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Elon Musk Addresses Accusations About Pumping and Dumping Bitcoin

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Tue, 04/27/2021 - 03:44
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Alex Dovbnya
Tesla has taken some chips off the table but still views Bitcoin as a long-term bet
Elon Musk Addresses Accusations About Pumping and Dumping Bitcoin
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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.

Musk
Image by @elonmusk

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.

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A 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.

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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.