Tesla Sold Out 75% Of Its Bitcoin Holding Due To Incident Of liquidity Of The Company Given COVID-19 Related Shutdowns In China

In the letter sent to Tesla shareholders by Elon Musk, Tesla’s head, he revealed that he sold 75% of their Bitcoin holdings and accumulate a total of $936 million. Tesla revealed how he fought the inflation and economic meltdown in its full Q2 2022 financial report. He explained he sold the Bitcoin because of the incident of liquidity of the company given COVID-19. He further stated that the massive sold-out should not be taken as any verdict on the flagship cryptocurrency.

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Elon Musk, A crypto Influencer

Elon Musk also made it known that Tesla hasn’t sold any of its Dogecoin. Musk has become the major promoter and influencer of cryptocurrencies. He tweeted in favor of Dogecoin as an alternative and posted photos of his dog Floki, which like the Dogecoin mascot is a Shiba Inu. Also when Tesla held a big party for its new Austin factory in  April, the Dogecoin image was featured by a drone.

Musk has embraced Bitcoin by allowing Tesla to add support to the coin and this has catalyzed Bitcoin. Later after that period, Elon has to stop the support of Tesla on Bitcoin due to the danger in its mining.

Following the removal of Tesla’s support from Bitcoin, the BTC price dropped to $22,650. At the moment, the cryptocurrency calms below the $23,000 level. Presently the largest cryptocurrency is still down from its ATH by almost 48%.

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The continuous pullback marks a hawkish move from one of the crypto sector’s most significant bulls which was termed a “crypto winter”.

Elon Musk yet positions himself as a real proponent of crypto, as reported a few weeks ago by Cryptolifedigital, that in addition to the Tesla acceptance of Dogecoin, Musk stated that SpaceX will soon raise its support on the meme coin.