Billionaire entrepreneur Elon Musk has taken to Twitter to guarantee the crypto group that he has not bought any of his private BTC stash, regardle
Billionaire entrepreneur Elon Musk has taken to Twitter to guarantee the crypto group that he has not bought any of his private BTC stash, regardless of his firm Tesla realizing earnings from its current Bitcoin buys.
Musk’s feedback got here in response to accusations from comic Dave Portnoy that the Tesla CEO had profited from a Bitcoin pump and dump engineered by way of his public statements supporting the cryptocurrency.
Rejecting Portnoy’s assertion, Musk acknowledged that “Tesla bought 10% of its holdings basically to show liquidity of Bitcoin as a substitute for holding money on steadiness sheet,” including:
“I’ve not bought any of my Bitcoin.”
No, you don’t. I’ve not bought any of my Bitcoin. Tesla bought 10% of its holdings basically to show liquidity of Bitcoin as a substitute for holding money on steadiness sheet.
— Elon Musk (@elonmusk) April 26, 2021
As reported by Cointelegraph, Tesla Inc. bought a portion of its Bitcoin holdings within the first quarter of 2021, producing internet proceeds of $272 million.
In February this 12 months, the corporate catalyzed the crypto market bull run after disclosing a strategic acquisition of $1.5 billion price of Bitcoin — price 7.7% of its gross money place on the time.
Throughout the identical month, Tesla additionally introduced it will start accepting BTC funds for its automobiles, emphasizing that it’ll retailer the funds in Bitcoin quite than convert into money.
Elon Musk has usually shied away from disclosing how a lot Bitcoin he holds personally, however his newest tweet suggests he’s reluctant to promote it.
On the time of writing, BTC has gained 3% over the previous 24 hours to commerce at $53,600, in accordance with CoinGecko.