Bitcoin Overcomes Problems Facing Elon Musk, Tesla, and SpaceX

Furthermore, an email allegedly sent from CEO Elon Musk last week to employees warned of possible doom. According to the email, Tesla has only ten months to breakeven. If it fails to do so, the company may become insolvent. This news comes only one day after SpaceX delayed its expected launch of 60 Starlink internet-providing satellites. While rocket launches such as this are often delayed by bad weather or necessary software updates, the timing is inopportune. Bitcoin (BTC), on the other hand, has been able to overcome these problems.

Bitcoin Vs. Tesla

Tesla has been suffering economically for some time. In June 2018, the company laid off 9 percent of its workforce, while another 7 percent were laid off just a year later. In addition, Tesla lost over $700 million in the first quarter of 2019 alone. If the company continues losing funds at this rate, it will have burnt through its reserve funds within ten months. Furthermore, the price of TSLA has been falling steadily throughout the year. After closing at $332.80 on Dec 31, TSLA reached lows under $200 in May 2019. The price of Bitcoin, however, closed 2018 at $3693.30. Since then, it has steadily increased, pushing past $8,000 in May. In other words, as shares of Tesla continue falling, Bitcoin continues rising. Furthermore, Bitcoin is not a publically traded company and is not under threat of insolvency. On the contrary, it is gaining greater adoption and becoming more widely integrated within society.

Bitcoin In Space

Furthermore, SpaceX recently delayed its launch of 60 Starlink satellites. This would be the first fleet of approximately 12,000 satellites that are planned to be launched by 2027. Together, they should provide internet access to users across the globe. This is the second delay of the Starlink launch. The first delay was caused by poor weather conditions while the second was made to update software. Delays such as this are not uncommon, however, delaying the first of an indeterminately large number of launches does set a poor first impression. Bitcoin, however, is already in space. There are several satellites in Earth’s orbit that broadcast the Bitcoin blockchain to the surface of the planet. Blockstream Satellites, for example, allow users to download a full Bitcoin node without internet access. Of course, Bitcoin as a cryptocurrency is categorically distinct from Elon Musk as a person, as well as from businesses like SpaceX and Tesla. Nonetheless, the struggles being faced by these two companies do help highlight Bitcoin’s current successes. Do you think that SpaceX will delay its next launch? Will Tesla overcome its economic difficulties? Let us know your thoughts in the comments below!