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Congressional committees have started crafting legislation on specific components of President Biden's $1.9 trillion Covid-19 relief plan after votes in the House and Senate on a budget resolution setting up a legislative course to enact Bidens stimulus without Republican votes. Photographer: Stefani Reynolds/Bloomberg via Getty Images”,”caption”:”U.S. House Speaker Nancy Pelosi, a Democrat from California, center, wears a protective mask while exiting a news conference at the U.S. Capitol. 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(Photo by Yuriko Nakao/Getty Images)”,”caption”:”Someone, or something, is now a Dogecoin billionaire.”,”crops”:[],”height”:5772,”imageSize”:”article-sidebar”,”lazyload”:true,”lqipSrc”:”https://content.fortune.com/wp-content/uploads/2021/02/GettyImages-1299388407.jpg?quality=60&resize=60,40″,”postId”:2954891,”retina”:true,”showCaption”:false,”sources”:[{“default”:true,”transforms”:{“resize”:[130,86]},”descriptor”:100}],”sourceTags”:[],”src”:”https://content.fortune.com/wp-content/uploads/2021/02/GettyImages-1299388407.jpg”,”srcset”:”https://content.fortune.com/wp-content/uploads/2021/02/GettyImages-1299388407.jpg?resize=260,172 200w,https://content.fortune.com/wp-content/uploads/2021/02/GettyImages-1299388407.jpg?resize=130,86 100w”,”url”:”https://content.fortune.com/wp-content/uploads/2021/02/GettyImages-1299388407.jpg”,”useBasicImg”:false,”usingDataFallback”:false,”width”:8660,”fallbackImageUrl”:”data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7″,”picture”:false,”sizes”:”100px”},”children”:[]},{“name”:”byline”,”config”:{“link”:”https://fortune.com/author/chris-morris/”,”name”:”Chris Morris”},”children”:[]}]}]},{“name”:”article-editor-picks”,”config”:{“heading”:”Editors’ Picks”},”children”:[{“name”:”content-list-item”,”config”:{“title”:”States are ‘diverging from CDC guidance,’ resulting in an unequal vaccine rollout, experts say”,”permalink”:”https://fortune.com/2021/02/17/covid-vaccine-cdc-guidelines-us-states-unequal-rollout-coronavirus-vaccines-pfizer-biontech-moderna/”,”hasVideo”:false,”themeName”:”article-sidebar”,”isNativoTout”:true,”eyebrowSectionLabel”:”Health”,”eyebrowSectionLink”:”https://fortune.com/section/health/”,”eyebrowTagLabel”:”COVID-19 Vaccine”,”eyebrowTagLink”:”https://fortune.com/tag/covid-vaccine/”,”publishDateIso8601″:”2021-02-17T06:00:00-05:00″,”id”:2948535,”excerpt”:”A lack of a national strategy and overburdened health care workforce has led to wide gaps in the COVID vaccine eligibility verification process.”,”type”:”post”},”children”:[{“name”:”byline”,”config”:{“link”:”https://fortune.com/author/sayak-mukherjee/”,”name”:”Sy Mukherjee”},”children”:[]},{“name”:”image”,”config”:{“aspectRatio”:0.6666666666666666,”attachmentId”:2949476,”alt”:”COVID vaccine verification”,”caption”:””,”crops”:[],”height”:3120,”imageSize”:”article-sidebar”,”lazyload”:true,”lqipSrc”:”https://content.fortune.com/wp-content/uploads/2021/02/COVID-vaccine-verification.jpg?quality=60&resize=60,40″,”postId”:2948535,”retina”:true,”showCaption”:false,”sources”:[{“default”:true,”transforms”:{“resize”:[130,86]},”descriptor”:100}],”sourceTags”:[],”src”:”https://content.fortune.com/wp-content/uploads/2021/02/COVID-vaccine-verification.jpg”,”srcset”:”https://content.fortune.com/wp-content/uploads/2021/02/COVID-vaccine-verification.jpg?resize=260,172 200w,https://content.fortune.com/wp-content/uploads/2021/02/COVID-vaccine-verification.jpg?resize=130,86 