This Is Why Tesla Sells Bitcoin Holdings But Elon Musk Still Keeps It! - Kakiforex | Forex markets for the smart money. This Is Why Tesla Sells Bitcoin Holdings But Elon Musk Still Keeps It! This Is Why Tesla Sells Bitcoin Holdings But Elon Musk Still Keeps It!

April 28, 2021

This Is Why Tesla Sells Bitcoin Holdings But Elon Musk Still Keeps It!

 American electric vehicle maker Tesla has reportedly sold Bitcoin worth nearly $ 275 million after making a $ 1.5 billion investment. With this Tesla has reduced its stake by 10% and generated $ 101 million in profit.


According to a BBC report, Tesla has recorded $ 438 million for the first three months of a big jump from the $ 16 million reported last year. According to the company’s chief financial officer, Zachary Kirkhorn, Tesla intends to hold Bitcoin for the long term and continue to collect Bitcoin from the proceeds of car buyer transactions from customers.



Tesla had previously announced last month that they had allowed buyers to purchase Tesla vehicles using Bitcoin.


Even so, equity analyst Nicholas Hyett thinks that while there are positive results, it is likely to cause problems in the future. ”He commented.


On the other hand, Elon Mus noted that Tesla sold 10% of its ownership to “prove the liquidity” of Bitcoin in terms of keeping assets on the balance sheet instead of cash. However, he himself did not sell his own Bitcoin holdings.