Wood was supporting the long-term possibility of Bitcoin this week as the crypto crash happened, so it’s not surprising that she added to her Coinbase holdings. The top cryptocurrency marketplace naturally suffered a hit as cryptos moved sharply lower. Adding more problems, the Coinbase site was down for some time on Wednesday as people were attempting to cash out or buy the dip.
Coinbase stock would lower 13% to reach $208 — an all-time low for a stock that was only made public last month — but then recovered more than half of its losses to end at only 6% lower. The crypto market overall took a larger hit. The negative sentiment could end up being good for Coinbase because it increases trading volume, which is how the company makes it’s money.
Wood did not take Musk’s criticism against Bitcoin being an energy problem personally. Tesla is her top holding across all her ETFs, and she bought up more of the EV maker for three of her funds this week.
Tesla stock went into Thursday trading 37% under its all-time high of January. Tesla has turned into a popular short with many car makers now producing electric vehicles, but that seems misguided. None of these other companies will have the charging stations that is the equivalent of selling a normal car and owning all gas stations the driver will ever visit. Tesla has gotten a lot of pushback because its “Full Self Driving” upgrade is not exactly fully self driving, but it is still way ahead of what the competition can provide currently. The stock was not cheap after 2020’s run, but the recent pullback seems too far at this point given Tesla’s top position in the EV market and its innovation track record.
Author: Scott Dowdy