Tesla CEO Elon Musk responded to a tweet by selling 10% of its Bitcoin assets to demonstrate the cryptocurrency’s liquidity as an alternative to cash on the balance sheet. Musk also mentioned that none of his personal Bitcoin has been sold.
It seemed that he was responding to a tweet from Barstool Sports President Dave Portnoy, who said Musk bought Bitcoin, pumped it, and then sold it for a profit.
According to Tesla’s earnings report, the company earned $101 million from the selling of the tokens, which it purchased for more than $1 billion earlier this year.
Tesla was attempting to “prove liquidity of Bitcoin as an alternative to keeping cash on the balance sheet,” Musk said on Twitter.
Musk, on the other hand, has long been a vocal supporter of cryptocurrencies, and revealed late last month that Tesla will begin accepting Bitcoin as payment for its automobiles. Elon Musk is a major supporter of Bitcoin and Dogecoin and he frequently tweets about them, especially the latter. Musk’s tweets about Dogecoin can have a major effect on the price of the meme cryptocurrency.
As for bitcoin late Sunday night, it fell to its lowest level since early March, just below the $47,200 mark. BTC prices were up over 8% to $53,654 on Monday afternoon, indicating a small rally over the last 24 hours. Its drop last week coincided with a wider cryptocurrency market sell-off, fueled by concerns of a US crackdown under Joe Biden. As of writing bitcoin was trading at $53,856.09.