Tesla sells 75% of its Bitcoin in Q2 2022
According to information from this quarter’s earnings call, Tesla will sell 75% of its Bitcoin. According to its balance sheet, it now has only $218 million in digital assets left. The transaction also revealed Elon’s true self to us. We must now be crystal clear that he, too, is in this to earn money, just like everyone else. They had liquidated the majority of their assets due to Bitcoin’s lack of profitability. He has, however, provided further justification for the same. Elon claims they haven’t sold any Dogecoin and they’re willing to eventually add more Bitcoin to their balance sheet.
That much is obvious. Elon is a pump and dumps master. Simply because he sold his Bitcoin, I do not want to cause him any trouble. However, there have been a lot of events during the last 1.5 years that led to this conclusion. He has tweeted so frequently about Dogecoin that its value has surpassed 74 cents and it is now among the top 4 coins. When the euphoria wore off, the price dropped by more than 90%.
Elon has been boosting his image again in an attempt to frantically save it but in vain. Although Tesla purchased Dogecoin and began taking it as payment, the price did not increase. Tesla continues to hold onto its Dogecoin while selling 75% of its Bitcoin. Do you honestly believe that Elon thinks Doge has greater potential than BTC? No way! However, he presumably held off on selling everything all at once to lessen the wrath he could face.
Let’s also discuss Tesla’s willingness to accept Bitcoin as payment. BTC’s price immediately increased as they revealed it, and a little while after, Elon withdrew the choice. What caused this? environment-related issues According to him, they would start accepting Bitcoin whenever the utilization of renewable energy reaches more than 50%. Does that still stand? No! So, how can someone believe all this man says? Not at all.
Musk claims that the COVID scenario and lockdowns currently occurring in China caused them to sell their interests. They want to strengthen their position and improve their overall liquidity. He added that they might invest more in the future and that this is not a judgment on or against Bitcoin. Whatever the excuse Elon Musk offers, it is common knowledge that diamond hands don’t sell.