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.
No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.
— Elon Musk (@elonmusk) April 26, 2021
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.