bitcoin liquidity, Elon Musk, elon musk bitcoin, elon musk owns bitcoin, elon musk sells bitcoin, master of coin, Tesla, tesla earnings, tesla sold bitcoin, tesla sold cryptocurrencies

Tesla CEO Elon Musk has confirmed that he owns bitcoin and has not sold any of his holdings. His company Tesla, however, has sold some of its bitcoins, which Musk says it’s “essentially to prove liquidity of bitcoin.†Tesla’s Master of Coin says the company believes in the value of bitcoin and will keep holding the cryptocurrency long term as well as accumulating from car sales.

Tesla Sold 10% of Its Bitcoin Holdings, Made $272 Million

Elon Musk’s electric car company, Tesla, announced its first-quarter earnings results on Monday. Prior to the earnings call, bitcoiners were hoping to hear how many more bitcoins Tesla had purchased since its original investment of $1.5 billion early this year. However, Tesla revealed that it actually sold some BTC during the quarter.

Zachary Kirkhorn, Tesla’s chief financial officer whose title was changed to Master of Coin, said during the earnings call:

bitcoin liquidity, Elon Musk, elon musk bitcoin, elon musk owns bitcoin, elon musk sells bitcoin, master of coin, Tesla, tesla earnings, tesla sold bitcoin, tesla sold cryptocurrencies
Tesla’s statement of cash flows (unaudited). Source: Tesla

Tesla’s unaudited statement of cash flows shows an entry for “Proceeds from sales of digital assets†that amounted to $272 million. Its balance sheet shows a net digital asset entry of $1.331 billion.

bitcoin liquidity, Elon Musk, elon musk bitcoin, elon musk owns bitcoin, elon musk sells bitcoin, master of coin, Tesla, tesla earnings, tesla sold bitcoin, tesla sold cryptocurrencies
Tesla’s balance sheet (unaudited). Source: Tesla

Elon Musk Owns Bitcoin and Has Not Sold Any

The news of Tesla selling some of its bitcoins went viral on social media and many people on Twitter are upset with Elon Musk, the CEO whose title was changed to Technoking of Tesla.

Stock trader Dave Portnoy, who recently became a proud owner of one bitcoin, commented in a tweet: “So, am I understanding this correctly? Elon Musk buys bitcoin. Then he pumps it. It goes up. Then he dumps it and make a fortune.â€

Musk replied: “No you do not.†He proceeded to reveal, “I have not sold any of my bitcoin,†confirming that “Tesla sold 10% of its holdings.†The Tesla technoking claims that the BTC sale was “essentially to prove liquidity of bitcoin as an alternative to holding cash on balance sheet.â€

bitcoin liquidity, Elon Musk, elon musk bitcoin, elon musk owns bitcoin, elon musk sells bitcoin, master of coin, Tesla, tesla earnings, tesla sold bitcoin, tesla sold cryptocurrencies

Tesla’s Bitcoin Strategy Going Forward

Kirkhorn explained during the earnings call: “Elon and I were looking for a place to store cash that wasn’t being immediately used, trying to get some level of return on this, but also preserve liquidity … Bitcoin seemed at the time and so far has proven to be a good decision.â€

He continued, “Thinking about it from a corporate treasury perspective, we’ve been quite pleased with how much liquidity there is in the bitcoin market.†Kirkhorn elaborated: “Our ability to build our first position happened quickly. When we did the sale later in March, we also were able to execute that very quickly. And so as we think about kind of global liquidity for the business in risk management, being able to get cash in and out of the market is something that I think is exceptionally important for us.â€

Tesla’s Master of Coin emphasized:

How many bitcoins do you think Elon Musk owns and what do you think about Tesla selling some to prove liquidity? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Bitcoin Dips as Elon Musk Tweets Broken Heart Emoji

The price of the leading cryptocurrency took a hit after billionaire Elon Musk mentioned Bitcoin in a new tweet hinting at a breakup. Musk’s latest crypto post, featuring a broken heart emoji and a reference to a Linkin Park song, effectively halted this week’s market rebound. Musk Tweet Pushes Bitcoin Price Down Before the Weekend […]

Xem chi tiết: Bitcoin Dips as Elon Musk Tweets Broken Heart Emoji

Daymak to Launch Crypto Mining Vehicle by 2023

Daymak, a Canada-based electric vehicle company, has announced the Daymak Spiritus, an electric car that will be able to mine cryptocurrencies. According to the specs, it will also feature solar charging to lessen the load on the battery while driving. The company, which has only offered the car for 60 days, claims to have managed […]