100w”,”url”:”https://content.fortune.com/wp-content/uploads/2021/02/COVID-vaccine-verification.jpg”,”useBasicImg”:false,”usingDataFallback”:false,”width”:4589,”fallbackImageUrl”:”data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7″,”picture”:false,”sizes”:”100px”},”children”:[]},{“name”:”byline”,”config”:{“link”:”https://fortune.com/author/sayak-mukherjee/”,”name”:”Sy Mukherjee”},”children”:[]}]},{“name”:”content-list-item”,”config”:{“title”:”From concrete to steel, how construction makes up the ‘last mile’ of decarbonization”,”permalink”:”https://fortune.com/2021/02/16/concrete-steel-construction-design-climate/”,”hasVideo”:false,”themeName”:”article-sidebar”,”isNativoTout”:false,”eyebrowSectionLabel”:”Environment”,”eyebrowSectionLink”:”https://fortune.com/section/environment/”,”eyebrowTagLabel”:”Climate Change”,”eyebrowTagLink”:”https://fortune.com/tag/climate-change/”,”publishDateIso8601″:”2021-02-16T05:18:25-05:00″,”id”:2953006,”excerpt”:”Buildings are responsible for 40% of the world’s emissions. Making them truly carbon neutral will require breakthroughs in carbon capture and storage—and really good design. “,”type”:”post”},”children”:[{“name”:”byline”,”config”:{“link”:”https://fortune.com/author/katherine-dunn/”,”name”:”Katherine Dunn”},”children”:[]},{“name”:”image”,”config”:{“aspectRatio”:0.6666666666666666,”attachmentId”:2953452,”alt”:”Climate Package 2021-Home Emissions”,”caption”:””,”crops”:[],”height”:1920,”imageSize”:”article-sidebar”,”lazyload”:true,”lqipSrc”:”https://content.fortune.com/wp-content/uploads/2021/02/Climate-Package-2021-Home_Emissions2.jpg?quality=60&resize=60,40″,”postId”:2953006,”retina”:true,”showCaption”:false,”sources”:[{“default”:true,”transforms”:{“resize”:[130,86]},”descriptor”:100}],”sourceTags”:[],”src”:”https://content.fortune.com/wp-content/uploads/2021/02/Climate-Package-2021-Home_Emissions2.jpg”,”srcset”:”https://content.fortune.com/wp-content/uploads/2021/02/Climate-Package-2021-Home_Emissions2.jpg?resize=260,172 200w,https://content.fortune.com/wp-content/uploads/2021/02/Climate-Package-2021-Home_Emissions2.jpg?resize=130,86 100w”,”url”:”https://content.fortune.com/wp-content/uploads/2021/02/Climate-Package-2021-Home_Emissions2.jpg”,”useBasicImg”:false,”usingDataFallback”:false,”width”:2880,”fallbackImageUrl”:”data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7″,”picture”:false,”sizes”:”100px”},”children”:[]},{“name”:”byline”,”config”:{“link”:”https://fortune.com/author/katherine-dunn/”,”name”:”Katherine Dunn”},”children”:[]}]},{“name”:”content-list-item”,”config”:{“title”:”With the Mustang Mach-E, Ford brings America’s consummate muscle car into the plug-in era—and sparks fly”,”permalink”:”https://fortune.com/2021/02/13/ford-mustang-mach-e-ev-tesla-electric-vehicles/”,”hasVideo”:false,”themeName”:”article-sidebar”,”isNativoTout”:false,”eyebrowSectionLabel”:”Auto”,”eyebrowSectionLink”:”https://fortune.com/section/auto/”,”eyebrowTagLabel”:”Ford Motor”,”eyebrowTagLink”:”https://fortune.com/tag/ford-motor/”,”publishDateIso8601″:”2021-02-13T08:30:00-05:00″,”id”:2953033,”excerpt”:”Ford has set an ambitious target of selling 30,000 Mach-E Mustangs this year, a bet that’s exciting shareholders but dividing fans of this American classic. Fortune took it for a spin to see what all the fuss is about.”,”type”:”post”},”children”:[{“name”:”byline”,”config”:{“link”:”https://fortune.com/author/eric-c-evarts/”,”name”:”Eric C. Evarts”},”children”:[]},{“name”:”image”,”config”:{“aspectRatio”:0.6666666666666666,”attachmentId”:2952475,”alt”:””,”caption”:”Ford has set an ambitious target of selling 30,000 Mach-E Mustangs this year, a bet that’s exciting shareholders but dividing fans of this American classic. Fortune gave it a