Billionaire, Elon Musk has commented on issues concerning his Tesla company selling off 75% of its Bitcoin holdings.
Tesla, one of the companies owned by Musk reportedly sold $936 million worth of Bitcoin in the second quarter. This was at a time when BTC’s price fell as low as $23, 268 as released in Tesla’s Q2 report.
The company revealed that it sold off 75% of its Bitcoin holdings. Despite selling off the majority of its BTC holdings, Elon Musk remains positive on cryptocurrency.
He said, ”We are certainly open to increasing our Bitcoin holdings in future, so this shouldn’t be taken as some verdict on bitcoin”
The SpaceX CEO explained that they needed to maximize their cash position. He stated that Tesla is just concerned about overall liquidity of the company.
Elon Musk added that Tesla did not sell any of its DOGE, the dog-themed coins he touted.
Also Read- Dogecoin Price Spikes By 13%, Reason Stated
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