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‘I have not sold any of my Bitcoin’: Elon Musk

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Billionaire entrepreneur Elon Musk has taken to Twitter to guarantee the crypto neighborhood that he has not sold any of his private BTC stash, regardless of his firm Tesla realizing earnings from its latest Bitcoin buys.

Musk’s feedback got here in response to accusations from comic Dave Portnoy that the Tesla CEO had profited from a Bitcoin pump and dump engineered by means of his public statements supporting the cryptocurrency.

Rejecting Portnoy’s assertion, Musk said that “Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet,” including:

“I have not sold any of my Bitcoin.”

No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings primarily to show liquidity of Bitcoin as an alternative choice to holding money on stability sheet.

— Elon Musk (@elonmusk) April 26, 2021

As reported by Cointelegraph, Tesla Inc. sold a portion of its Bitcoin holdings within the first quarter of 2021, producing web proceeds of $272 million.

In February this yr, the corporate catalyzed the crypto market bull run after disclosing a strategic acquisition of $1.5 billion value of Bitcoin — value 7.7% of its gross money place on the time.

Throughout the identical month, Tesla additionally introduced it will start accepting BTC funds for its automobiles, emphasizing that it’s going to retailer the funds in Bitcoin relatively than convert into money.

Elon Musk has sometimes shied away from disclosing how a lot Bitcoin he holds personally, however his newest tweet suggests he’s reluctant to promote it.

On the time of writing, BTC has gained 3% over the previous 24 hours to commerce at $53,600, in line with CoinGecko.

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