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June 28, 2022
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Elon Musk says Tesla has sold about 10% of Bitcoin stakes

Elon Musk said the tweet in which he made the announcement is a response to a Cointelegraph report

Tesla has sold about 10% of its Bitcoin stakes, Elon Musk said Sunday in a tweet.

The billionaire’s message said the sale was made “to confirm that the BTC could be liquidated easily without moving the market.” The tweet was a response to a Cointelegraph report that quoted Magda Wierzycka, executive chairman of South African asset manager Sygnia, saying that Musk’s recent tweets about Bitcoin should have led to an investigation by the US Securities and Exchange Commission. .

The cryptocurrency rose 4.4% to $37,592.85 at 2:25 pm.

Elon Musk said the electric car maker will resume permitting Bitcoin transactions “when there is confirmation of reasonable (~50%) clean energy use by miners with a positive future trend.” The billionaire has brought down the prices of Bitcoin and other digital tokens with a series of social media posts over the past few months.

Tesla and Bitcoin

On a recent tweet, Tesla CEO Elon Musk said the company will no longer accept Bitcoin as payment for its vehicles, citing the cryptocurrency’s energy use.

Musk wrote:

“We are concerned about the rapidly increasing use of fossil fuels for mining and Bitcoin transactions, especially coal, which has the worst emissions of any fuel.”

Tesla began accepting BTC as payment earlier this year after reporting a $1.5 billion investment in the currency. The automaker’s entry into the market precipitated a price increase – from $39,000 at the time of the February 8 announcement to $53,000 a week later.

This has led to some setback from climate-conscious consumers, who found Tesla’s foray into Bitcoin at odds with its pro-environment image.

Source: Bloomberg

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