Elon Musk and Tesla have been in the news a lot as of late, primarily for their roles in the bitcoin community. Just a few days ago, it was widely speculated that Elon Musk was potentially looking into selling all his bitcoins and that he may part ways with his stash. However, while nothing can be said for his personal crypto collection, Musk has assured his social media followers and crypto fans everywhere that Tesla has not parted with any of its digital assets.
Elon Musk Says None of Tesla’s BTC Has Been Sold
Tesla initially bought bitcoin back in February of 2021. Musk added more than $1.5 billion worth of the world’s number one digital currency by market cap to the electric car company’s balance sheet, making it one of the largest – if not the largest – institutional purchase of bitcoin in the history of digital currency. The price of BTC ultimately rose to a new high of approximately $57,000, and everyone felt that this was the start of something glorious.
From there, Musk added more fuel to the fires of positivity by stating that his company would permit bitcoin payments for goods and services, thereby bringing the initial goals of the digital currency to light. While BTC has often boasted a solid reputation as a speculative tool that can make a person rich under the right circumstances, it is easy to forget that the asset was initially designed to serve as a payment currency, though volatility has often gotten in the way.
Everyone believed that bitcoin would ultimately cross the line into full scale legitimate territory once the ball got rolling with Tesla payments. Unfortunately, it was not meant to be as Elon Musk later rescinded his decision, citing concerns with how bitcoin is mined. This came as a huge punch in the face to many crypto traders, though things took an even uglier turn just a few days ago when Musk hinted online that he was looking to sell his personal bitcoin stash.
The trouble began when a Twitter user known as @CryptoWhale wrote:
Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their bitcoin holdings. With the amount of hate Elon Musk is getting, I would not blame him.
Musk later responded with a single word… “Indeed.” This got everyone talking and speculating about whether the South African entrepreneur was going to sell his bitcoins in the coming future. While nothing has been confirmed yet, the cryptocurrency continued its recent descent into blackness and is presently trading for just over $43,000 – a loss of more than $20,000 from last month.
Confirming with Fans
There is good news in that it has since been confirmed that Tesla, itself, has not sold any bitcoins, with Musk issuing the following statement:
To clarify… Tesla has not sold any bitcoin.