Tesla CEO Elon Musk claims that he hasn’t sold any of his Bitcoin when confronted by Barstool Sports’ Dave Portnoy.
He explains that the e-car manufacturer cashed out 10 percent of its cryptocurrency holdings to prove the asset’s liquidity.
Tesla has sold $272 million worth of Bitcoin, securing a profit of $101 million.
The company originally disclosed its mammoth $1.5 billion investment in the world’s largest cryptocurrency in early February.
Last month, Tesla also adopted Bitcoin as a new payment method.
Alex DovbnyaA long-term bet
During Tesla’s earnings call CFO Zachary Kirkhorn said that Bitcoin was “a good decision” for the company:
Bitcoin has proved to be a good decision, a good place to put some of our cash that’s not being used for daily operations…and be able to get some return on that.
Advertisement
The e-car maker views its remaining Bitcoin as a long-term holding:
We do believe long-term in the value of bitcoin, so it is our intent to hold what we have long-term.
Kirkhorn, the self-proclaimed “Master of Coin,” also said that the company could buy more in the future.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Vladislav Sopov
Dan Burgin