Thanks for commenting, I appreciate your input. Agreed that Bitcoin is potentially a sound investment, but I don't see how holding them provides value to Tesla as a business (other than they may gain on their position, but that is really unrelated to their core business). If I believed Bitcoin would be the best investment in the coming, say, two years. Why not hold Bitcoin instead of buying Tesla?
Its true Tesla isn't constrained by liquidity like in the past. Which is a good thing. But in my opinion, its a red flag they aren't utilizing their free cash flow to boost the prospects of their business. Tells me the business is maturing far earlier than what has been priced in. And that is highly problematic since the share price reflects high and accelerating growth for the foreseeable future.
I don't believe Bitcoin is a fraud, the fraud is directed at Elons management decisions. As you correctly point out, it's really hard to understand his motives.
About Bitcoin mining: If miners were attracted to renewalbe energy they would all be located in the UK, Germany, and Scandinavia. They aren't. That's because they are attracted to low electricity prices. You get that especially in select areas of China, and to a lesser degree in places such as Russia. In the largest mining region of China the energy mix is less than 25 percent renewables (from hydro and wind). The reason electricity is so cheap is they have large coal reserves and transporting it south to the more populous regions of China is expensive.