Tesla sells 75% of its Bitcoin holdings, but not any Dogecoin, Musk says
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Tesla sold $936 meg worth of Bitcoin in Q2 2022.
Leading electrical motor company Tesla in its latest earnings report, disclosed that information technology had sold 75% of its Bitcoin holdings to strengthen its liquidity over concerns of persisting covid lockdowns in China.
"As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet," the company writes in its written report .
"The reason we sold a bunch of our bitcoin holdings was that nosotros were uncertain every bit to when the covid lockdowns in China would alleviate so it was important for united states to maximize our cash position," CEO Elon Musk said on Wednesday, explaining the motility according to a CNBC written report . "This should be non taken as some verdict on Bitcoin."
Additionally, Musk reportedly confirms that the firm has not sold any of its Dogecoin holdings.
It is worth noting that the firm purchased $i.5 billion in Bitcoin early last yr while likewise briefly accepting it for payments before reversing the decision in May over energy concerns. Meanwhile, the firm currently accepts Dogecoin , a cryptocurrency favored past Tesla chief Elon Musk every bit a ways of payment for select Tesla trade. Consequently, the company's statements reveal it has only about $218 meg left in digital assets.
The written report of the Bitcoin auction took most of the crypto community past surprise, equally Musk had said last May that the house would not sell its Bitcoin. Withal, following the study, the latest crypto rally appears to be losing steam.
At the time of writing, the unabridged crypto market place cap sits at about $1.03 trillion, down four.25% in the last 24 hours. Additionally, Bitcoin has slipped below the $23k price point and is downwards iii.29% in the concluding 24 hours later reaching the $24k price point on Wednesday.
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Source: https://thecryptobasic.com/2022/07/21/tesla-sells-75-of-its-bitcoin-holdings-elon-musk-says-the-firm-will-still-buy-btc-in-the-future-adding-that-no-dogecoin-was-sold/
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