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Elon Musk Denies Tesla Selling Any Bitcoin After Market Tanks

by : Cameron Frew on : 17 May 2021 09:40
Elon Musk Denies Tesla Selling Any Bitcoin After Weekend Market DropPA/Onov3056 (CC-BY-4.0)

Elon Musk has confirmed Tesla didn’t sell any Bitcoin after the cryptocurrency hit its lowest point since February. 

Earlier this month, the Tesla and SpaceX CEO announced the electric car firm would stop taking Bitcoin as payment for its vehicles, citing concerns over its impact on the environment.

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In recent days, Musk also hinted Tesla may have been preparing to sell its holdings in the currency. However, despite it taking a steep dive over the weekend, he’s since clarified otherwise and Bitcoin is already back on the up.

Yesterday, May 16, Twitter account @CryptoWhale wrote: ‘Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him.’

Musk replied: ‘Indeed,’ sparking concerns from investors over Tesla selling its holdings and causing the currency to plummet to $42,212.56, a three-month low compared to the news-making highs of more than $64,000 seen in April.

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However, the SpaceX chief has since tweeted: ‘To clarify speculation, Tesla has not sold any Bitcoin.’

Chris Weston, of brokerage firm Pepperstone, explained: ‘Elon Musk, it seems, has been taking on all comers on Twitter over the weekend and caused some chunky gyrations across the coins – our weekend trading has kicked up and we’re looking at some serious liquidations through the exchanges, where the last 24 hours we’ve seen over to $1.5b liquidated.’

In February, it was revealed Tesla had poured $1.5 billion into Bitcoin. However, while confirming the company wouldn’t sell any Bitcoin, a statement read: ‘Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.’

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Musk’s ‘sh*tposting’ and off-the-cuff comments have volatile effects on the world of crypto. While hosting Saturday Night Live, he described the meme currency Dogecoin as a ‘hustle’. Before the show aired, Dogecoin was sitting comfortably at $0.70, before dropping by 24% to $0.49 after Musk’s comment.

Earlier this week, he also tweeted: ‘Working with Doge devs to improve system transaction efficiency. Potentially promising.’ It’s currently sitting at $0.51.

The fragility of the crypto market is one of its biggest criticisms, but Emilie Choi, president and chief operating officer of crypto exchange Coinbase Global Inc., isn’t overly concerned.

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‘We’re looking at the long-term and so these blips, they don’t faze us. You’re looking for the long-term opportunity and you kind of buckle up and go for it,’ she told Bloomberg.

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Cameron Frew

After graduating from Glasgow Caledonian University with an NCTJ and BJTC-accredited Multimedia Journalism degree, Cameron ventured into the world of print journalism at The National, while also working as a freelance film journalist on the side, becoming an accredited Rotten Tomatoes critic in the process. He's now left his Scottish homelands and taken up residence at UNILAD as a journalist.

Topics: News, Bitcoin, Dogecoin, Elon Musk, Now, Tesla, US

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Pepperstone and 1 other
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