The title of a story from July 20, 2022 that Twitter user RIZZO published said that Tesla has sold 75% of its Bitcoin holdings. Elon Musk was termed “paper hands” by the user for it.
RIZZO estimates that Tesla currently still has 10,000 Bitcoins. Crypto enthusiasts started speculating in the comments section as to whether Tesla intended to acquire additional Bitcoin soon, or at the very least after the BTC halving scheduled for April or May of next year.
Elon Musk drives BTC to new high
Elon Musk, a software entrepreneur and eccentric millionaire, revealed in February 2021 that Tesla will acquire Bitcoin for around $1.5 billion and add it to its financial sheet.
This caused the leading cryptocurrency to soar by almost 25% to reach $48,000, which at the time was a new record high for Bitcoin. After that, in March, Musk declared that customers will be able to purchase Tesla e-cars using BTC after paying a deposit of at least $100 in Bitcoin for American consumers.
Two months later, Elon Musk changed his mind about selling automobiles for Bitcoin due to serious environmental concerns, which caused Bitcoin to decline.
The top cryptocurrency in that year reached an all-time high of almost $69,000 in late October. This level has yet to be completed.
Around 75% of Tesla’s Bitcoin assets were sold in July of last year, which resulted in a more than 50% decline in the price of Bitcoin.
Tesla hasn’t sold any additional Bitcoin since July 2022, according to a U.Today story from earlier this year, and it now has about $184 million in the cryptocurrency.
Tesla continues to sell things for crypto
Early in 2022, Tesla tried selling its products for Dogecoin, Musk’s preferred meme cryptocurrency. After this method of payment gained popularity, the business kept selling its merchandise in exchange for BTC.
Later on in the year, SpaceX did the same thing since both incidents raised the price of DOGE. That year’s autumn saw the release of Elon Musk’s limited-edition fragrance, “Burnt Hair.”
One of the choices was to purchase it using cryptocurrency using the BitPay cryptocurrency payment processor; it supports at least a dozen different coins, including Shiba Inu, another well-known meme money.
The ten thousand perfume bottles were gone in a flash.
