Elon Musk seems passionate about the evolution of cryptocurrencies. Between Bitcoin and Dogecoin, his heart swings. Despite his love for Dogecoin, his company Tesla made his choice and decided last February to invest $ 1.5 billion in Bitcoin. The relationship between Tesla and Bitcoin does not end with a simple investment. To date, the American automaker also offers its customers to buy a Tesla in Bitcoin.
During this announcement, made it clear that the Bitcoins collected will be kept and not converted into dollars. However, today we have just learned that Tesla has already resold some of the Bitcoins obtained during its investment of a billion and a half dollars. This sale would have allowed the company to collect not less than 100 million dollars. During the release of its first quarter 2021 financial results, Tesla revealed that it sold $ 272 million worth of Bitcoin in the past three months and made a profit of around $ 101 million from that sale.
Tesla believes in the long-term value of Bitcoin
As a result, Tesla only has the equivalent of $ 1.331 billion in Bitcoin. Zack Kirkhorn, chief financial officer, but also “Master of Coin” of the company founded by Elon Musk, confirmed on a conference call after the release of Tesla’s first quarter results that the sale took place at the end of March. The latter explains at the same time: “We believe in the value of bitcoin in the long term and we will hold bitcoin for the long term and accumulate bitcoins from the transactions of our customers buying vehicles”.
According to the statements of Zack Kirkhorn, Bitcoin represents for Tesla an alternative solution to store money while being able to quickly access this reserve which is likely to increase in value according to the evolution of the price of the cryptocurrency.