test spin to see what all the fuss is about. (Original photo: Eric C. Evarts)n”,”crops”:[],”height”:1921,”imageSize”:”article-sidebar”,”lazyload”:true,”lqipSrc”:”https://content.fortune.com/wp-content/uploads/2021/02/Mustang_4.jpg?quality=60&resize=60,40″,”postId”:2953033,”retina”:true,”showCaption”:false,”sources”:[{“default”:true,”transforms”:{“resize”:[130,86]},”descriptor”:100}],”sourceTags”:[],”src”:”https://content.fortune.com/wp-content/uploads/2021/02/Mustang_4.jpg”,”srcset”:”https://content.fortune.com/wp-content/uploads/2021/02/Mustang_4.jpg?resize=260,172 200w,https://content.fortune.com/wp-content/uploads/2021/02/Mustang_4.jpg?resize=130,86 100w”,”url”:”https://content.fortune.com/wp-content/uploads/2021/02/Mustang_4.jpg”,”useBasicImg”:false,”usingDataFallback”:false,”width”:2880,”fallbackImageUrl”:”data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7″,”picture”:false,”sizes”:”100px”},”children”:[]},{“name”:”byline”,”config”:{“link”:”https://fortune.com/author/eric-c-evarts/”,”name”:”Eric C. Evarts”},”children”:[]}]}]},{“name”:”advertising-slot”,”config”:{“align”:”center”,”lazyload”:true,”useDynamicChannel”:false,”placementName”:”RightRailFlex_Articles”,”slotId”:”RightRailFlex_Articles1″,”themeName”:”article”,”targeting”:{“placement_name”:”RightRailFlex_Articles”,”index”:2}},”children”:[]},{“name”:”dianomi”,”config”:{“type”:”sidebar”},”children”:[]},{“name”:”advertising-slot”,”config”:{“align”:”center”,”lazyload”:true,”useDynamicChannel”:false,”placementName”:”RightRailFlex_Articles”,”slotId”:”RightRailFlex_Articles2″,”themeName”:”article”,”targeting”:{“placement_name”:”RightRailFlex_Articles”,”index”:3}},”children”:[]}]},{“name”:”article-media”,”config”:{“publishDate”:””,”type”:”video”,”section”:”Finance”},”children”:[{“name”:”brightcove-video”,”config”:{“accountId”:”2111767321001″,”disableAds”:false,”disableAutoplay”:false,”disableContinuousPlay”:false,”disableViewplay”:false,”isLeadVideo”:false,”loop”:false,”playerId”:”HDNR3TkSj”,”stickyPlayerOff”:false,”silentlyAutoplay”:true,”videoId”:”6230557026001″,”section”:”Finance”},”children”:[]}]},{“name”:”article-body”,”config”:{“mediaType”:”video”,”premiumCategory”:”P-Reported”},”children”:[{“name”:”gutenberg-content”,”config”:{},”children”:[{“name”:”html”,”config”:{“content”:” u003cp>Tesla u003ca href=”https://fortune.com/2020/09/30/tesla-profit-revenue-environmental-credits-elon-musk/” data-type=”post” data-id=”2890201″>still isn’t making moneyu003c/a> from its core business of selling cars and batteries. Its u003ca href=”https://fortune.com/2021/02/08/tesla-bitcoin-investing-payment/” data-type=”post” data-id=”2950400″>new foray into Bitcoinu003c/a> will bring not the stability investors crave, but still more risk and volatility. If Bitcoin takes another big dive from its record heights, the drop could trample Tesla’s ascent towards profitability.u003cbr>u003cbr>Even before the jaw-dropper in Tesla’s new 10K filing, Elon Musk’s affection for Bitcoin brought a fresh buzz to the flagship cryptocurrency, inspiring fans to believe more ardently than ever, and attracting a rush of new “investors.” On January 29, u003ca href=”https://fortune.com/2021/01/29/bitcoin-price-elon-musk-twitter-bio/” data-type=”post” data-id=”2946182″>Musk added “#Bitcoin”u003c/a> to his u003ca href=”https://fortune.com/company/twitter/” target=”_blank”>Twitteru003c/a> bio, an endorsement that sent its price 20% higher that day. Six weeks earlier, Musk had fielded a tweet from Michael Saylor, CEO of software vendor MicroStrategy, who’s famously made amassing Bitcoin central to his strategy for enriching investors. “If