Tesla CEO Elon Musk explained in a tweet early Monday that the electric car manufacturer “has not sold any Bitcoin.”
“To clarify speculation, Tesla has not sold any Bitcoin,” Musk said in a tweet.
To clarify speculation, Tesla has not sold any Bitcoin— Elon Musk (@elonmusk) May 17, 2021
According to Coin Metrics info, bitcoin was valued at $44,680 as of 2:35 a.m. ET Monday.
Earlier, bitcoin’s price fell below $43,000 after Musk suggested in a Sunday afternoon Twitter exchange that the electric vehicle manufacturer sold or would sell the remainder of its bitcoin assets.
According to @CryptoWhale on Twitter, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their holdings.” With the amount of hate @elonmusk is getting, I wouldn’t blame him…”
Musk replied, “Indeed.”
Indeed— Elon Musk (@elonmusk) May 16, 2021
The trade occurred only days after Musk stated that the company wanted to keep rather than sell the bitcoin it already possessed and use it for purchases as soon as mining transitioned to more renewable energy. Tesla did not immediately respond to a request for comment.
Musk has been a vocal advocate of cryptocurrency, helping to boost the prices of digital assets such as bitcoin multiple times in the last year. Tesla disclosed in a February SEC filing that it had purchased $1.5 billion in bitcoin. Later, the firm revealed that it made a net profit of $101 million from bitcoin sales during the year, helping to increase its net income to a record high in the first quarter.
However, Musk seems to have changed his mind in recent weeks in favor of dogecoin, the meme-inspired cryptocurrency. Tesla also “suspended vehicle purchases using bitcoin” last week, citing concerns about the “rapidly increasing use of fossil fuels for bitcoin mining.” In the first few minutes after Musk’s announcement, the price of bitcoin fell by around 5%.
Musk has also retaliated on Twitter against people who are critical of his cryptocurrency position. Fred Wilson, a managing partner of Union Square Ventures and a prominent venture capitalist, tweeted on Friday, “He’s playing games.” It’s difficult to take someone seriously who acts like that. Because of that, I’ve lost a lot of admiration for him in the last year.”
Wilson said, “Deep respect for what he does with his talents.” Less for what he does in his tweets.”
Musk is now investing more in dogecoin. His aerospace company, SpaceX, revealed last week that it would consider dogecoin as payment for the launch of the “DOGE-1 mission to the Moon.” His endorsements have sent the coin’s price higher, increasing acceptance by some traders.
Coinbase, a cryptocurrency trading website, has stated that the digital coin will be available in the next six to eight weeks. Other popular trading platforms among retail investors, such as Robinhood and Binance, also enable users to trade dogecoin.