Crypto Opinions & News Elon Musk's Tesla Sells Most of its Bitcoin Holdings

[upnorth]

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https://www.bbc.com/news/business-62246367

Tesla, which made waves last year when it revealed a major investment in Bitcoin, has now sold off most of its holdings of the cryptocurrency.

The electric car firm has offloaded 75% of its Bitcoin, which was worth about $2bn (£1.7bn) at the end of 2021. It is backing away as the value of the cryptocurrency has plunged, falling by more than 50% this year. Tesla said it bought traditional currency with the $936m (£782m) from its Bitcoin sales. Tesla boss Elon Musk has been among the most high profile champions of cryptocurrency, with his pronouncements on social media often driving significant trading activity.

Last year, Elon Musk took to Twitter to outline Tesla's position on Bitcoin. "Tesla will not be selling any Bitcoin".

Elon Musk's Tesla sells most of its Bitcoin holdings

The announcement comes as the value of the world's biggest cryptocurrency has plunged.

www.bbc.com