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Elon Musk: “I Didn’t Sell My Own Bitcoins”

Tesla founder and billionaire Elon Musk said that he still hodl his bitcoins. At the same time, the company itself received income from the sale of BTC for $101 million.

An awkward situation started with a tweet from Barstool Sports founder Dave Portnoy. He accused Musk of profiting from the pump and dump of Bitcoins caused by public statements supporting digital currencies. To know it’s easy to make a fortune with that.

In response, Musk stated that Tesla sold 10% of its BTC portfolio. It was done to prove that Bitcoin can be a reliable alternative to storing company funds in the traditional currency – the US dollar. At the same time, Tesla doesn’t intend to sell all of its crypto assets.

In just the first quarter of 2021, the electric car manufacturer received $272 million in net income from the sale of BTC. At the same time, the crypto market has grown significantly against the background of statements in February this year about the strategic purchase of BTC for $ 1.5billion. It’s about 8% of the gross cash position of the company at that time.

Also, at the end of winter 2021, Tesla announced the start of accepting payments in BTC to purchase electric vehicles. At the same time, the emphasis was on the further storage of coins rather than converting digital assets into cash. In addition, the company audited the BTCPay Server system that will be used by Tesla.

Musk himself doesn’t state how many bitcoins he stores in his crypto wallet. However, from the last tweet, it becomes clear that the entrepreneur won’t sell his coins. On the contrary, he builds the image of a convinced Hodler.

How the community reacted to Musk’s words

The billionaire’s statement heated controversy among crypto enthusiasts. Some investors noticed that the hot topic was not the sale of BTC by Tesla but Musk’s words about his own investments in crypto. Others were interested in confirming the liquidity of Bitcoin, which was chosen by the CEO of Tesla.

However, most figures in the crypto world agreed that the company pursued completely different goals when selling tokens. Most likely, the electric car manufacturer just wanted to cash in on the growth of Bitcoin.

Is it that simple?

Many media outlets believe that Tesla’s data on the purchase/sale of digital currency is a kind of red herring. It’s known that before the publication of the company’s report, information about claims from Chinese financial regulators appeared on the Internet. Moreover, there was some news about the sale of shares by Kimbal Musk, who’s the brother of Elon. Therefore, reputable publications suggest that Tesla is experiencing specific difficulties.

At the same time, Bitcoin is showing good results on the market. According to the CoinMarketCap website, one BTC coin will now cost around $55,000. And the growth of the exchange rate may continue.

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