JVTech News With Crypto Winter, Did Elon Musk Sell All of Tesla’s Bitcoins?
After massively buying Bitcoin in 2021 through Tesla, Elon Musk has become a real whale that catches the eye of all investors in the crypto ecosystem. However, his discourses on this subject were scarce for some time. Thus, many are wondering if he kept all of his company’s Tesla bitcoins.
Is Elon Musk tired of Bitcoin?
While 2022 was not a boom year for cryptocurrency after the fall of Bitcoin, all eyes are on the behavior of the whales. In the crypto ecosystem, a whale refers to an entity that owns a massive percentage of a particular cryptocurrency in its wallet.
Tesla is one of its giants. The automaker built a cash flow in BTC with its first massive purchase in February 2021, which greatly contributed to the explosion in the price of Bitcoin and other cryptocurrencies.
At the initiative of this adoption, the famous billionaire and CEO of the company Elon Musk. In fact, the famous entrepreneur has never hidden his love for Bitcoin and other cryptocurrencies by regularly tweeting about them. Each of his tweets led to an immediate explosion in the price of the cryptocurrency in question. Moreover, he has been accused several times by some of doing market manipulation on DOGE.
However, last July, his company Tesla announced to everyone’s surprise that it had ripped off 75% of its Bitcoin holdings on its balance sheet for the second quarter of 2022. The main operation enabled the company to realize a capital gain of $64 million. – while the value of bitcoin was declining.
After that billion-dollar sale, Elon Musk has been much more conservative on the topic of Bitcoin. Especially since the billionaire at the center of the crypto drama, had to dedicate himself to other careers after purchasing the social network Twitter to become the official Mr. Tweet.
So what happens to the remaining 25% of Tesla’s bitcoins?
Tesla does not sell its own bitcoins
The company published its quarterly accounts on January 25th and it looks like the electric car giant is still on the right track.
For the second consecutive quarter, Tesla held all of its Bitcoins despite the context of the fall of industry giants such as FTX and many others… With 9,720 Bitcoins with a total value of approximately 223 million at current prices (~205 million euros), Tesla appears to be You want to remain a bitcoin whale.
As for the future, no one is able to assess whether the company intends to part with it soon. However, some indications still show that the electric vehicle manufacturer does not necessarily need to be dumped because the company is currently doing the best after the difficult post-Covid times. Indeed, Tesla recorded a sales volume of $24.32 billion (22.37 billion euros) with a profit of $5.7 billion (5.24 billion euros).