THE USE OF KNOWLEDGE IS POWER

In A Time Of Universal Deceit, Telling The Truth Becomes A Revolutionary Act. (Orwell)

ALL TRUTH PASSES THROUGH THREE STAGES; FIRST, IT IS RIDICULED, SECOND, IT IS VIOLENTLY OPPOSED, THIRD, IT IS ACCEPTED AS BEING SELF-EVIDENT. (Arthur Schopenhauer)

I WILL TELL YOU ONE THING FOR SURE. ONCE YOU GET TO THE POINT WHERE YOU ARE ACTUALLY DOING THINGS FOR TRUTH'S SAKE, THEN NOBODY CAN EVER TOUCH YOU AGAIN BECAUSE YOU ARE HARMONIZING WITH A GREATER POWER. (George Harrison)

THE WORLD ALWAYS INVISIBLY AND DANGEROUSLY REVOLVES AROUND PHILOSOPHERS. (Nietzsche)

"To this day, [those] who...know the self as I am Brahman [IS-ness], become all this universe. Even the gods [any other dimensional beings] cannot prevent his becoming this, for he has become their Self. If a man worships another deity thinking: He is one and I am another, he does not know. He [who does not know] is like a sacrificial animal to the gods. As many animals serve a man, so does each man serve the gods. Even if one animal is taken away, it causes anguish to the owner; how much more so when many are taken away! Therefore it is not pleasing to the gods that men should know this [that they are IS-ness]." (Brihadaranyaka Upanishad, I.iv.10)

THE USE OF KNOWLEDGE IS POWER

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Saturday, February 27, 2021

How Elon Musk Lost $30 Billion Overnight


February 25, 2021

Elon Musk’s months-long run as the richest man on the planet has come to an end. The Tesla shares registered a 6% tumble when the markets opened on Monday, the largest one-day drop in the past six months. It registered a further 10% slide on Tuesday after investors became keen on selling off. Within two days, Musk’s net worth dropped 30 billion USD. The epic loss occurred due to two main reasons.

  • The downturn of tech stocks
  • Fluctuations in Bitcoin price

Bitcoin rose to a record value after Musk announced buying USD 1.5 billion bitcoins. The company also encouraged its customers to use Bitcoin as payment for its car and services.

The frequent tweets and promotions resulted in a Bitcoin price drive. The hype resulted in an 800% bitcoin price increase.

While it seemed like good news for Bitcoin, the unusual hype triggered worry in the minds of central bank regulators.

Janet Yellen, the US Treasury Secretary came out in the open on Monday to warn regarding Bitcoin.

She insisted that cryptocurrency is an inefficient method to conduct a transaction. Bitcoin’s volatility became evident when it tumbled over 16%.

Should we? — Elon Musk (@elonmusk) February 21, 2021

According to star analyst of Wedbush Daniel Ives, Musk’s bitcoin investment has become a story worth remembering in Wall Street.

While Musk’s move initially made him billions in profit, the risk associated with cryptocurrency has become evident with the current crash observed.

According to Ives, Musk’s decision to invest in bitcoin seems risky as investors have shifted their attention from the Electronic Vehicle mission to the future of Bitcoin.

While Tesla recovered its stock value slightly by Tuesday mid-day trading, Musk lost his richest person on Earth position to Jeff Bezos, Amazon CEO. Musk’s shares are currently trading 10% below the record-high price attained last month.

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