you want to do your shareholders a favor, convert $TSLA’s balance sheet to from USD to #BTC,” Saylor exhorted. “In time, it would grow to become a $1 trillion favor.”u003cbr>u003cbr>In the moment, Musk didn’t seem sold. “Are such large transactions even possible?” he queried Saylor. But in Tesla’s annual report, released on February 8, Musk joined the Saylor bandwagon, stirring the Bitcoin craze and enhancing its u003ca href=”https://fortune.com/2021/01/21/should-i-buy-bitcoin-investing-advice-2021-btc-usd-portfolio/” data-type=”post” data-id=”2941744″>newfound respectabilityu003c/a> in the process. Musk disclosed that u003ca href=”https://fortune.com/company/tesla/” target=”_blank”>Teslau003c/a> just used its corporate cash to buy $1.5 billion in the digital coins. In the hour following the early-morning filing, Bitcoin surged as much as 23% to a record $48,000, before retreating to $46,500 in by 7:30 AM on February 9. What might seem like a zany bet didn’t faze most Tesla investors, who lifted its shares around 1%, to within whisker of its all-time high.u003c/p> u003cp>The news, however, did not elicit the usual kudos from major Tesla investor and its leading u003cem>raisonneuru003c/em> on Wall Street, Ron Baron of Baron Capital. In Shakespearean terms, Baron damned the Bitcoin gambit “with faint praise” in a statement to CNBC, declaring that “I’m sure a lot of thought went into the Bitcoin purchase by Tesla, and I look forward to learning the rationale.” u003c/p>u003cp>u003c!– piano selector –>u003c/p>u003cdiv class=”paywall”> u003cp>In the 10K, Tesla provided an answer, stating that the purpose is “to further maximize and diversify our returns on cash.” Indeed, Tesla, like most companies, is earning puny interest income on its war chest, and that war chest has recently grown huge. Last year, big equity and bond offerings swelled its cash horde from $6.5 to $19.4 billion, but Tesla booked just $30 million in interest. Tesla stated that it doesn’t need the $1.5 billion to buy supplies or pay routine bills, and after purchasing the Bitcoin, has plenty of “liquidity” left over for running its businesses.u003c/p> u003cp>The problem: Loading up on the king of all volatile assets that hasn’t yet, and may never find a practical use, renders Tesla’s already hard-to-call financial future even foggier. The Bitcoin holdings won’t be called investments on Tesla’s balance sheet, like cash. Instead, under the regime governing digital assets, they’re classified as “indefinite life intangible assets.” That category includes items that unlike factories or labs don’t host workers or make things. It encompasses patents, trademarks, customer lists and other items you can’t touch or walk into that are supposed to provide such benefits as increasing revenues, lowering costs, or gaining in value. “Intangible assets are expected to produce good things in the future,” says accounting expert Jack Ciesielski.u003c/p> u003cp>The goal of using Bitcoin to “maximize returns” on what was formerly cash means that Musk is betting the coins will keep waxing in value, creating a new source of profits beyond EVs and batteries. That wager’s done great things recently for MicroStrategy’s stock. The intelligence software provider recently announced that it now holds 70.5 million Bitcoin that it bought at an average price of $16,000 for a total of $1.125 billion. Today the coins are worth almost three times that number at $43,000. MicroStrategy’s shares rode the Bitcoin boom, jumping six-fold since the end of Q3, and adding $6 billion in market cap.u003c/p> u003cp>As Ciesielski points