Why Tesla sold their Bitcoin Holding

Elon Musk and Tesla have been one of the greatest believers of bitcoins and cryptocurrencies. He has a lot of tweets based on cryptocurrencies and bitcoins and has promoted them as well. There was a piece of recent news that Tesla had sold 10 % of their bitcoin holdings. Let’s look at the reason why Tesla sold its bitcoin holdings.

About Tesla
Quarterly Report of Tesla
Tweet regarding Sale of Tesla Bitcoin
Elon Musk’s Response
Tesla made more profit by Bitcoin
FAQ

About Tesla

Tesla is an electric vehicle and clean energy company which is located in California, United States. It was founded in the year 2003. Some of the industries which the company focuses on are automotive, energy production and energy storage. The company provides services in the areas such as North America, Europe, Australia, New Zealand and East Asia.

Quarterly Report of Tesla

The information on Tesla’s sale of bitcoins was revealed after the company had presented its first quarterly report on 26 April 2021. In the report, it was revealed that the company had sold around 10% of its bitcoin holdings.

The value of the bitcoins which were sold by Tesla was around USD 272 million (around INR 2.030 crores).

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Tweet regarding Sale of Tesla Bitcoin

There was a tweet regarding the sale of Tesla’s bitcoin holdings from a person named Portnoy which started with a question asking whether the news about tesla’s sale of bitcoins is right and Elon Musk had bought the bitcoins, pumped it, increased the price and dumped it to make a fortune.

He also added on saying that, he owns a bitcoin and bitcoins are exactly what everyone thinks it is and asked his followers to not be the last one to hold the coins. The tweet was posted by the founder of Barstool Sports Dave Portnoy.

He was questioning the sale of bitcoins by Elon Musk and was claiming that it was just a pump and dump scheme put forth by the Tesla’s CEO.

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Elon Musk’s Response

To the tweet post by Dave Portnoy, Elon Musk replied saying that he had not sold any of his bitcoins and he has still kept his investment in the cryptocurrency intact. He also added on saying that the reason why Tesla had sold 10% of its bitcoins was to prove the liquidity of bitcoins in the balance sheet as an alternative to holding the cash.

The CFO of Tesla Zachary Kirkhorn has said that, The company will hold the cryptocurrency for a longer period of time and reaffirmed the commitment of Tesla towards bitcoins.

In a conference call with the Analysts, he said that, The company believes in the long-term value of bitcoins. He added on saying that it is their intent to hold on to bitcoins for a longer term and they would continue to accept bitcoin transactions from their customers as they purchase the vehicles.

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Tesla made more profit by Bitcoin

Tesla had bought bitcoins of around USD 1.5 billion at the start of 2021. The most interesting fact about Tesla was that they made more returns from the sale of bitcoins than the sale of their cars according to their first quarterly report. It is observed that around one third of its total profits were through the sale of bitcoins.

Tesla also made around USD 518 million from the sale of emission credits to other car makers. The amount received from sales increased from the last year of up to USD 354 million.

FAQ

Did Tesla sell Bitcoin?

Yes, Tesla sold its 10% of its Bitcoin holdings.

How much Bitcoin did Tesla buy?

Tesla, confirmed that it purchased about $ 1.5 billion in bitcoin in January.

What is Tesla Net Worth 2020?

The Net worth of Tesla in 2020 was $650 billion making it the most valuable car company in world.

Conclusion

Musk and Tesla have been promoting bitcoins on a larger scale. The CEO and the company have managed to increase the price of bitcoins with their investments in it. This has given a huge confidence towards this cryptocurrency in the market.