Xem chi tiết: Daymak to Launch Crypto Mining Vehicle by 2023

Comparing the True Costs of Gold Mining in Africa With Those of Bitcoin Mining

When billionaire Elon Musk announced that Tesla would no longer accept bitcoin as payment for its electric vehicles, the price of the crypto asset tanked. In justifying this decision, Musk cited bitcoin mining’s inefficient use of electricity as well as its impact on the environment. In fact, before Musk waded into this debate, many opponents […]

Xem chi tiết: Comparing the True Costs of Gold Mining in Africa With Those of Bitcoin Mining

Crypto Proponents Become Skeptical of Closed-Door Meeting Between Billionaires and Bitcoin Miners

After Tesla’s Elon Musk and Microstrategy CEO Micheal Saylor revealed the revelation of a newly created “Bitcoin Mining Council,†the news became a viral subject. While some crypto supporters like the idea, others have been skeptical of a couple of billionaires having closed-door meetings with North American bitcoin miners. Bitcoin Mining Council Brings Back Memories […]

Xem chi tiết: Crypto Proponents Become Skeptical of Closed-Door Meeting Between Billionaires and Bitcoin Miners

Little Green Mining Hood or the Big Bad Wolf: Musk’s Sustainability Play

Recent announcements and actions by Elon Musk surrounding bitcoin mining sustainability raise questions about the reasoning and motivations of Tesla’s Technoking. Is it possible that Musk is playing a calculated marketing game to introduce a Tesla mining solution? The World of Bitcoin Mining According to Musk Once upon a time, for 49 days, the world […]

Xem chi tiết: Little Green Mining Hood or the Big Bad Wolf: Musk’s Sustainability Play

Central Bank of Nigeria Governor Says “Digital Currency Will Come to Life” but Attacks Volatile Cryptocurrencies

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says digital currency “will come to life even in Nigeria†just a few months after the central bank ordered banks to stop serving the crypto industry. While acknowledging his country’s position as one of the leading crypto markets in the world, Emefiele however insists his organization is […]

Xem chi tiết: Central Bank of Nigeria Governor Says “Digital Currency Will Come to Life” but Attacks Volatile Cryptocurrencies

Crypto Proponents Become Skeptical of Closed-Door Meeting Between Billionaires and Bitcoin Miners

After Tesla’s Elon Musk and Microstrategy CEO Micheal Saylor revealed the revelation of a newly created “Bitcoin Mining Council,†the news became a viral subject. While some crypto supporters like the idea, others have been skeptical of a couple of billionaires having closed-door meetings with North American bitcoin miners. Bitcoin Mining Council Brings Back Memories […]

Xem chi tiết: Crypto Proponents Become Skeptical of Closed-Door Meeting Between Billionaires and Bitcoin Miners

Elon Musk Convinces Miners to Form ‘Bitcoin Mining Council’ to Promote Renewable Energy Usage

Tesla CEO Elon Musk has spoken with North American bitcoin miners and they have committed to forming a Bitcoin Mining Council to “promote energy usage transparency & accelerate sustainability initiatives worldwide.†They have also agreed to publish their current and planned renewable usage. The meeting was hosted by Microstrategy CEO Michael Saylor. Elon Musk and […]

Xem chi tiết: Elon Musk Convinces Miners to Form ‘Bitcoin Mining Council’ to Promote Renewable Energy Usage

Vitalik Buterin Criticizes Elon Musk’s Idealistic Take on Cryptocurrency, Details Limits on Blockchain Scalability

Crypto Proponents Become Skeptical of Closed-Door Meeting Between Billionaires and Bitcoin Miners

Vitalik Buterin Criticizes Elon Musk’s Idealistic Take on Cryptocurrency, Details Limits on Blockchain Scalability

Elon Musk Convinces Miners to Form ‘Bitcoin Mining Council’ to Promote Renewable Energy Usage

Elon Musk Reaffirms His Crypto Allegiance

Rich Dad Poor Dad’s Robert Kiyosaki Urges Crypto Investors to Buy the Dip, Says ‘Stop Whining and Take Action’

Comparing the True Costs of Gold Mining in Africa With Those of Bitcoin Mining

Rich Dad Poor Dad’s Robert Kiyosaki Urges Crypto Investors to Buy the Dip, Says ‘Stop Whining and Take Action’

Other Articles