Elon Musk Denies Selling his Bitcoin Holding

Controversial Billionaire and Crypto fan, Elon Musk recently made it known that he has not sold any of his Bitcoins. He made this declaration via twitter on Tuesday after a Bitcoin holder accused him of manipulating the crypto markets.

Elon Musk denied such claims and assured the Bitcoin holder that he has personally not sold any of his Bitcoin holdings. He, however, acknowledged that the company Tesla, sold just a little fraction of its Bitcoin holdings to prove the liquidity of BTC.

Reports indicate that Tesla generated a net proceed of over $270 million after it sold its 10% portion of its holdings. Earlier this year, Tesla revealed that a little percentage of the company’s cash was converted to Bitcoin. This amounted to a sum of $1.5 billion worth of BTC.

Additionally, two months ago, Tesla announced that the company now accepts Bitcoin as a means of payment for its vehicles. Elon Musk went further to state that the Bitcoin received as payment from customers will remain as Bitcoin on the company’s balance sheet, rather than being converted to fiat. This announcement affected the value of Bitcoin positively.

Elon Musk however has not disclosed how much worth of Bitcoin he holds personally. His tweets and comments about Bitcoin however indicate that he is willing to be a long-term holder rather than an active trader. Bitcoin is not the only cryptocurrency that Musk is a fan of. He has constantly shown his support for Dogecoin too.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts