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Elon Musk bought bitcoin - The Cryptonomist

source-logo  en.cryptonomist.ch 27 April 2021 07:20, UTC
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Today, Elon Musk indirectly confirmed that he has bought bitcoin

In February, Tesla announced that it had invested $1.5 billion in bitcoin, but it was still unclear whether its founder, Elon Musk, had also bought them with part of his personal wealth. Not least because it was the CEO of Tesla himself who denied having played any role in the company’s decision to buy BTC.  

Many believed it was possible considering that Musk is currently one of the richest men on the planet, but in the absence of confirmation there was only speculation. 

Confirmation that Elon Musk has bought Bitcoin

Today, Musk himself has confirmed, albeit indirectly, that he has bought bitcoin. 

It all began with the news spread today regarding Tesla’s sale of around 10% of the bitcoin purchased by the company in February. 

The owner of DDTG Global, Dave Portnoy, commented on this news with a tweet in which he effectively accused Elon Musk of having bought bitcoin, pumped up the price, and then sold it to “make a fortune”. 

Musk himself responded to these accusations with the following tweet: 

No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.

— Elon Musk (@elonmusk) April 26, 2021

With this statement, not only does Musk refute Portnoy’s reconstruction, but he explicitly states that he did not sell “any of my Bitcoin”, confirming that Tesla sold 10% of its BTC holdings to demonstrate the liquidity of the bitcoin market as an alternative to holding cash dollars. 

The phrase “I have not sold any of my Bitcoin” blatantly reveals that Elon Musk holds bitcoin, and therefore must presumably have bought them in the past. 

However, he did not state how many he owns, how many he has bought, when, or at what price. 

It would not be surprising if Musk, who has been following bitcoin for quite some time now, had bought BTC for example as early as 2020, perhaps when their value was still well below $20,000. If that were the case, at today’s prices he would have more than doubled, if not tripled, the value of his investment in just a few months.