Accused on Twitter of having driven up the price of Bitcoin to cash in on a capital gain, Elon Musk refutes. On the other hand, Tesla, of which he is CEO, did sell 10% of its BTC capital, but not for the sake of profit.
This is a fact. Elon Musk's messages on Twitter can influence the price of cryptocurrencies. This is especially true for Bitcoin, but also for DOGE. But do these tweets constitute intentional market manipulation?
On the social network, the actor Dave Portnoy blamed the boss and influencer. And so the latter reacted and refuted the accusations. Because if Tesla holds Bitcoin, to the tune of $ 1.5 billion, Musk also owns some personally.
And no, the executive did not take advantage of price fluctuations to make a capital gain. "I have not sold any of my bitcoins," Elon Musk soberly denies. However, this is not the case with Tesla.
In early February, when BTC was still below $40,000, the carmaker invested 1.5 billion of its $19 billion cash in the cryptocurrency. This announcement immediately caused the value of the crypto asset to jump.
Since then, the industrialist, unlike his boss, has indeed sold a share of its capital. Musk confirms that the company has sold 10% of its assets in Bitcoin. But the objective was not to get rich, nevertheless contradicts the CEO.
"Tesla sold 10% of its holdings primarily to prove the liquidity of Bitcoin as an alternative to holding cash on its balance sheet," he says. If the capital gain was not the endgame, the operation is still a win-win.
According to Cointelegraph, the sale took place in the first quarter of 2021. And it therefore allowed the electric vehicle manufacturer to make a net profit of $272 million. Bitcoin is therefore proving to be an unbeatable investment for the industrialist.
If Elon Musk does not intend to sell his BTC to date, he still does not specify how many tokens he holds, nor the price paid for their acquisition. In any case, there is no question for the boss to suggest any participation in a pump & dump operation.
As for Tesla, which now also offers its customers to pay for their vehicles in Bitcoin, it is reaping the benefits of its strategy. This decision contributed to an increase in sales in the first quarter ($101 million net).
Source: Website
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