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Elon Musk’s Tesla has just sold some of its bitcoins: Find out why

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Elon Musk said Tesla sold 10 percent of its bitcoin holdings to demonstrate the liquidity of the cryptocurrency in the balance sheet while maintaining its personal bitcoin investment. The CEO of Tesla and SpaceX responded to a tweet from Barstool Sports founder Dave Portnoy, who questioned the sale of Bitcoin to Musk and said he bought the cryptocurrency and made a fortune selling it at a higher price. Portnoy’s tweet came after Tesla said in its first-quarter earnings report on Monday that it had sold $ 272 million (approximately 2,030 kroner) to its bitcoin holdings.

This is how the exchange continues Twitter between Tailor and Musk unfolded. Asked by Portnoy if he “understood this correctly,” Musk “bought #bitcoin. Then he pumps it. Go up. Then it charges and makes a fortune, “the CEO of Tesla wrote on Twitter,” No, you don’t. I haven’t sold any of mine Bitcoin. Tesla sold 10 percent of its holdings on the merits to prove bitcoin liquidity as an alternative to keeping money in balance. “

Elon Musk is also a big supporter of bitcoin Dogecoin. Over and over again, his tweets send the value of these two cryptocurrencies. While a series of Musk tweets welcoming Dogecoin in February raised the value of meme-based cryptocurrency to wild levels, in March the value of bitcoins rose to a then-record $ 60,000 (approximately Rs. 45 lacquer) after Tesla announced will accept the cryptocurrency as method of payment.

A month ago, in February, the company also had invested $ 1.5 billion (approximately 11,200 crores) in bitcoin.

Earlier, in January, the value of bitcoins rose after Musk added the hashtag #bitcoin to his biography on Twitter and also sent a mysterious tweet, saying: “In retrospect, this was inevitable.”

Recently, however, the value of both cryptocurrencies has fallen. On Tuesday (at the time of writing), bitcoin value was $ 53,474.20 (approximately Rs. 40 varnish). The cryptocurrency reached an all-time record of $ 64,804.72 (approximately Rs. 48 lacquer) on April 9.

Similarly, the Dogecoin crash began on April 21, a day after cryptocurrency fans celebrated Doge’s Day. At the time of writing, the price of Dogecoin was about $ 0.266308 (approximately Rs. 20). On April 16, the value of the cryptocurrency rose to a record $ 0.45 (approximately Rs. 35).


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