Tesla likes Bitcoin vs. cash, but what about vs. CapEx? – At the Open

Elon Musk “essentially” went long Bitcoin and short Tesla when he invested $1.5B of his company’s cash in the cryptocurrency, analysts at DataTrek Research postulated this week.The Tesla founder came out on Twitter last night playing down the idea he’s a crypto evangelist, but asserting that Bitcoin is “simply a less dumb form of liquidity than cash.”Bitcoin (BTC-USD) is hitting new all-time highs this morning and currently up to nearly $52.7K. Tesla (TSLA) is up 1% in premarket trading.But while Musk favors Bitcoin over the greenback, is the $1.5B investment also an indication it’s favorable to investing more to make electric vehicles?DataTrek looked at the move from three perspectives using standard corporate finance theory (referring to Bitcoin throughout at “B” to avoid a big span filter trap, they say).First is reinvestment rates and whether Bitcoin has a higher rate of return than selling more cars.“After all, $1.5 bn is enough to build