July 28, 2021

Elon Musk reveals that Tesla has sold about 10% of its assets in bitcoin

Published:

13 jun 2021 22:40 GMT

The businessman also announced that the electric car manufacturer will resume transactions with the cryptocurrency when the extraction of digital currency is carried out with 50% clean energy.

Tesla has sold about 10% of its assets in bitcoins, according to what its CEO, Elon Musk, announced this Sunday in a message posted on his Twitter account.

Musk made this disclosure in his message in response to a tweet from the Cointelegraph portal about the recent accusations against him from Magda Wierzycka, Sygnia CEO, who has asked the US Securities and Exchange Commission to investigate the American businessman. for alleged manipulation of the price of the popular cryptocurrency.

“This is inaccurate”

According to Wierzycka, Musk knowingly raised the price of bitcoin and then sold a large portion of the units when their price was at its peak.

“This is inaccurate. Tesla only sold about 10% of the reserves to confirm that bitcoin could be easily liquidated. unturned [el] market“, explained the versatile businessman.

In March, Musk confirmed that Tesla snagged $ 1.5 billion in bitcoin and would begin accepting the virtual asset as payment for its electric vehicles. However, last month he tweeted that his company would no longer accept that type of payment due to “the increasingly rapid use of fossil fuels by the network.”

Sinking bitcoin

Message attributed to Anonymous threatens Elon Musk for manipulating the price of bitcoin, in "a clear disregard for an average hardworking person"

That announcement, along with other news such as China’s intention to ban bitcoin mining, caused the cryptocurrency to lose value, with a drop of 54% between mid-April and mid-May.

Now Musk has detailed that Tesla will resume trading with bitcoins when the mining of the digital currency is carried out with the “reasonable” 50% clean energy figure.

The mogul has stood out as a great promoter of digital currencies. In a series of tweets, Musk touted dogecóin, a cryptocurrency inspired by an internet meme, helping it reach an all-time high.

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