Shortly after Tesla’s Q1 2021 earnings report became public, speculation on Elon Musk’s Bitcoin stand started arising. The financial update revealed that the electric vehicle and clean energy company had made $272 million from selling a portion of its $1.5 billion Bitcoin holding.
Elon Musk’s Bitcoin Strategy Is to Buy, Push, and Sell: Twitter User
One Twitter user commented that the profits electric car maker Tesla made from the sale of its Bitcoin holding alluded that its founder is also behind the cryptocurrency for its price to rise and sell it. The user suggested that Musk’s strategy was to buy Bitcoin, push its price up by publicly supporting its currency status, then sell it and make a fortune.
If the Twitter user is correct, then Musk’s Bitcoin campaign as an alternative to fiat will all be a charade. Tesla’s CEO Elon Musk has, on many occasions, championed cryptocurrency as the wiser option compared to fiat. If he is only holding it to sell later, he would be using Bitcoin as an asset and not currency.
The user going by Dave Portnoy, warned cryptocurrency players to take heed and not be the last one holding Bitcoin. The tweet seems to back the notion that Bitcoin is a bubble that will soon burst. Thus, those holding it need to hurry and sell while it is still profitable.
“I Have Not Sold Any of My Bitcoin”: Elon Musk
Musk, however, was quick to refute the claims with a response to the tweet. Musk clarified that it is only the electric car maker Tesla that has sold 10% of its Bitcoin holding. Musk had not sold his Bitcoin.
The Tesla CEO continued that the electric vehicle and clean energy company had only made the sale to make a point. Tesla’s sale of a portion of its Bitcoin was only to further Musk’s campaign that Bitcoin is the better alternative to cash, and in this case, how liquid the digital coin is.
Musk still holds the position that Bitcoin is the better alternative to fiat currency. Although he has severally declined to reveal the amount of Bitcoin he holds personally, it seems that Tesla’s CEO Elon Musk will not be selling it any time soon.