In the second quarter of 2022, the major electric motor firm Tesla, also one of the businesses that had acquired the highest quantity of bitcoins, carried out a sale representing seventy-five percent of its bitcoin holdings.
According to the report that Tesla released during the second quarter:
“After the second quarter, we converted around 75 percent of our Bitcoin transactions into conventional cash. The cash on our balance sheet increased by $936 million due to conversions in the second quarter.”
Tesla said it sold the bulk of its bitcoin holdings because they “were unsure when the Covid shutdowns in China will lessen.” This was one of the explanations that they provided for why they decided to sell their bitcoin holdings. Tesla stressed that the action should not be viewed as a verdict on Bitcoin and emphasized this point in their statement.
Tesla Has Not Sold Any of Its Dogecoin Holdings as of Yet!
After announcing that the company had sold 75% of its bitcoin holdings, Elon Musk disclosed that the company had not sold any of its Dogecoin holdings. Musk revealed that the company had sold 75% of its bitcoin holdings.
By the beginning of 2017, Tesla had amassed bitcoins with a value of approximately $1.5 billion. The company even went so far as to momentarily accept it as payment for the purchase of Tesla vehicles before discontinuing the practice out of concern for the environment. According to the financial statement released by Tesla, the business has just $218 million worth of digital assets left, some of which is Dogecoin, which it currently accepts as payment for Tesla items.
An Unexpected Twist in the Story?
Most people in the cryptocurrency community were taken aback when they found out that Tesla was selling bitcoins because Musk had stated in May that the company would not sell bitcoins.
In addition, no one anticipated that the corporation would sell bitcoin after the price fell as dramatically as it has.
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