We are proud to be part of BitColors ecosystem, a unique collection of 1000 NFT colors that you can own and trade on OpenSea. BitColors aims to create something unique in the NFT space and set an example for a new wave of collections like CryptoPunks did for avatars. Colors for our logo we took from the BitColors collection. Ownership of colors should be remarkable and unprecedented and you have a chance to buy it now. Want to follow their updates? Then subscribe to BtColors Twitter, and Discord.
Former Goldman exec advises Tesla to sell Bitcoin stash
Crypto News

Former Goldman exec advises Tesla to sell Bitcoin stash

Saudu Clement
Saudu Clement

Gary Black, a former Goldman Sachs executive has advised auto manufacturer Tesla to get out of Bitcoin in favor of a buy-back of company stocks. Black, who was once the chief investment officer at Goldman, believes that the move could reignite the momentum of Tesla stock prices.

While highlighting the potential benefit of such a decision, Black was quick to admit that the move is highly unlikely.

Since Tesla announced its $1.5 billion Bitcoin purchase on February 8, company stocks have dropped by over 30 percent. It is worth noting that the sell-off and negative price actions have nothing to do with Bitcoin. The stocks of several other electric car manufacturers are also under severe pressure. Furthermore, Tesla has made more profit from its Bitcoin purchase than a whole year of car sales.

Source: TradingView

Like many pointed out to Black, Bitcoin is not the problem. Investors are worried over rising bond yields that could threaten risk-on assets in companies like Telsa. Meanwhile, Bitcoin and other tech-based Nasdaq stocks fell following the hint from Federal Reserve Chairman Jerome Powell that the central bank would not increase interest rates.