Elon Musk is Tesla Sells 75% Of Its Bitcoin Holdings, According To Live Crypto News
Tesla Sells Most Of Its Bitcoin Holdings But Holds On To DOGE
Elon Musk, a billionaire businessman who co-founded the US-based electric car company Tesla, has sold off 75% of its Bitcoin (BTC) holdings.
Musk has been a vocal proponent of Cryptocurrencies, but the current "Crypto Winter" that has seen the prices of the majority of cryptocurrencies plummet by an amount never before seen has caused Tesla to sell off its majority BTC holdings.
Musk noted that the business is still keeping its Dogecoin (DOGE) assets, nevertheless.
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Musk has long been a fan of the meme-based Altcoin, and he frequently supports it on Twitter, which occasionally drives up its price.
Tesla stated that it has "converted about 75% of our Bitcoin acquisitions into fiat cash" in its Q2 earnings report.
The automaker claimed that the conversions in Q2 increased its balance sheet by $936 million.
At the conclusion of the previous year, the value of the Bitcoin that was sold was close to $2 billion.
The world is oldest and most valuable Cryptocurrency, Bitcoin, reached an all-time high of $68,000 in November 2021, but the current market collapse has caused it to fall as low as $18,000 as of late last month.
The announcement by Tesla of a $1.5 billion investment in Bitcoin was largely to blame for the increase in BTC price last year.
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According to data from CoinMarketCap, the price of bitcoin was $22,65.19 at the time of writing.
Tesla stated on its balance statement that it currently owns $218 million in digital assets, down from $1.26 billion in the first quarter.
Musk stated on a conference call following the release of the company is earnings that Tesla is still holding onto its Dogecoin holdings.
Tesla did not disclose the specifics of its DOGE holdings, although the business started accepting payments in the alternative currency earlier this year.
Thanks to a number of vehicle price increases, Tesla announced a smaller-than-expected decline in quarterly profit.
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During the conference call, Musk remarked, "You can't kind of just raise costs to some arbitrarily high level because you hit the affordability threshold and then the demand goes off a cliff".
Honestly, [price levels] are at an embarrassing level.
However, there have been numerous manufacturing and supply chain shocks, and inflation is out of control.
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