Elon Musk has taken to Twitter to assure the crypto community that while he has not sold any of his personal Bitcoin, Tesla has sold around 10% of its BTC holdings.
April 27, 2021 | AtoZ Markets – Billionaire entrepreneur Elon Musk announced on Twitter that he never made any sales from his personal BTC savings to the crypto community. His company, Tesla, started to take profits from the Bitcoins he bought.
Musk made the announcement after comedian Dave Portnoy accused the CEO of Tesla of openly supporting Bitcoin to increase its price and then make a profit by selling.
Dismissing Portnoy’s allegations, Musk said Tesla sold 10% of his BTC savings, adding:
“I have not sold any of my own Bitcoins.”
No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.— Elon Musk (@elonmusk) April 26, 2021
Tesla sold some of his Bitcoin savings in the first quarter of 2021, making $272 million.
The company triggered a massive rise in the crypto market by announcing that it purchased $1.5 billion worth of Bitcoin in February this year. The amount of BTC the company buys is 7.7% of its gross cash.
Tesla announced in the same month that it will accept BTC payments for vehicle purchases and will keep these payments in BTC instead of cashing them.
Bitcoin has been declining since April 14 after hitting a high of $64,854. The fall accelerated on April 18. The price reached a local minimum on April 25 at $46,930 and began to recover. At the time of writing, BTC is trading near $54,550.
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