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Elon Musk still has some hope for Tesla Bitcoin transactions

(Credit: @PeakHodl/Twitter)

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Recently, Elon Musk corrected some inaccuracies reported by a media outlet about Tesla’s Bitcoin transactions. The Tesla CEO’s recent comments about Tesla and Bitcoin reveal that Tesla may resume Bitcoin transactions in the future. 

CoinTelegraph reported that Sygnia CEO Magda Wierzycka criticized Elon Musk for allegedly pumping and dumping Bitcoin stock. “What we have seen with Bitcoin is price manipulation by one very powerful and influential individual,” said the Sygnia CEO in an interview with Bruce Whitfield on the Money Show

“The [Bitcoin] volatility we have seen is an unexpected function of what I would call market manipulation by Elon Musk. If that happens to a listed company, he would be investigated and severely sanctioned by SEC,” Wierzycka said.

In a Twitter reply, Elon Musk noted that Tesla’s alleged Bitcoin pump and dump is inaccurate. He explained that Tesla only sold ~10% of its Bitcoin holdings to test if Bitcoin (BTC) could be “liquidated easily without moving the market.”

During the first-quarter earnings call, Tesla’s Chief Financial Officer (CFO), Zachary Kirkhorn, made a similar statement about TSLA’s BTC holdings. He explained that Tesla invested $1.5 million in BTC and trimmed its position by 10%, resulting in a slight gain in the company’s Q1 financials. 

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“And so where our bitcoin story began, maybe just to share a little bit of context here. Elon and I were looking for a place to store cash that wasn’t being immediately used, trying to get some level of return on this, but also preserve liquidity,” Kirkhorn said. 

“Particularly as we look forward to the launch of Austin and Berlin and uncertainty that’s happening with semiconductors and port capacity, being able to access our cash very quickly is super important to us right now. And there aren’t many traditional opportunities to do this or at least that we found and in talking to others that we could get good feedback on, particularly with yields being so low and without taking on additional risk or sacrificing liquidity,” he further explained.

Musk’s decision to involve Tesla in Bitcoin has been met with conflicting views by the company’s supporters, media, and other groups. He received some flak when Tesla abruptly suspended Bitcoin transactions because of the rapid increase of fossil fuels used for Bitcoin mining and transactions. Ultimately, Tesla and Musk decided the cost to the environment overruled Bitcoin’s promising future as a cryptocurrency. 

However, Musk seems open to resuming Tesla’s Bitcoin transactions in the future on one condition. “When there’s confirmation of reasonable (~50% clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” he said.

The Teslarati team would appreciate hearing from you. If you have any tips, email us at tips@teslarati.com or reach out to me at maria@teslarati.com.

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Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

Elon Musk

Elon Musk commends Tesla team on successful Robotaxi launch

Tesla CEO Elon Musk commended the company on the successful launch of Robotaxi.

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NORAD and USNORTHCOM Public Affairs, Public domain, via Wikimedia Commons

Tesla CEO Elon Musk commented on the company’s launch of the Robotaxi platform, which officially went live to a small group on Sunday in Austin, Texas.

It is the first time Tesla has offered driverless rides through the ride-hailing platform it has worked to activate for several years, and it was overwhelmingly successful based on early reviews.

The launch was coupled with the release of the first-ever looks at the Tesla Robotaxi app, which does more than allow riders to summon vehicles for transportation. It also allows the rider to adjust climate settings in the car before it arrives for a comfortable ride, and it will sync entertainment and streaming settings to keep occupants entertained.

Tesla Robotaxi riders tout ‘smooth’ experience in first reviews of driverless service launch

The first rides are being performed with a safety monitor in the passenger’s seat. These monitors have no control over the vehicle, and are there just to ensure smooth operation.

The first reviews called rides “smooth” and “comfortable,” and commended Tesla for its hard work over the past few years to make this happen. Many were impressed with the cars’ ability to keep pedestrians safe, avoid congested parking lots, and the efficiency of the rides, as the time from the ride request to the Robotaxi accepting the ride was extremely fast.

Musk has been at the forefront of this operation for a decade, as Tesla has been working to release a version of the Robotaxi through the development of Full Self-Driving. This has been an effort that included seeking top-tier engineering talent and taking incredible leaps of faith, including switching to a Vision-only approach for Full Self-Driving.

