Tesla dumps three quarters of its Bitcoin
Q2 is over and that means quarterly figures. Also for Tesla. What seems? Elon Musk has dumped three quarters of his Bitcoin.
Elon Musk has personally tweeted Bitcoin, Ethereum and Dogecoin in all directions. The height and the depth. But the current malaise and instability in the crypto market is no longer right for even Tesla messiah Musk to tweet.
Tesla’s full Q2 2022 financial report reads that the electric car maker has said goodbye to a significant portion of its Bitcoin. The company has sold 75 percent of its Bitcoin and credited $936 million to its balance sheet.
Buy Tesla with Bitcoin
Last year, Tesla bought $1.5 billion worth of Bitcoin and announced that you could also tap a new Tesla with Bitcoin from that moment on. It took less than 1.5 months before the brand came back to that. Prefer real coins for an EV.
It’s all a bit confusing because Elon recently said he’s not for dumping Bitcoin. He wants the digital currency to be and remain a success.
To justify what seems crooked, he now emphasizes that Tesla’s Bitcoin sale should not be seen as a judgment on the crypto currency. The only reason the automaker dumped three-quarters of its Bitcoin is because the brand needed raunchy cash. Real money.
COVID-19
And he needs that money because the factories in China are constantly shut down due to COVID stops. Incidentally, he also reports that he has not sold any Dogecoins. So he still firmly believes in that.
It will all be well that Elon Musk still has rock solid faith in Bitcoin, the fact is that he has not done the price of the coin any favor by dumping a large amount of Bitcoin.
