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Maybe they thought about the regulatory aspect of it as well as the taxation and decided not to put their business at any form of risk.
Therefore, I am not too comfortable with institution such as Tesla getting involved in Bitcoin because of their antecedents. It will be really hard to believe the words of Elon Musk regarding investment in Bitcoin.
They are business corporations and investors, what do you expect from them? Not only Tesla, but also Blockrock or MicroStrategy...
any institution is investing in bitcoin to make profits. If they haven't sold their bitcoins yet, you consider them angels but when they take profits and dump their bitcoins you will soon call them bastards like Tesla. Whatever you consider bitcoin to be, they don't care and for them it is a financial market, a place for them to make profits and earn the profits they need to buy and sell.
Also, you feel uncomfortable with them investing in bitcoin but is there anything you can do to stop them? No, there's nothing you can do. So ignore what they do, adapt to everything and focus on your investment. That's something you and we can do.
At the end of the day it's all about profit, no institutional or large corporate investor avoids big profits.
Tesla is even too quick to take advantage of the regulatory and taxation issues they will face, of course,
it will reduce their profits and eventually have to sell about 75% of their ownership but then in 2024 buy back.
And big companies like MicroStrategy, Blackrock etc. are just holding back longer to accumulate more Bitcoins.
There are times when they will drop some of their Bitcoin to take profits, of course this is very normal,
but it will cause the price of bitcoin to drop and retail traders start to panic.
Panic will only be cheaper repurchases for large companies.
Nothing can stop big companies from continuing to buy or sell, they have more money, and it is easier to manipulate and speculate.This is the nature of financial markets and bitcoin is no exception. Never trust or put your trust in any organization or company, only trust in your own investment. I find it funny that many people are so naive to believe MicroStrategy's statement that they would never sell their bitcoins, and many take it as fact, LOL.
The market is like a battlefield, no one brings large amounts of money here for charity, MicroStrategy is not so good that it spends a huge amount of money to buy our bitcoins at high prices and will never sell them. Just because they haven't sold yet, doesn't mean they never will, they are whales and invest large amounts of money so they will have bigger goals than us. Sooner or later, these institutions will sell their bitcoins and when they do, we will see panic in the market.