27
Jul, 2022

Tesla Sold 75 % of Bitcoin Holdings

When Tesla bought $1.5 billion, the price of 1 Bitcoin was ranging around $47,000. This move from Tesla gave a huge boost to the price, reaching an all-time high level at $69,000.

 

Tesla decided this quarter to liquidate its Bitcoin position by 75 %, without mentioning the exact price of selling. The main reason behind this decision is that the asset holding was a “distraction” from the main business scope.

 

The fact that Tesla decided to sell of those assets, with profound loss, showed that the risk taken, was not calculated at all. In contrast with that, Elon Musk’s position in Dogecoin has not been affected, letting a margin for more actions.