The Mormon Church's secretive $100 billion fund slashed 'big tech' stocks, quadrupled its Tesla stake, and bought GameStop shares last quarter

Markets Insider

2021-03-25 15:38:27

• Dislodging a grounded 200,000-ton tanker isn’t easy

  When you can’t shift a ship that’s stuck fast into the wall of a canal that’s vital to world trade, there’s only one thing to do: call the salvage guys. The Ever Given container ship -- a 200,000-ton behemoth -- has been blocking what is arguably the world’s most important waterway, the Suez Canal, since Tuesday morning.Read Full StoryTankerJapanContainer ShipsNaval ShipsCruise ShipsHelicoptersTurningSMIT SalvageDutchRussianEver Given 'sThe Ever GivenNippon Salvage Co.Resolve MarineTesla

• Brace yourself—the globe faces another epic toilet paper crisis

  The world really doesn’t need more toilet paper problems. But unfortunately the biggest producer of wood pulp -- the raw material for products including bath tissue -- is warning that the global crunch in shipping containers could start creating supply snags. Suzano SA primarily ships its pulp in cargo vessels...Read Full StoryEpicWood PulpBitcoinToilet PapersTissue PaperCrisisCargo ContainersBraceSuzano SASchalkaTeslaKrispy KremeResidential Toilet PaperSuzano AccountsHardwood Pulp

• Potential Buyers Divided on the Wisdom of Spending Bitcoin on a Tesla

  The taxman “will be hovering with palms out” should American customers decide to take up Elon Musk’s offer of buying one of Tesla’s cars using bitcoin (BTC), observers have pointed out – with capital gains and income tax levies a possible deterrent for would-be crypto-paying customers. CNBC reported that there...Read Full StoryBitcoin CashTesla CarsIrsMarket VolatilityRevenue GainsCNBCThe Tax FoundationBloombergTwitterCoin Tracker 'sUSDRedditNFTBitcoin HoldingsSpending BTCElon Musk

• At the close of Wall Street

  Hard falls in Nasdaq and Russell and moderate in SP 500. These are the factors to consider. 1- You have to be careful when analyzing the market these days, because nothing is what it seems. Today, seeing the steep drops in Nasdaq and Russell, we can think that things have...Read Full StoryTesla IncApple IncWall StreetInfrastructureBroad StreetStock MarketTrading SecuritiesAverage EarningsRSPMorgan StanleySLRDemocraticDemocratsBank Of AmericaNasdaq CompositeElon Musk

• How Tesla purchases through Bitcoin could be taxed by the IRS

  Tesla rolled out its Bitcoin payment option on Tuesday, marking yet another milestone for the company. But while paying for electric cars using Bitcoin is an exciting idea, Tesla’s cryptocurrency transactions will have some tax consequences. CNBC reported that Teslas purchased with Bitcoin might come with “big tax bills.” The...Read Full StoryIrsTesla CarsBitcoin CashTax BillIRSProperty TaxCNBCTeslasFiat CurrencyTwitterBloombergThe Bitcoin Price WindowTesla ModelBitcoin CapabilityFederal Tax PurposesElon Musk

• Bitcoin Daily: Consumers Can Buy Teslas With Bitcoin; BIS Manager Says Crypto Needs More Regulation

  Tesla CEO Elon Musk has announced that it’s now possible to buy Tesla vehicles in the U.S. using bitcoin, CNBC reported. A support page on the Tesla website explains how to do so. The company’s cars usually cost around $37,990 and $124,000 before taxes, according to CNBC. Musk, who is...Read Full StoryBisTesla CarsCryptocurrencyTeslasMarketsDigital CurrencyVirtual CurrencyBitcoin DailyBISCNBCBlockchain.comM&ANFTCNNMars HouseElon Musk

• 30 questions for Biden's first press conference

  It's not that President Joe Biden keeps quiet, exactly.Read Full StoryEconomyGmLayoffsStudent LoansPoliticsPresidential ElectionNews ConferenceWants Trump VotersCNN NewsAmericansCovidAmerican Rescue PlanRepublicanGMTeslaJoe BidenDonald TrumpAlex PadillaDianne FeinsteinGavin NewsomBarack Obama

• IoT Security in the Wake of the Verkada Breach

  The security breach of security camera startup Verkada, which gave hackers access to videos from nearly 150,000 cameras – including those in prisons, schools, hospitals and electric car giant Tesla -means organizations deploying cloud-based IoT devices should give their security plans another look. The hackers were able to gain access...Read Full StoryInformation SecurityIot DevicesEndpoint SecurityInfrastructure SecuritySecurity ManagementSecurity BreachIoT DataData SecurityTeslaLookoutSpearPhishDigital ShadowsWhiteHat SecurityNVisum

