Tesla not selling any Bitcoin as price of cryptocurrency tumbles

Bitcoin

With just two words and two emojis, Elon Musk has reiterated that Tesla has no plans on selling its Bitcoin holdings, even as prices tumble from all-time highs.

Following increasing speculation and suggestions they should offload the cryptocurrency, Musk said Tesla has “diamond hands”, a reference to when someone plans to hold an investment, even in the face of mounting losses.

Tesla made headlines earlier this year when it revealed in a regulatory filing it had purchased $1.5 billion in the cryptocurrency. Although the exact date of the purchase was never confirmed, rising prices in the month after the announcement gave Tesla an estimated profit of about $1 billion.

Not only did Tesla purchase Bitcoin, it also allowed customers to pay for cars with it, before abruptly ending the practice last week over environmental concerns with the cryptocurrency.

That move sent Bitcoin prices into a downward spiral, dropping from an all-time high of $64,829.14 in mid-April down to current prices below $39,000.

Given that Tesla purchased their Bitcoin holdings when prices were somewhere between $30,000-$35,000, they are still in the black. If the downward trend isn’t turned around soon, they won’t be for long, but that doesn’t matter to Musk who has a long-term vision for Bitcoin’s value.

Bitcoin price

About Mike Flemming 707 Articles
Senior Contributor. White Long Range AWD Model 3 owner since October 2018. EV fan since 2012 with my first Nissan Leaf | Mike@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca