Elon Musk’s Tesla Just Sold Some of Its Bitcoins
After reporting its first-quarter earnings, Tesla showed that it had sold $272 million worth of Bitcoin holdings, which Barstool Sports founder Dave Portnoy, questioned, stating that Musk had bought the cryptocurrency and sold it at a higher price to make a fortune. Musk responded to it stating that it was not his personal Bitcoin investment, but that of Tesla which was sold, in order to demonstrate the liquidity on the balance sheet.
Musk has been a big supporter of Bitcoin and Dogcoin, and he tweets in the past have sent the value of these currencies soaring. In the recent past when he had tweeted that Tesla will now be accepting the cryptocurrency as a mode of payment, the Bitcoin value touched an a time high of $60,000.
A month ago, in February, the company had also invested $1.5 billion (roughly Rs. 11,200 crores) in Bitcoin.
However, of late, the value of both these cryptocurrencies have slumped. On Tuesday (at the time of writing), the value of Bitcoin was $53,474.20 (roughly Rs. 40 lakhs). The cryptocurrency had hit an all-time high of $64,804.72 (roughly Rs. 48 lakhs) on April 9.