Thursday, September 23, 2021

‘I have not sold any of my Bitcoin’: Elon Musk

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Billionaire entrepreneur Elon Musk has taken to Twitter to guarantee the crypto group that he has not offered any of his private BTC stash, regardless of his firm Tesla realizing earnings from its latest Bitcoin buys.

Musk’s feedback got here in response to accusations from comic Dave Portnoy that the Tesla CEO had profited from a Bitcoin pump and dump engineered via his public statements supporting the cryptocurrency.

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Rejecting Portnoy’s assertion, Musk acknowledged that “Tesla offered 10% of its holdings primarily to show liquidity of Bitcoin as an alternative choice to holding money on stability sheet,” including:

“I’ve not offered any of my Bitcoin.”

As reported by Cointelegraph, Tesla Inc. sold a portion of its Bitcoin holdings within the first quarter of 2021, producing web proceeds of $272 million.

In February this yr, the corporate catalyzed the crypto market bull run after disclosing a strategic acquisition of $1.5 billion worth of Bitcoin — price 7.7% of its gross money place on the time.

Throughout the identical month, Tesla additionally introduced it could start accepting BTC payments for its cars, emphasizing that it’s going to retailer the funds in Bitcoin moderately than convert into money.

Elon Musk has sometimes shied away from disclosing how a lot Bitcoin he holds personally, however his newest tweet suggests he’s reluctant to promote it.

On the time of writing, BTC has gained 3% over the previous 24 hours to commerce at $53,600, in keeping with CoinGecko.