u.today
Tesla CEO Elon Musk claims that he hasn’t sold any of his Bitcoin when confronted by Barstool Sports’ Dave Portnoy.
He explains that the e-car manufacturer cashed out 10 percent of its cryptocurrency holdings to prove the asset’s liquidity.
Tesla has sold $272 million worth of Bitcoin, securing a profit of $101 million.
The company originally disclosed its mammoth $1.5 billion investment in the world’s largest cryptocurrency in early February.
Last month, Tesla also adopted Bitcoin as a new payment method.
A long-term bet
During Tesla’s earnings call CFO Zachary Kirkhorn said that Bitcoin was “a good decision” for the company:
Bitcoin has proved to be a good decision, a good place to put some of our cash that’s not being used for daily operations…and be able to get some return on that.
The e-car maker views its remaining Bitcoin as a long-term holding:
We do believe long-term in the value of bitcoin, so it is our intent to hold what we have long-term.
Kirkhorn, the self-proclaimed “Master of Coin,” also said that the company could buy more in the future.