Elon Musk seems to have a passion for developing cryptocurrencies. His heart swings between Bitcoin and Dogecoin. Despite his love for Dogecoin, his company Tesla made his choice and decided to invest $ 1.5 billion in Bitcoin last February. The relationship between Tesla and Bitcoin doesn’t end with a simple investment. So far, the American automaker has also offered its customers the option of buying a Tesla in Bitcoin.
During that announcement, it was made clear that the bitcoins collected will be kept and not converted into dollars. However, today we just learned that Tesla has already resold some of the bitcoins received during its $ 1.5 billion investment. That sale would have allowed the company to raise no less than $ 100 million. When it released its financial results for the first quarter of 2021, Tesla announced that it had sold $ 272 million in Bitcoin over the past three months, generating approximately $ 101 million in profit on that sale.
Tesla believes in the long-term value of Bitcoin
As a result, Tesla only has the equivalent of $ 1.331 billion in Bitcoin. Zack Kirkhorn, CFO, but also “Master of Coin” of the company founded by Elon Musk, confirmed in a conference call after the publication of Tesla’s results for the first quarter that the sale took place at the end of March. The latter explains at the same time: “We believe in the value of Bitcoin in the long term and will keep Bitcoin in the long term and accumulate Bitcoins from the transactions of our customers who buy vehicles.”
According to Zack Kirkhorn, Bitcoin represents an alternative solution for Tesla to store money and at the same time be able to quickly access this reserve, the value of which is likely to increase in line with the price development of the cryptocurrency.
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