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Elon Musk Addresses Accusations About Pumping and Dumping Bitcoin

source-logo  u.today 27 April 2021 00:44, UTC

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.