Tesla Makes Big Profits By Selling Half Of Bitcoin (BTC) Assets! - Kakiforex.com - Financial Market Media No. 1 in the World Tesla Makes Big Profits By Selling Half Of Bitcoin (BTC) Assets! Tesla Makes Big Profits By Selling Half Of Bitcoin (BTC) Assets!
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April 27, 2021

Tesla Makes Big Profits By Selling Half Of Bitcoin (BTC) Assets!

 Fast forward to apparently two months since the breaking news of Tesla making a $ 1.5 billion investment in Bitcoin (BTC).


In the latest disclosure today, Tesla Motors has sold part of its bitcoin ownership in the first quarter of 2021, bringing in profits reaching $ 272 million.


The news was also uploaded by the firm's founder, Elon Musk on Twitter earlier this morning.


No, you don't. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.


- Elon Musk (@elonmusk) April 26, 2021



Musk stressed that Tesla has sold 10% of its bitcoin holdings just to prove the liquidity of digital assets as an alternative to cash holdings in the balance sheet.


At the same time, Tesla also stressed the ‘positive impact of $ 101 million’ from a net cash outflow of $ 1.2 billion in crypto.


The price of Bitcoin in the first quarter of this year showed a positive movement starting with the trading value at that time around $ 32,000.


Tesla’s investment results in February including their decision to accept the crypto king as a payment medium for every vehicle purchase, not to forget also the actions of MicroStrategy and Square adding more bitcoin assets into their holdings have brought the price of Bitcoin soaring tremendously.


Now, at the time of writing, Satoshi Nakamoto’s currency is trading at $ 53,909, soaring over 3% in 24 hours.


For the record, proceeds from that $ 272 million have contributed to Tesla’s quarterly net profit of $ 438 million.