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Tesla (TSLA) Bulls Weigh in on 'Head Scratching' 180 Degree Turn By Musk on Bitcoin, One Analyst Still See the Crypto Heading to $4M

May 13, 2021 8:15 AM EDT

After announcing in February that it invested $1.5 billion in Bitcoin and would start accepting Bitcoin as a form of payment for its electric vehicles, Tesla (NASDAQ: TSLA) CEO Elon Musk shocked the crypto world Wednesday evening after making an about-face and announcing the firm would stop accepting Bitcoin, citing the use of fossil fuels in mining. Musk, however, said Tesla will not be selling its Bitcoin investment.

Tesla bull Dan Ives of Wedbush called this a "head scratching move" and highlights "Bitcoin mining has not changed in the last three... More