Even though Tesla may have gotten high profits, its CEO clarifies that he is still hodling his Bitcoin. Elon Musk communicated his situation through Twitter, where he said that he still has his personal BTC stash in place, despite the rumors going around.
Tesla in the spotlight
Musk commented in response to Tesla being accused by comedian Dave Portnoy of profiting in a Bitcoin pump and dump scheme. Since Musk is the CEO, he is the primary beneficiary of the scheme. On the contrary, Musk was very supportive of cryptocurrency.
In defense, Musk added that the recent Bitcoin shares that sold were just 10% of its holdings, and the sale was proof that Bitcoin is a liquid alternative to holding cash in the balance sheet.
A report done by Cointelegraph confirms that Tesla sold part of its Bitcoin shares at the beginning of 2021, generating net profits of $272 million.
In February this year, it is believed that Tesla fueled the crypto bull run after it announced its acquisition of Bitcoin worth $1.5 billion, worth 7.7% of its gross cash.
Around the same period, Tesla announced adding Bitcoin as one of its accepted payment methods. It went ahead that it does not plan to convert the bitcoin it gets from the sale of cars into cash.
Elon Musk Vs. Bitcoin
Even though Musk declared his position with Bitcoin, he was not so clear on how much Bitcoins he has in his stash. Like many other crypto investors, he holds onto Bitcoin as a store of value, considering the market is promising.
As much as Bitcoin has had a few rough days due to the believed Chinese power problem, things are looking up, and it’s getting back on its feet. According to CoinGecko, BTC has increased by 3% in the last 24 hours, pushing the price to $53,600.
Elon Musk has been a big advocate of cryptocurrency. His immense support goes to BTC and DOGE. His Twitter wall suggests that the crypto trend is rising by the day and will be the next big thing.