Tesla Sell 75% Of Its Bitcoin Holdings
Teslas recent decision to sell 75% of its Bitcoin (BTC) holdings has largely unfazed crypto industry experts, who say its a fairly common strategy for companies to improve cash flow during economic downturns.
The company revealed on Wednesday that it had sold three quarters of its Bitcoin holdings in Q2 2022, thereby adding a whopping $936 million in fiat currency to Teslas balance sheet.
CEO Elon Musk stated that the sale should not be interpreted as a final judgment on Bitcoin and its worth, clarifying that the decision was made due to liquidity concerns in light of Chinas ongoing COVID-19 lockdowns.
As such, Tesla sold a large portion of its Bitcoin holdings because Elon was unsure when the Covid lockdowns in China would be lifted. Due to this, it was critical for him to maximize the companys cash position before also stating that he is open to increasing Teslas Bitcoin holdings in the future if the situation improves.
Lastly, Elon went out of his way to remind everyone that Teslas ultimate goal is not to keep buying and selling crypto, but rather to focus on accelerating the advent of stable and renewable energy.
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