Submit Blog Home » Cryptocurrency News » Cryptocurrency News » Tesla Sold 10% of Its Bitcoin Holdings in Q1 2021 to Prove Liquidity Tesla Sold 10% of Its Bitcoin Holdings in Q1 2021 to Prove Liquidity April 27, 2021 0 Comments Elon Musk-led electric vehicle manufacturer Tesla revealed that it sold a part of its bitcoin holdings after its billion-dollar purchase of the flagship cryptocurrency earlier in 2021.In an earnings call, Tesla stated that it sold $272 million worth of bitcoin in the first quarter of 2021.With the price of bitcoin appreciating since the acquisition, the company’s BTC value may have grown to $2.72 billion, indicating that Tesla likely sold 10% of bitcoin holdings.According to the slide deck, selling bitcoin helped them make a “ $101 million positive impact.” No, you do not.I have not sold any of my Bitcoin.
Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.
— Elon Musk (@elonmusk) April 26, 2021 The company made headlines back in February after it was revealed that it bought BTC worth $1.5 billion in January 2021.Tesla’s bitcoin purchase at the time caused a spike in the price of the largest crypto asset by market capitalization.
Later in March, Tesla announced that it was accepting BTC as a payment method for its vehicles.
Meanwhile, the company stated that the bitcoin received would not be converted into fiat.Bitcoin price saw a massive dip over the previous weekend, with the flagship crypto trading around $47,000 after earlier reaching an all-time high (ATH) of $65,000.At the time of writing, BTC is trading at a little above $53,000.Meanwhile, companies have recently been adding bitcoin to their balance sheets or as a payment method in their platforms.
As reported by CryptoPotato , major wine retailer Acker announced that it was accepting Bitcoin, Ethereum, and Dogecoin as payment methods for its wines.Also, leading flexible workspace provider, WeWork, began accepting BTC, USDC, Ethereum, and Paxos, for payment.Companies like Microstrategy have been on a bitcoin buying spree, with the company recently stating that its non-employee directors would be paid in BTC.Commenting on the Tesla development was the popular bitcoin proponent, Max Keiser.
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