out, the accounting rules for intangible assets require owners to take a hit to earnings if their value declines. But it bars them from booking gains if values increase. Hence, in each quarter, Tesla must book an “impairment” charge if Bitcoin tumbles. How much damage could a drop inflict? In 2020, Tesla earned just $1.115 billion before taxes. But that number included a windfall of $1.580 billion from selling carbon tax credits, a benefit Musk acknowledges will be short-lived. Its basic car business posted a loss of $426 million.u003c/p> u003cp>Tesla’s fortunes did improve in the second half of last year, when it earned $914 million after the carbon credits. Let’s assume that it makes the same amount through Q2 of this year, excluding its Bitcoin holding. We don’t know the average price Tesla paid for its Bitcoin. But according to the 10K, it made the purchases in January, so a fair estimate is probably around $35,000. Bitcoin’s jump to $46,500 as of February 9 gives Tesla a 30%-plus profit so far, largely created by Musk’s vote of confidence.u003c/p> u003cp>Now let’s take the scenario where the cryptocurrency retreats from nearly $46,500 to its price of $10,500 in early October. That 70% decline from Tesla’s estimated purchase price of $35,000 would pound Tesla with an impairment charge of $1.050 billion. Its narrow but promising profit of $914 million would dissolve into a $136 million loss. At $10,500, Bitcoin would be selling at its average price from June of 2019 to the fall of 2020, when for a brief period, it actually found stability. And a history of huge spikes and steep declines are part of the Bitcoin pattern. In 2017, it jumped from $2000 to $20,000, then nosedived to $3400 by January of 2019. That’s one-third the price in our steep-fall case.u003c/p> u003cp>Once again, Tesla can book losses but not profits on Bitcoin’s fluctuations, as long as it holds the cryptocurrency on its books. It can only show a profit by selling the coins at higher prices than it paid. “Even if he sells 10%, that could drive the price of Bitcoin far down, just as this purchase drove it way up,” says Ciesielski. “The only way to get a higher return on his cash is to sell some. But he’s like his own u003ca href=”https://fortune.com/company/gamestop/” target=”_blank”>GameStopu003c/a> chatroom.” Selling coins even at a profit the would send the opposite message from the ringing endorsements that have helped recharge Bitcoin. Elon Musk is a great visionary. Did his vision extend to wondering what happens if he starts taking Bitcoin profits? Or the damage to Tesla if a phenomenon that bearing all the earmarks of a classic bubble explodes? u003c/p> “},”children”:[]},{“name”:”html”,”config”:{“content”:”u003ch3>u003cspan style=”font-weight: 400;”>More must-read u003c/span>u003ca href=”https://fortune.com/section/finance/”>u003cspan style=”font-weight: 400;”>finance coverageu003c/span>u003c/a>u003cspan style=”font-weight: 400;”> from u003c/span>u003ci>u003cspan style=”font-weight: 400;”>Fortuneu003c/span>u003c/i>u003cspan style=”font-weight: 400;”>:u003c/span>u003c/h3>nu003cul>nu003cli>Why Biden’s climate policies u003ca href=”https://fortune.com/2021/02/14/biden-climate-policies-stock-market-sp-500-spx-corporate-profits/”>could be good for the S&P 500u003c/a>u003c/li>nu003cli>With the Mustang Mach-E, Ford brings America’s consummate muscle car into the plug-in era—u003ca href=”https://fortune.com/2021/02/13/ford-mustang-mach-e-ev-tesla-electric-vehicles/”>and sparks flyu003c/a>u003c/li>nu003cli>u003ca