Elon Musk’s Tesla Just Sold Some of Its Bitcoins: Find Out Why
The Tesla CEO responded to a tweet, sharing that the company had dumped the cryptocurrency to prove liquidity of the cryptocurrency. By Edited by Gadgets 360 Newsdesk | Updated: 27 April 2021 11:57 IST
In March, the value of Bitcoin rose to a then all-time high of $60,000 (roughly Rs. 45 lakhs)
Highlights
His tweets have sent the value of these two cryptocurrencies soaring
Tesla invested $1.5 billion (roughly Rs. 11,200 crores) in Bitcoin
Elon Musk said Tesla had sold 10 percent of its Bitcoin holdings to demonstrate the cryptocurrency's liquidity on balance sheet, while he has retained his personal Bitcoin investment. The Tesla and SpaceX CEO was responding to a tweet by Barstool Sports founder Dave Portnoy, who questioned Musk's sale of Bitcoins and said that he had bought the cryptocurrency and made a fortune by selling it a higher price. Portnoy's tweet came after Tesla stated in its first-quarter earnings report on Monday that it had sold $272 million (roughly Rs. 2,030 crores) worth of its Bitcoin holdings.