Elon Musk Announces ‘Tesla Is Not Selling Bitcoin’
Bitcoin’s price had plunged below $43,000 after Elon earlier hinted on a Twitter exchange Sunday afternoon that the electric vehicle maker had sold or might sell the rest of its bitcoin holdings.
A Twitter user named @CryptoWhale wrote, “Bitcoiners will be slapping themselves next quarter when they find out that Tesla is abandoning the rest of their holdings. With the amount of hate @elonmusk is getting, I don’t blame him…”
Musk replied, “Really.”
The change comes days after Musk said the company plans to hold the bitcoin it already owns rather than sell it, and use it for transactions as mining transitions to more sustainable energy. Tesla did not immediately respond to a request for comment.
The change comes just days after Elon said the company plans to hold the bitcoin it already owns rather than sell it, and use it for transactions as mining transitions to more sustainable energy. Tesla did not immediately respond to a request for comment.
Musk has been a huge supporter of cryptocurrencies and has helped push the prices of digital currencies, including bitcoin, several times over the past year. In an SEC filing in February, Tesla announced that it had purchased $1.5 billion worth of bitcoin. The company later said it made $101 million in net gains from bitcoin sales during the quarter, helping push its net profit to a record high in the first quarter.
However, Musk seems to have reversed course in recent weeks in favor of dogecoin, the meme-inspired cryptocurrency. Tesla also said last week that “the rapidly increasing use of fossil fuels for bitcoin mining”. It has “suspended purchases of vehicles using bitcoin” out of concern. In the first minutes after Musk’s announcement, the bitcoin price dropped by about 5%.
Musk has since taken to Twitter to react to users criticizing his cryptocurrency stance. Influential venture investor, co-founder of Union Square Ventures. Fred Wilson tweeted on Friday: “He’s playing. It’s hard to take whoever did this seriously. That’s why I lost my great respect for him last year.”
“I have deep respect for what he has done with his talents,” Wilson said. Less for what they do with their tweets.”
Musk is also moving towards dogecoin. Space and space startup SpaceX launched a “DOGE-1 mission to the Moon” last week. Announced that it will accept dogecoin as payment to launch. Its approvals helped boost the coin’s price, pushing it towards acceptance among some merchants.
Crypto exchange platform Coinbase said it will roll out the digital currency in the next six to eight weeks. Other popular trading platforms among retail investors are Robinhood. Binance currently allows users to trade dogecoins.