Following weekend speculation that Tesla may have sold its bitcoins, CEO Elon Musk has clarified that the electric car company “has not sold any bitcoin.” Tesla’s Technoking sparked a heated debate with the bitcoin community on Sunday after announcing that Tesla would no longer accept bitcoin payments due to environmental concerns.
Tesla CEO Elon Musk engaged in a series of heated discussions with bitcoiners on Sunday, sparking speculation that Musk’s electric car company may have sold or is planning to sell its bitcoins soon. The talks began after Musk announced that Tesla would no longer accept bitcoin payments due to environmental concerns. In the meantime, the value of bitcoin has plummeted.
Musk confirmed early Monday morning that Tesla had not dumped its bitcoins, putting an end to speculation. “To clarify speculation, Tesla has not sold any bitcoins,” he wrote.
This clarification matched Tesla’s announcement that it would no longer consider bitcoin as a form of payment. “Tesla will not be selling any bitcoin, and we plan to use it for transactions as soon as mining shifts to more renewable energy,” the company wrote. Tesla cited environmental concerns as the reason for his decision. In late March, the company started accepting bitcoin as a form of payment.
Musk responded to a tweet from @cryptowhale, saying, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the majority of their bitcoin holdings.” This sparked rumors that Tesla had sold its bitcoins. With the amount of hate Elon Musk is getting, I wouldn’t blame him.” Musk then replied: “Indeed.”
Tesla purchased $1.5 billion in bitcoin in the first quarter, according to the company’s filing with the Securities and Exchange Commission (SEC). The company’s bitcoin holdings were valued at $2.5 billion at the end of April. “I have not sold any of my bitcoin,” Musk said on Twitter at the time, adding that “Tesla sold 10% of its assets basically to prove liquidity of bitcoin as an alternative to keeping cash on balance sheet.”