href=”https://fortune.com/2021/02/11/taxes-2021-filing-2020-tax-when-can-i-file-due-date-deadline-brackets-deductions-irs-stimulus-check-unemployment-taxable-401k-refund-extension-faq/”>Tax season 2021u003c/a>: Deadlines, brackets, refunds, taxable income, and everything else you need to know about filing your 2020 taxesu003c/li>nu003cli>Reformed Bitcoin miner: u003ca href=”https://fortune.com/2021/02/13/elon-musk-tesla-bitcoin-bet-1-5-billion-alex-pickard/”>Elon Musk’s $1.5 billion bet is “crazy”u003c/a>u003c/li>nu003cli>TikTok to the moon? u003ca href=”https://fortune.com/2021/02/15/tiktok-gen-z-users-age-groups-survey/”>The app is outgrowing its Gen Z stereotypeu003c/a>u003c/li>nu003c/ul>n u003cp> u003c/p> u003cp> u003c/p> u003c/div>n”},”children”:[]}]}]},{“name”:”dianomi”,”config”:{“type”:”footer”},”children”:[]}]}]}]}},”componentData”:{},”error”:null,”loading”:false,”player”:{“currentTime”:0,”duration”:0,”loading”:false,”playing”:false,”seek”:0,”src”:””,”visible”:false,”volume”:0.5},”route”:{“status”:200,”redirectTo”:””,”redirectStatus”:0,”action”:”PUSH”,”pathname”:”/2021/02/08/tesla-buys-bitcoin-elon-musk-tsla-btc/”,”search”:”?”,”hash”:””},”visible”:{“search”:false,”primaryNav”:false,”freestar”:false,”adminBar”:false},”contactForm”:{“submitting”:false,”submitted”:false,”failed”:false,”validation”:{},”redirect”:””},”user”:{“isLoggedIn”:false,”accessLevel”:null}}; ]]> <![CDATA[!function(e){function r(r){for(var n,i,c=r[0],f=r[1],a=r[2],p=0,s=[];p<c.length;p++)i=c[p],o[i]&&s.push(o[i][0]),o[i]=0;for(n in f)Object.prototype.hasOwnProperty.call(f,n)&&(e[n]=f[n]);for(l&&l(r);s.length;)s.shift()();return u.push.apply(u,a||[]),t()}function t(){for(var e,r=0;r<u.length;r++){for(var t=u[r],n=!0,c=1;c<t.length;c++){var f=t[c];0!==o[f]&&(n=!1)}n&&(u.splice(r–,1),e=i(i.s=t[0]))}return e}var n={},o={106:0},u=[];function i(r){if(n[r])return n[r].exports;var t=n[r]={i:r,l:!1,exports:{}};return e[r].call(t.exports,t,t.exports,i),t.l=!0,t.exports}i.e=function(e){var r=[],t=o[e];if(0!==t)if(t)r.push(t[2]);else{var n=new Promise(function(r,n){t=o[e]=[r,n]});r.push(t[2]=n);var u,c=document.createElement("script");c.charset="utf-8",c.timeout=120,i.nc&&c.setAttribute("nonce",i.nc),c.src=function(e){return i.p+"static/js/"+({4:"index",34:"npm.intersection-observer"}[e]||e)+".chunk.js?v="+{4:"ef55736c",34:"4e687ec7"}[e]}(e),u=function(r){c.onerror=c.onload=null,clearTimeout(f);var t=o[e];if(0!==t){if(t){var n=r&&("load"===r.type?"missing":r.type),u=r&&r.target&&r.target.src,i=new Error("Loading chunk "+e+" failed.n("+n+": "+u+")");i.type=n,i.request=u,t[1](i)}o[e]=void 0}};var f=setTimeout(function(){u({type:"timeout",target:c})},12e4);c.onerror=c.onload=u,document.head.appendChild(c)}return Promise.all(r)},i.m=e,i.c=n,i.d=function(e,r,t){i.o(e,r)||Object.defineProperty(e,r,{enumerable:!0,get:t})},i.r=function(e){"undefined"!=typeof Symbol&&Symbol.toStringTag&&Object.defineProperty(e,Symbol.toStringTag,{value:"Module"}),Object.defineProperty(e,"__esModule",{value:!0})},i.t=function(e,r){if(1&r&&(e=i(e)),8&r)return e;if(4&r&&"object"==typeof e&&e&&e.__esModule)return e;var t=Object.create(null);if(i.r(t),Object.defineProperty(t,"default",{enumerable:!0,value:e}),2&r&&"string"!=typeof e)for(var n in e)i.d(t,n,function(r){return e[r]}.bind(null,n));return t},i.n=function(e){var r=e&&e.__esModule?function(){return e.default}:function(){return e};return i.d(r,"a",r),r},i.o=function(e,r){return Object.prototype.hasOwnProperty.call(e,r)},i.p="https://fortune.com/",i.oe=function(e){throw console.error(e),e};var c=window.webpackJsonp=window.webpackJsonp||[],f=c.push.bind(c);c.push=r,c=c.slice();for(var a=0;a You need to enable JavaScript to view this site.