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Musk Confirms Tesla Hasn’t Sold Its Bitcoins

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Tesla founder Elon Musk said today that the company is holding its Bitcoins (BTC).

“To clarify speculation, Tesla has not sold any Bitcoin,” tweeted Musk.

The speculation started after Musk started debating the merits of Bitcoin on Twitter. Specifically, after he replied “Indeed” to the following tweet by user @cryptowhale:

“Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their bitcoin holdings. With the amount of hate Elon Musk is getting, I wouldn’t blame him.”

The price of Bitcoin dropped immediately after the ‘Indeed’ tweet. BTC also took a significant dive last week after Musk announced Tesla’s discontinuation of Bitcoin payments because of environmental concerns.

“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” shared Musk.

In February this year, Tesla announced that it holds $1.5 billion in Bitcoin under a new investment policy. The announcement led BTC’s price to reach new heights, breaking $43K.

On the Bitcoin Tesla holds, the announcement said: “Tesla will not be selling any bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.”

Besides the big news, Musk has also been sharing other information/opinions about Bitcoin mining:

On Thursday, he shared the recent energy usage trend for Bitcoin. The following day, he reiterated his conditional support for crypto saying: “I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal.” A few hours ago, he called Bitcoin centralized: “A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound “decentralized” to you?”

Other bigwigs have also shared their thoughts on Tesla’s decision. Replying to Musk, Mavs owner Mark Cuban tweeted that “We at Mavs.com will continue to accept BTC/ETH/DOGE because we know that replacing gold as a store of value will help the environment.” Cuban believes increasing crypto prices is a positive trend for the market.

Before the Tesla tweet, Musk held a Twitter poll in which he asked users if Tesla should accept Doge. Over 3.9 million people shared their opinion, and over 78% said Yes.

Musk’s support for Dogecoin is no secret, as he has professed his fondness for the crypto on many occasions, also calling himself the Dogefather. It was also the news of Musk’s SNL appearance that drove DOGE to as high as $0.6 per token.

In a recent series of tweets, Musk expanded on his support for Dogecoin by informing, on May 14, that he’s working with “Doge devs to improve system transaction efficiency.” In another tweet, Musk explained his vision for Doge, saying that he wants to see a block time and block size that’s 10x and a fee drop that’s 100x. “Then it wins hands down,” he added.

Besides moral support for Dogecoin, Musk has also used the crypto for business transactions. The SpaceX founder used DOGE as the payment method in a collaboration between SpaceX and GEC.

 

 

 

 

 

 

Salman Hassen is an environmental engineer and an avid follower of emerging tech in the energy and IT industries. He writes about blockchain tech, sustainable development, and several other personal interests.

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