This decision by the company should not be taken as any kind of verdict on bitcoin, Elon Musk assured.
Elon Musk’s Tesla company sold 75% of its bitcoin worth $936 million in the second quarter of this year. This was stated in the company’s report, which was published the previous day.
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“By the end of the second quarter, we had converted approximately 75% of our bitcoin purchases into fiat currency,” Tesla said.
The company added that these sales added $936 million in cash to its balance sheet.
Later, company founder Elon Musk explained why Tesla made such a move.
“The reason we sold a bunch of our bitcoins is because we don’t know when the COVID-19 lockdown will be eased in China. So it’s important for us to maximize our position in the currency,” he said.
At the same time, Musk noted that such a decision by the company should not be taken as any kind of verdict on bitcoin. He assured that Tesla is open to increasing its cryptocurrency holdings in the future.
Recall that in June, the value of bitcoin fell to the lowest since December 2020 – $ 19,040. Today the most popular cryptocurrency trades in the region of around 23 thousand dollars.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.