Tuesday, June 13, 2017

Tesla to $1000; "Bitcoin May Hit $1,000,000"; Act Now Before It's Too Late! (and potcoin)

This morning Yahoo Finance had an attention grabbing headline:
Today's charts: Tesla could rally to $1,000; Cheesecake Factory sinks; IMAX announces job cuts
I mean, who doesn't like cheesecake? Errm...excuse me...onwards:
Tesla (TSLA) – A pair of bullish calls and strong results from Tesla’s Model X safety test is pushing shares higher in intraday trading. Billionaire investor Ron Baron told CNBC Tuesday morning that Tesla shares could rally to $500-$600 in 2018 and reach $1,000 by 2020. And he’s not the only one who thinks shares are set to soar. Germany-based Berenberg upgraded Tesla to a buy rating and boosted its price target to $464, implying the stock could rally 29% from Monday’s close. Analyst Alexander Haissl wrote, “Once the business reaches scale, the cash generation potential is significantly superior to existing premium OEMs, with cash flow per vehicle more than 50% higher.”
Tesla also announced that it received good news from the National Highway Traffic Safety administration. The electric carmaker said Tuesday that its Model X became the first SUV ever to get a 5-star crash rating in every category....

And from Jim Cramer via ZeroHedge, June 9:

Jim Cramer Goes Batty: "Bitcoin May Hit $1,000,000"; Act Now Before It's Too Late!
It’s hard to know when bubbles will end but when analysis goes ape-sh*t batty, it’s easy to know the bubble exists.
Jim Cramer’s analysis of Bitcoin provides a perfect example.

CNBC reports Cramer says it’s possible bitcoin could reach $1 million one day.
The price of digital currency stockpiled by companies to pay off potential cyberthreats could reach $1 million one day, CNBC’s Jim Cramer said Wednesday.

Cramer was responding to a recent comment by Business Insider CEO Henry Blodget, who said bitcoin could go to $1 million.

“I think it could because the European banks are frantically trying to buy them so they can pay off ransomware. It’s a short-term way to be able to deal with cybersecurity. It is the way to pay off the bad guys,” Cramer said on “Squawk on the Street.”

“When you get hit and you’re not sure how to do bitcoin, these cyberattackers have customer service desks,” Cramer said.
What Blodget Really Said
Blodget also mentioned the downside: “Bitcoin could go to $1 million (or fall to $0),” said Blodget maintains the view that “ultimately, Bitcoin has no intrinsic value.”

New Target $1,000,000
he Coin Telegraph reports Bitcoin Price Can Reach $1 Mln: CNBC’s Jim Cramer.
On the CNBC show “Squawk on the Street,” Cramer stated that the demand toward Bitcoin is rapidly increasing and because of Bitcoin’s decentralized nature, its price could potentially enter the $1 mln region, which would bring the market cap of Bitcoin to tens of trillions of dollars.

However, Cramer’s reasoning behind his Bitcoin price prediction was fundamentally flawed as he failed to grasp the core purpose of Bitcoin and why investors are starting to purchase Bitcoin.

“I think it could because the European banks are frantically trying to buy them so they can pay off ransomware. It’s a short-term way to be able to deal with cybersecurity. It is the way to pay off the bad guys.”

Such claim is evidently non-factual because the European Bitcoin exchange market only accounts for nine percent of the global Bitcoin exchange market and it is behind the US, Japan, China and South Korea in trading volumes.

More importantly, Cramer’s statement fails to consider the fact that Bitcoin is being utilized as a currency and safe haven asset more than it is being used as a lifeline to feed ransomware developers....MUCH MORE
Last I saw Tesla was changing hands at $375.03 up 16.02 (+4.46%) on the day while Coindesk is quoting bitcoin at:

USD  $2,729.30 +1.74%
EUR  €2434.41
CNY  ¥19188.97
GBP  £2140.26 

Meanwhile, Gizmodo is reporting:  
Dennis Rodman Travels to North Korea While Promoting PotCoin, the Bitcoin of Weed [Updated]


 
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