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Has Elon Musk sold Out Some of his Bitcoins?

5 min read


Has Elon Musk sold Out Some of his Bitcoins?

Bitcoin has been making its way into the market for quite some time now, and Elon Musk, the CEO of Tesla Inc, getting on board with Bitcoin has brought tremendous profits for Bitcoin. Tesla Inc. bought $1.5 billion of Bitcoin in early January 2021, leading to a surge in Bitcoin prices, which further gained more than $1 billion.

On March 24th, 2021, Elon Musk made it public on his Twitter account that people can now buy Tesla with Bitcoin. This tweet made a significant impact on Bitcoin, making more people divert to using Bitcoin and increased Bitcoin prices at the same time.

Let’s Find out!

For a while now, rumor has it that Elon Musk had sold out some of his company’s Bitcoin, making more profit for his company. The amount alleged to be sold $10 million, which led to a significant impact. In his statement, the CFO of Tesla Inc. lamented that they were looking for a place where they could store cash, and Bitcoin came in handy and a good decision so far to store cash that the company was not using.

The electric car maker recently disclosed that in early 2021, his company had reconciled some digital assets that were almost worth $ 272 million, and this sale resulted in profits worth $100 million, showing profitability for the company. From this sale, 74% revenue was obtained.

In a tweet, today on April 27th, 2021, Elon Musk went further to address a comedian by the name of Dave Portnoy who had raised questions on the competency of Bitcoin and the CEO of Tesla by assuring people he had not sold out any of his Bitcoin. The CEO of Tesla said that his company had only sold out 10% of the company's holdings to prove the liquidity of Bitcoin as another means of holding cash on a balance sheet. With this sale, Bitcoin has made a profit of 3% over the last couple of hours.

This comes weeks after the cryptocurrency faced a huge fall in its prices, which has never happened before. So far, Elon has not revealed yet the amount of Bitcoin he holds, but it is now clear he has no intentions of selling off his holdings from Bitcoin. The electric car-making company will not stop at that as it will continue adding the cryptocurrency on its balance sheet on the sales made for their electric vehicles.

What Does This Mean for Bitcoin?

With Elon Musk company selling some of its Bitcoin and making profits from this, his positively impacts Bitcoin and its prices. We might experience a drastic rise in Bitcoin prices in the open market for the next few days. Musk has done it again for Bitcoin as now more investors may opt to invest in Bitcoin.

Musk proving Bitcoin’s liquidity may impact Bitcoin as more investors may opt to use Bitcoin as an alternative to cash which may work best during this pandemic. Most people are advised against using money. So, if this liquidity thing goes well, Bitcoin will surely get more investors who may be willing to sell their Bitcoin to prove liquidity.

Bottom Line

Clearly, Bitcoin is making its way globally. Investors such as Elon Musk have played a significant role and are continuing to play a role in Bitcoin, giving room for others people to invest in Bitcoin. I mean, if the richest man in the world, according to Forbes, takes the risk to invest in Bitcoin, who am I not to try it!