September 23, 2023

Tesla raises $101 million through bitcoin sales

Tesla raises $101 million through bitcoin sales

It was one of the big news stories that helped cryptocurrencies soar last year. Tesla invested billions in Bitcoin at the time. Now 10% of those shares have been sold.

USD 101 million to spruce up the balance sheet

The sale is also said to be related to the release of Tesla’s quarterly figures, which were made public on 26 April. $101 million was said to have been raised by the car company through sales in the first quarter.

The crypto community reacted with incomprehension, so that Tesla boss Musk had to justify himself via Twitter. The well-known sports blogger David Portnoy, with 2.4 million claims, asked via the network: „So do I understand this correctly? @elonmusk buys #bitcoin. Then he pumps it. He rises. Then he dumps it and makes a fortune. So, I own #Bitcoin but #Bitcoin is exactly what we thought it was. Just don’t be the last #HODLer.“

What Is Bitcoin Prime?

Bitcoin Prime is one of the leading and highly regarded trading bots that has reportedly ensured free and convenient cryptocurrency trading for thousands of users including amateur investors and seasoned professionals. With an innovative algorithm that is based on tried and tested economic principles, the bot has the capacity to identify the best moments to sell and purchase bitcoins.

„I haven’t sold any of my bitcoin“.

With this, Portnoy renews a criticism that the cryptocurrency has faced several times before. More than a few already accused the digital token of merely being a kind of pyramid scheme. Musk responded with clear words: „No, you haven’t. I haven’t sold any of my bitcoin. Tesla sold 10% of its holdings, essentially, to prove the liquidity of Bitcoin as an alternative to folding cash into the balance sheet.“

Thus, the Tesla CEO clearly separates private trades from those of his companies. Whether this is actually so easy to do in his case, however, remains to be seen. So far, Tesla shares have been able to profit from the investment in any case.