Elon Musk’s Tesla has sold 75% of its bitcoin holdings. This is something that already happened within the last three months and he announced it on his q2 earnings call for tesla. Elon Musk describes why he chose to sell 75% of tesla’s bitcoin.
He says “we converted a majority of our bitcoin holdings to fiat for a realized gain offset by impairment charges on the remainder of our holdings. Netting a 106 million dollar cost to the p&l included restructuring and others. We also encourage restructuring charges related to targeted staffing reductions. The reason we sold a bunch of bitcoin holdings was that we were uncertain as to when the covert lockdowns in china would alleviate. So it was important for us to maximize our cash position given the uncertainty of the covered lockdowns in china. We are certainly open to increasing coin holdings in the future. So this should not be taken as some verdict on bitcoin. It’s just that uh we were concerned about overall liquidity for the company given code shutdowns in China and we have not sold any of our dogecoins”.
So do you remember a year ago actually a year ago from today when Elon musk made his stance on bitcoin clear I might pump but I don’t dump? Elon Musk says he will not dump bitcoin and now today Elon musk is saying that he’s dumping 75% because of covid lockdowns. Elon Musk mentioned that he has not sold any of his dogecoins. We still have our dogecoin. Elon musk little bit of a troll obviously.
How Elon Selling Will Affect the Crypto Market
Listen what’s done is done let’s talk about the implications this has on the bitcoin and cryptocurrency market. So tesla has sold off its bitcoin inventory. So this has already happened to the market.
Tesla had no choice but to sell or else they’d end up in the red last quarter. Almost everybody that sold this dip had no choice but to sell. I’d say we’re going back up eventually it seems like this tesla sale flood is a little bit overhyped right. They’ve already done it it’s in the past the cell pressure is gone. Best of all they still have bitcoin on their balance sheet still gonna bounce higher. The fact that bitcoin the asset is still at $23,000 after months of miners selling, tesla fud, celsius selling, luna selling, three arrow capital selling, the macro disaster, and of course all the ongoing fud it’s nothing short of remarkable and bullish af that bitcoin is still at $23,000.
Michael Saylor to Elon Musk
If you sell 75% of your bitcoin, you will only have 25% of your #bitcoin left.— Michael Saylor⚡️ (@saylor) July 20, 2022
Michael Saylor takes to twitter take to the comments and just starts really sharing how he feels. He asks Elon Musk that of course if you sell 75% of your bitcoin you still have 25% of your bitcoin left making it clear that Elon Musk still holds bitcoin.