Elon Musk mentioned Tesla had bought 10 % of its Bitcoin holdings to exhibit the cryptocurrency’s liquidity on stability sheet, whereas he has retained his private Bitcoin funding. The Tesla and SpaceX CEO was responding to a tweet by Barstool Sports founder Dave Portnoy, who questioned Musk’s sale of Bitcoins and mentioned that he had purchased the cryptocurrency and made a fortune by promoting it a better value. Portnoy’s tweet got here after Tesla said in its first-quarter earnings report on Monday that it had bought $272 million (roughly Rs. 2,030 crores) value of its Bitcoin holdings.
Here’s how the alternate on Twitter between Portnoy and Musk unfolded. In response to Portnoy’s query if he was “understanding this correctly”, that Musk “buys #bitcoin. Then he pumps it. It goes up. Then he dumps it and makes a fortune”, the Tesla CEO tweeted, “No, you do not. I have not sold any of my Bitcoin. Tesla sold 10 percent of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”
No, you don’t. I’ve not bought any of my Bitcoin. Tesla bought 10% of its holdings basically to show liquidity of Bitcoin as an alternative choice to holding money on stability sheet.
— Elon Musk (@elonmusk) April 26, 2021
Elon Musk has been a giant supporter of Bitcoin in addition to Dogecoin. Time and once more, his tweets have despatched the worth of these two cryptocurrencies hovering. While in February, a collection of tweets by Musk, hailing Dogecoin, took the worth of the meme-based cryptocurrency to wild ranges, in March the worth of Bitcoin rose to a then all-time excessive of $60,000 (roughly Rs. 45 lakhs) after he introduced that Tesla would settle for the cryptocurrency as a mode of fee.
You can now purchase a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
A month in the past, in February, the corporate had additionally invested $1.5 billion (roughly Rs. 11,200 crores) in Bitcoin.
Before that, in January, the worth of Bitcoin surged after Musk added the hashtag #bitcoin to his Twitter bio, and in addition despatched out a cryptic tweet, saying, “In retrospect, it was inevitable.”
However, of late, the worth of each these cryptocurrencies have slumped. On Tuesday (on the time of writing), the worth of Bitcoin was $53,474.20 (roughly Rs. 40 lakhs). The cryptocurrency had hit an all-time excessive of $64,804.72 (roughly Rs. 48 lakhs) on April 9.
Similarly, Dogecoin’s crash started on April 21, a day after followers of the cryptocurrency celebrated Doge Day. At the time of writing, Dogecoin’s value was round $0.266308 (roughly Rs. 20). On April 16, the worth of the cryptocurrency had soared to an all-time excessive of $0.45 (roughly Rs. 35).