Musk commended the Tesla team for its hard work:

It’s truly an incredible accomplishment, as many considered Robotaxi a “failure” despite it not even being rolled out. In May, we reported on media outlets calling the Robotaxi rollout a total failure, despite Tesla always maintaining the launch would happen in June:

Tesla Robotaxi deemed a total failure by media — even though it hasn’t been released

Hundreds of rides have already been taken, and there have not been many complaints. It’s an incredible jump forward for Tesla.

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Elon Musk

Tesla Robotaxi riders tout ‘smooth’ experience in first reviews of driverless service launch

The first reviews of Tesla Robotaxi are in, and those riders are impressed and astounded with the smooth and comfortable nature of the service.

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Credit: Joe Tegtmeyer | X

Tesla Robotaxi riders are touting their awesome experiences in their first rides using the automaker’s new driverless ride-hailing service, which launched to a limited number of people yesterday for the first time.

On Sunday, Tesla officially launched Robotaxi, its driverless ride-hailing service, in downtown Austin. A select group of people were chosen to receive early access to the program, as well as the new Robotaxi app, which is used to request a ride and will sync everything from climate preferences to streaming settings with each pickup.

Tesla officially launches Robotaxi service with no driver

Teslarati gained access to the Early Access riders program and the Robotaxi app, giving us a first-hand look at the experience. We will be in Austin soon to test out the Robotaxi fleet for ourselves.

However, those who were there for the initial rides on Sunday had nothing but great things to say. Hundreds of rides were taken during the first hours of the Robotaxi program, and neither the company nor the riders reported any issues.

Here’s what people said about their experiences:

  • “Extremely smooth stops,” and great awareness of road conditions, including pedestrians, speed bumps, and busy parking lots, were all handled with ease:

  • Safe navigation around pedestrians who walked just off the sidewalk into the road:

  • “Just as good as it is during the daytime” at night. There were no changes to report by riders who took rides during the day and evening:

  • Avoided expensive and stressful parking at local tourist hotspots like Terry Black’s Barbeque:

  • “Comfortable and similar to existing Tesla cars with FSD,” intuitive and “surreal” experience:

  • The app is quicker than other ride-sharing services. When a destination is chosen, Robotaxi is already on the way to your location:

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Tesla Robotaxi rollout proves that Elon Musk still delivers, even if it’s late

Tesla is also still the company that makes the impossible feel late.

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Credit: Tesla

It took a long time, but Tesla has finally successfully rolled out its dedicated Robotaxi service in Austin this weekend. The initial rollout only involved a small fleet of cars operating in a small geofenced area in Texas, but it is still significant. 

It does, if any, prove that Elon Musk is still capable of delivering on his promises, even if they are late. Tesla is also still the company that makes the impossible feel late.

Finally, a Rollout

Elon Musk has been predicting a Robotaxi rollout for years, so much so that even avid Tesla supporters have grown quite wary of his constant predictions. After a while, Elon Musk himself admitted that he has become the boy who cried FSD, though he still maintained that self-driving was really just around the corner.

This past weekend, Musk’s predictions finally came true. Actual paying customers used Tesla’s dedicated Robotaxi service for a small flat fee of $4.20 per ride. Elon Musk seemed quite happy with the Robotaxi’s initial launch, as evidenced by his congratulatory message to the Tesla AI team on X.

https://twitter.com/elonmusk/status/1936876178356490546
https://twitter.com/aelluswamy/status/1936865682810946035

No More Tesla Vision Debates

One thing that is evident in Tesla’s initial Robotaxi rollout in Austin was the fact that the debate surrounding Tesla’s vision-only approach is completely gone now. With actual Robotaxis operating around Austin, there are no more questions about whether cars can navigate city streets on their own using only AI and cameras. They can, and safely too, at least based on Tesla’s initial fleet of Robotaxis.

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https://twitter.com/ItsKimJava/status/1936927640268484909
https://twitter.com/SawyerMerritt/status/1936997202880081950

The Beauty of Normalcy

The Robotaxi rides from Tesla owners who were fortunate enough to experience the first driverless rides from the EV maker’s fleet were quite uneventful. Comments on social media platforms such as X observed that the Robotaxis operated safely and cautiously, and their driving was actually smoother than some human drivers. 

That may not sound very exciting at all, but that’s the beauty of it. Tesla’s Robotaxi service is designed to look and feel natural to people. And so far, it appears that Tesla is accomplishing this with its Robotaxi rollout.

https://twitter.com/DrKnowItAll16/status/1936992009685700663
https://twitter.com/DirtyTesLa/status/1936999390100496443
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