Schaeffer's Top Stock Picks for '25

Tesla No Longer Accepting Bitcoin, Cites Mining Concerns

TSLA is up over 275% from a year ago

Deputy Editor
May 13, 2021 at 10:58 AM
facebook X logo linkedin


Tesla Inc (NASDAQ:TSLA) CEO Elon Musk has proved he has the ability to move certain markets with relative ease -- most notably cryptocurrencies. Recently, Musk hyped up "meme" crypto Dogecoin, complete with a Saturday Night Live appearance; though, it didn't pan out like a host of investors were hoping. Now, the celebrity innovator is tackling an even bigger crypto, Bitcoin, doing so by announcing Tesla will no longer accept the coin as a form of payment for the company's cars due to environmental concerns related to the unsustainability of its mining practices. Following the announcement, Bitcoin fell as much as 14%, and TSLA is inching lower, last seen down 0.5% to trade at $587.27. 

On the charts, Tesla yesterday marked a three-day losing streak, in a close below $600 for the first time since March 8. Though the shares have struggled recently, down 15.8% in 2021, the 200-day moving average has provided consistent support and helped catch yesterday's pullback. Longer term, TSLA is up 275.3% year-over-year. 

We recently noted how Tesla stock could benefit from a short squeeze, and additional tailwinds could come in the from of a shift in the options pits. This is per the stock's 10-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than all but 3% of readings in its annual range. In other words, puts are getting picked up at a faster-than-usual rate. 

 
 

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?