Jia Yueting's entry into the cryptocurrency space with Faraday Future is more dramatic than his 'return to China next week' – some say this is 'an automotive mogul breaking new ground across industries,' while many others are directly criticizing it as 'another scheme to draw in investors and cut profits.'

First, let's look at the audacity of this move: neglecting the money-burning electric vehicle business, he suddenly announces the creation of a 'basket of the top ten cryptocurrencies,' aiming to become 'the preferred choice for the top ten crypto investment portfolios.' In simpler terms, it means taking the money originally intended for car manufacturing and research and using it to buy volatile assets like Bitcoin and Ethereum. Jia also emphasized the need to 'accumulate and compound,' doesn't this phrasing sound a bit familiar, reminiscent of LeEco's 'ecological transformation' back in the day?

The controversy exploded into fireworks:

Supporters feel that 'Jia Yueting's daring gamble offers a chance': The electric vehicle sector is burning cash to the point of suffocation, and Faraday Future is already lacking in funds and market presence. Instead of waiting to die in the red sea, why not take a gamble with cryptocurrency – if the crypto market experiences a bull run, the assets could multiply, and wouldn't that provide funds to save the car business? Some even speculate about a new scenario of 'using cryptocurrency to pay for car purchases,' claiming this is 'bridging the gap between new energy and Web3.'

Opponents are harsher in their criticism: 'You can't even figure out how to make cars, and yet you want to play with coins?' It's important to note that a 20% drop in the cryptocurrency market in a single day is considered routine, and given that Faraday Future is already experiencing tight cash flow, using life-saving funds to speculate on cryptocurrencies is akin to 'gambling with the breathing machine of an ICU patient.' Even more, some have dug up past issues: 'Back in the day, LeEco was just robbing Peter to pay Paul, and now with a new cryptocurrency facade, aren't they still trying to raise money with new concepts?'

What's even more ironic is that this situation has completely torn apart the line between 'cross-industry innovation' and 'speculative opportunism.' Some argue that Tesla also buys Bitcoin, so why can't Faraday Future do the same? However, opponents retort: 'Tesla buys crypto because they have excess cash flow, while Faraday Future dares to move military funds before mass production; can they be compared?'

Ultimately, Jia Yueting's move is either a stroke of genius in a desperate situation, using crypto market gains to inject life into electric vehicles, or he's gambling away the last bit of trust as collateral, risking everything and ending up with nothing. $BTC