Has Tesla sold its Bitcoin (BTC) holdings?

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys playing cricket,… read more.
on May 17, 2021
  • Elon Musk has hinted that Tesla could sell its Bitcoin holdings in the next quarter.
  • Tesla chief is gradually showing a less interest in Bitcoin, but seems to throw more weight on DOGE adoption.
  • Tesla suspended the acceptance of Bitcoin as payment for its products, leading to a fall in BTC price.

In a Twitter exchange on Sunday, Tesla Chief Executive Officer Elon Musk implied that Tesla is considering selling or has already sold its Bitcoin holdings. This probably led to a fall in the price of Bitcoin (BTC/USD). The top cryptocurrency fell to $42,241 on Monday, according to CoinMetrics data.

A Twitter user noted that Bitcoin holders will slap themselves when they discover that Tesla has sold his Bitcoin holdings. Musk replied, “Indeed.”

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However, this reply is coming only days after Musk assured that Tesla is considering holding rather than selling its BTC holdings.

Musk has always been a strong advocate of cryptocurrencies, as is statements and activities around Bitcoin and Dogecoin has helped to rally them to all-time highs.

Bitcoin falls after Tesla suspended car purchase with BTC

Last week, Tesla suspended purchases of its vehicles using Bitcoin. According to the company, the company took the decision in response to the rapidly increasing use of fossil fuels to mine Bitcoin, which is environmentally degrading.

Within minutes of the announcement, Bitcoin shed 5% of its price. The crypto asset has now shed about 10% of its price since the announcement.

Musk shifting support to Dogecoin

Tesla revealed during an SEC filling in February that it purchased $1.5 billion worth of Bitcoin. The car maker later revealed that it made a gain of $101 million from sales of Bitcoin during the quarter.

But it seems Tesla is now showing more support for Dogecoin (DOGE/USD), the meme-based token, considering his recent activities around the two crypto assets.

Musk is also clamoring for more adoption of Dogecoin, after his SpaceX aerospace venture announced last week that it will start accepting Dogecoin payments for its “DOGE-1 mission to the moon” project.

The meme-inspired token has also seen increased support and adoption among crypto exchanges.

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