Tesla Sold 75% Of Its Bitcoin Holdings, Will Elon Musk Buy The Dip Again? What Next?

It’s a known fact that tesla tesla Automobile Followers : 0 View profile and cryptocurrencies, especially Bitcoin have been correlated for a long time. Early in 2021, when Tesla started to accept cryptocurrencies as the mode of payment, the company made its first investment of $1.5 billion in Bitcoin.

However, as per Elon Musk’s car company Tesla’s Q2 earnings reports, the firm has sold 75% of its Bitcoin holdings, worth $936 million.

The company’s earning reports which were published on July 20 have classified this sale as proceeds from the sale of virtual currencies.

elon musk elon musk founder, ceo at tesla, spacex Elon Musk was an enthusiastic cryptocurrency believer, quivering the crypto world through his sparkling tweets. He has a complex relationship with cryptocurrencies. His tweets solely are responsible for the crypto volatility. Musk splendidly purchased $1.5 billion in the king of cryptocurrency. He was born on June 28, 1971, and is based in Pretoria, South Africa. His mother is Maye musk and his father is Errol musk, he is a South African electromechanical engineer, pilot, sailor, consultant, and property developer.   He graduated from the University of Pennsylvania, earning a bachelor's degree in Arts and physics, and the Wharton School, earning a bachelor's degree in science, and economics. Musk was honored by Axel Springer Award, an annual award given to remarkable personalities who are extremely innovative, build new markets and change markets, shape culture, and confront their social responsibility.   In 1995, Elon Musk and Greg Kouri founded a web software company called ZIP2. The company developed and marketed an Internet city guide for the newspaper publishing industry, with maps, directions, and yellow pages.X.com and PayPal: in 1999, he co-founded X.com  which is an online financial service and email payment company. Space X: on 14, March 2002 he founded space x company which provides space transportation services.   On July 1, 2003, he founded TESLA. Tesla is an electrical vehicle and clean energy company which designs and manufactures electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and so on. His other activities involve SolarCity and Tesla Energy, Neuralink, the boring company, Managerial style and treatment of employee Hyperloop, openAI music, and ventures. Etc. he made $165 by selling PayPal to eBay. And was first listed on the Forbes Billionaires List in 2002, with a total net worth of $2 Billion. [email protected] EntrepreneurInvestorChief Executive Officer Followers : 0 View profile and his company Tesla are known for cryptocurrency investment due to its billions of investments made in Bitcoin and other cryptocurrencies. Also, Elon Musk plays a vital role in the crypto market’s price movements.

Meanwhile, due to 75% sales, Tesla’s Bitcoin holdings have dropped drastically. Today, the company’s holdings have decreased from its last reported $1.26 billion to $218 million.

According to the data shared by Bitcoin Treasures, earlier Tesla had 43,200 BTC and the total cost of purchase for Elon Musk’s car company’s Bitcoin holdings stands at $1.5 billion. 

Elon Musk To Buy The Dip?

A Barclays analyst, Brian Johnson claims that Tesla was supposed to make a payment of $460 million non-cash destruction as quarter 2 nears. This claim was made with the belief that there were no purchases or sales made by the company since January 2021.

However, after the news of Tesla’s 75% sale of its Bitcoin holdings, the Bitcoin price declined and at the moment it is selling at $22,926 with a plunge of 2.40% over the last 24hrs. Prior to this drop, the flagship currency had crossed the $24,000 price level in the early hours.

Tesla has failed to keep up with everyone’s belief that the firm will hold on to its Bitcoin investments. Though Elon Musk claimed to increase the company’s Bitcoin holdings, it’s still not sure if Tesla is looking to buy