custody.

Bitcoin ETFs

One of the major drivers of the 60% Bitcoin rally this year has been 10 US spot Bitcoin exchange-traded funds (ETFs) being available for trading.

Comprising an aggregate value of almost $55.1 billion, these Bitcoin ETFs, which have reposed on-chain holdings of over 835,000 BTC.

The post What Were the Implications of Tesla’s Decision to Invest in Bitcoin? appeared first on Coin Engineer.

On October 31, Musk said during The Joe Rogan Experience podcast, “The funny thing is, the NFT isn’t even on the blockchain – this is just a URL to a JPEG.” He also said that at the very least, NFT projects should code the JPEG on the blockchain:

“You should at least code the JPEG on the blockchain. If the company hosting the image goes bankrupt, you can no longer own the image.”

On social media, the Bitcoin community claimed that Elon Musk’s comments actually summarized the use case for Bitcoin Ordinals. Bitcoin Ordinals, developed by Casey Rodarmor and launched in January, became possible with the Taproot soft fork in November 2021. Cryptocurrency analyst Will Clemente was among those praising Musk’s comments, noting that there are 38 million Ordinals posts that will exist forever on Bitcoin’s blockchain.

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Creator of DeGods and y00ts on NFT’s:

Rohun Frank Vora, creator of NFT projects DeGods and y00ts, said, “This is why Ordinals will continue to grow. It offers a graceful solution to the most common criticisms of NFTs.”

The Ordinals developer, known by the alias “Leonidas“, liked Musk’s comments so much that he recorded a 19-second video on Bitcoin’s blockchain at block number 814,773. Musk’s criticism of NFTs is not new. In December 2021, he mocked mental illness with an NFT containing humor showing a patient lying on a therapist’s couch. However, Elon Musk comments are not valid for all NFT projects on Ethereum.

For example, after hosting CryptoPunks NFTs off-chain for the first four years, Larva Labs moved them on-chain in August 2021.

Larva Labs stated in their announcement, “Storing them this way on-chain will further bolster the long-term preservation of CryptoPunks images and attributes, and will provide complete accessibility to everyone who has only Ethereum clients.“

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The post Contradictory Criticism on NFT by Elon Musk! appeared first on Coin Engineer.