• Yes, you can buy a Tesla with bitcoin

  Tesla will now allow customers to use bitcoin as a form of payment for its cars in the United States, Tesla CEO Elon Musk announced Tuesday. Musk said: “You can now buy a Tesla with bitcoin. Tesla is using only internal and open source software and operates bitcoin nodes directly. Bitcoin paid to Tesla will be retained as bitcoin, not converted to fiat currency.”Read Full StoryFiat CurrencyTesla CarsDigital CurrencyVergeAmericansCNBCWedbushBitcoin PaymentsCareful TeslaBitcoin NodesCryptocurrencyCryptocurrenciesPaymentCustomersOpen SourceElon Musk

• Tesla Made The Smartest Financial Decision Of The Century

  Just a few years ago, the events of today would be considered unthinkable by pretty much everyone.So, what happened? You can now purchase a Tesla with Bitcoin. People are genuinely willing to purchase a depreciating asset with an appreciating one. In layman’s terms, there is a significant demand to buy an item that will decrease in monetary value with one that will increase.So, whether you like the car manufacturer or not, it’s hard to deny that Tesla’s decision to embrace Bitcoin is a smart move. It’s also a financial decision that many other companies will (probably) copy in the near future.Here’s why:Bitcoin Is No Longer The Questionable Asset That It Used To Be.In 2017, a writer in Forbes said you shouldn’t bother buying Bitcoin when it was priced at $4,000. He stated that it was too speculative, so you should “stay away.”Of course, you should never invest more than you can afford to lose. After all, the price is highly volatile and prone to wild swings. However, Bitcoin’s questionability has (for the most part) faded away due to its acceptance from various financial institutions around the world.Morgan Stanley has become the first U.S bank to offer Bitcoin exposure to its clients. JP Morgan recently said that investors could use Bitcoin to diversify their portfolio. Even Deutsche Bank has said that Bitcoin is now “too important to ignore.”When you look at it that way, it’s clear that Bitcoin has improved its reputation amongst global financial institutions as it’ll inevitably play an important role in the future of money. So, banks and investors around the world are trying to embrace it. Quoting an article published by CNBC:“Wall Street’s newfound openness to cryptocurrency shows that the industry is being forced to contend with bitcoin as its latest dizzying ascent and increased adoption among institutional investors, corporations and fintech competitors spark fears of being left behind.”Accepting Bitcoin Could Become The Smartest Financial Decision Of The 21st Century.On February 8th, Tesla announced that it would be buying $1.5 billionworth of Bitcoin. The price of Bitcoin on that day was approximately $46,375.Now, Bitcoin is currently priced at $52,401. That’s a 12.9% increase. Or in monetary terms, the value of that $1.5 billion purchase increased to approximately $1.69 billion in less than two months.Today, Elon Musk announced that you can now purchase a Tesla car with Bitcoin. In essence, people can trade an appreciating asset (Bitcoin) for a depreciating one (a Tesla car).Since financial analysts and publications say the price could reach $100k this year, Tesla’s decision to accept Bitcoin as payment could reap incredible economic benefits in the near future. Quoting Simon Peters, a cryptocurrency asset analyst at brokerage eToro:“Tesla’s decision to both accept payment for its cars in bitcoin and hold that bitcoin on its balance sheet rather than convert it to dollars will likely build more momentum for the crypto asset.Tesla and other companies are showing that crypto is here to stay, and its mainstream adoption is only going to increase. In terms of market dynamics, as more companies hold bitcoin on their balance sheet, so the finite supply is depleted even more, and this is likely to cause a supply-side squeeze and boost prices over the longer-term.”Many reputable people within the finance world think Bitcoin will reach a million dollars at some point in the future. Others believe that it will go much higher.Whatever happens, it’s pretty easy to agree that Elon Musk is willing to take risks in order to reap huge rewards. And perhaps, his decision to double-down on bitcoin will enable him to be remembered as one of the smartest entrepreneurs in human history.This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions.Follow me to see more articles like this....FollowPhoto via PixabayTeslaCarsMoney MarketMorgan StanleyEven Deutsche BankCNBCFinancial Or Legal AdvicePixabayJP MorganBuying BitcoinBitcoin ExposureFintech CompetitorsInstitutional InvestorsMonetary TermsMarket DynamicsElon Musk