Elon Musk’s Tesla just sold some bitcoins

Elon Musk stated that Tesla has sold 10% of his bitcoin holdings to demonstrate the liquidity of the cryptocurrency on the balance sheet, while he has kept his personal bitcoin investment. 

The CEOs of Tesla and SpaceX are responding to a tweet from Dave Portnoy, founder of Barstool Sports, who questioned Musk’s sale of Bitcoin and said that he had already bought this cryptocurrency and that by selling higher he made a fortune. Tesla said in its first-quarter earnings report on Monday that it had sold $ 272 million (roughly Rs 20.03 billion) in bitcoin assets, which was a tweet from Portnoy. 

In response to Portnoy’s question, if he “got this right,” Musk “bought #bitcoin, then smoked it. He wakes up. Then he lost it and made a fortune. The Tesla CEO wrote on Twitter: “No, you don’t want it. I didn’t sell any of my bitcoins. Tesla sold 10% of its holdings, mainly to demonstrate Bitcoin’s liquidity, as an alternative to keeping cash on the balance sheet.”

I am holding 100% of my Bitcoin https://t.co/yWkJmSebp2 pic.twitter.com/11SJIbWQ5e

— Dave Portnoy (@stoolpresidente) April 26, 2021

Elon Musk has always been a strong supporter of Bitcoin and Dogecoin. His tweets time and time again sent the value of these two cryptocurrencies higher. In February, a series of tweets from Musk tweeting Dogecoin caused the value of meme-based cryptocurrencies to hit crazy levels. In March, the value of Bitcoin rose to an all-time high of $ 60,000 (roughly 4.5 crores). After he announced that Tesla would accept cryptocurrency as a payment method. 

Tesla is using only internal & open source software & operates Bitcoin nodes directly.

Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.

— Elon Musk (@elonmusk) March 24, 2021

A month ago in February, the company also invested $ 1.5 billion (approximately Rs 112 billion) in Bitcoin. Send a mysterious tweet that says, “In hindsight, this is unavoidable.” However, recently, the value of both cryptocurrencies has plummeted. 

On Tuesday (at the time of this writing), the value of Bitcoin was $ 53,474.20 (roughly 4 million rupees). The cryptocurrency hit an all-time high of US $ 64,804.72 (roughly 4.8 million rupees) on April 9. Similarly, the Dogecoin crash began on April 21, when cryptocurrency fans celebrated the second day of Governor’s Day. 

At the time of writing, the price of Dogecoin is roughly $ 0.266308 (roughly Rs 20). On April 16, the value of the cryptocurrency soared to a record $ 0.45 (around Rs 35). 

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