Musk Defends Bitcoin Decision, Will Tesla Start Mining? + Plaid Model S Breaks Record (05.13.21)
Tesla Daily: Tesla News & Analysis
Rob Maurer
4.8 • 1.1K Ratings
🗓️ 14 May 2021
⏱️ 15 minutes
🧾️ Download transcript
Summary
➤ Elon Musk offers some explanation / defense for Tesla’s decision to stop accepting Bitcoin as a payment method
➤ Will Tesla get into bitcoin mining?
➤ Refreshed plaid Model S runs quarter mile test
➤ Giga Texas hits significant milestone
➤ Credit Suisse update on Tesla in China
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Plaid producer Who Why
Executive producer Jeremy Cooke
Executive producer Troy Cherasaro
Executive producer Bradford Ferguson
Executive producer Andre/Maria Kent
Executive producer Jeff Sheets
Executive producer Jessie Chimni
Music by Evan Schaeffer
Disclosure: Rob Maurer is long TSLA stock & derivatives
Transcript
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| 0:00.0 | Hey everybody, we're out of malware here and today we're talking a little bit more |
| 0:10.2 | about Tesla and Elon Musk's decision to suspend accepting payment from Bitcoin. |
| 0:14.7 | Elon Musk has offered a little bit of a defense on that on Twitter today. |
| 0:17.6 | So we'll go through that. |
| 0:18.8 | We've also got an update on the Refresh Model S, news on Giga Texas, and Credit Suisse |
| 0:23.2 | has had a call with the CPCA on April sales in China. |
| 0:26.9 | Tesla's stock today continued to fall down 3.1% to $571.69. |
| 0:32.4 | That compared to the NASDAQ, which actually had a stronger day today finishing up 0.7%. |
| 0:37.0 | If we have time at the end, we might talk a little bit more about the stock. |
| 0:40.0 | Alright, so obviously predominantly the discussion about Tesla about Elon Musk has been entirely |
| 0:44.9 | focused on Bitcoin for the last 18-24 hours or so. |
| 0:48.2 | Since Musk tweeted yesterday about Tesla suspending Bitcoin as a payment option for Tesla |
| 0:52.5 | vehicles. |
| 0:53.5 | Today Elon has shared a few more thoughts on that subject offering a little bit more of an |
| 0:56.6 | explanation for Tesla's decision. |
| 0:59.0 | First tweeting out a graph of the University of Cambridge's Bitcoin Electricity Consumption |
| 1:02.8 | Index showing a pretty significant increase since the beginning of the year. |
| 1:06.5 | So to get this graph, they're estimating the power being used by the Bitcoin network |
| 1:09.8 | at any given point in time and then annualizing that for terawatt hours consumed annually |
| 1:14.3 | at that rate of power. |
| 1:15.8 | They estimate that Bitcoin consumption has gone from 105 terawatt hours to start the year |
| 1:20.8 | up to 150 terawatt hours now in May. |
... |
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