cryptocurrency

Tesla and Elon Musk Sold Most of Their Bitcoin

Not so long ago, Tesla – the electric car company that South African entrepreneur Elon Musk brought to the financial front – announced that She sold a lot of her bitcoin. There is no doubt that the company suffered huge losses considering that when it first bought bitcoin in 2021, the asset was trading in the $50K range.

Elon Musk will still buy BTC in the future

Now, bitcoin isn’t even half that and is trading around $24,000 per unit, although Elon Musk says his company will be open to buying more BTC in the future given the conditions are right. He also commented that the cryptocurrency was a “side-show sideshow.”

In recent financial filings, the electric car company explained that nearly three-quarters of its bitcoin cache has been sold. The reason for the sale is due to Musk’s concern about the ongoing COVID shutdowns in China. He’s not sure when they’ll finish, and he wants to make sure the company’s cash position is strong in the coming months.

In a recent interview, Musk commented:

We are definitely open to increasing our bitcoin holdings in [the] The future, so this should not be taken as a judgment on Bitcoin. It was just that we were concerned about the company’s overall liquidity given the shutdowns in China.

Keeping his love for Dogecoin, Musk was quick to say that Tesla has not sold any of the Doge holdings and that these units remain in place regardless of the lower prices the asset has incurred. He went on to say:

Cryptocurrency is a sideshow sideshow. Cryptocurrency is not something we think about very often. Tesla’s primary goal and the reason we’re doing this, which is my primary motivation here, is to have Sustainable Energy Day soon. This is our goal. We are neither here nor there in the cryptocurrency space.

Musk claims that they don’t think much of Tesla’s cryptocurrency, yet his words seem to contradict the company’s actions given that Tesla was quite ready at one point to accept Bitcoin entirely for electric cars. This was later canceled because Musk was concerned about how much energy was used to mine BTC and what harm it would do to the planet.

There seems to be a lot of talk about encryption…

Musk himself has talked about cryptocurrencies quite a bit, indicating that they are always on his mind. When it comes to Dogecoin, for example, Musk made it clear that the original was his favorite, and the entrepreneur referred to it as “people crypto.” There was also a brief period when Musk was believed to be queuing up to take over as Dogecoin’s new CEO, although this later became little fodder for the internet.

In any case, Musk certainly appears to be at the forefront of many crypto initiatives.

Tags: Bitcoin, Elon Musk, Tesla

#Tesla #Elon #Musk #Sold #Bitcoin

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