Last year, Tesla invested $ 1.5 billion in Bitcoin and announced that they would receive Bitcoin as payment.
In the second quarter revenue call (Q2) with analysts, Tesla CEO Elon Musk said that the reason the company sold a group of Bitcoin ownership “was because we were not sure when the Covid locking in China would lighten”.
So it is important for us to maximize our cash position, given the uncertainty of Covid’s locking in China. We are certainly open to increasing our Bitcoin ownership in the future. So this should not be taken as some verdations in Bitcoin, “he said.
Musk said that the company was worried about the overall liquidity for the company given by shutdown in China.And we haven’t sold our dogecoin,” he added.
Zachary Kirkhorn, Head of Finance Officer in Tesla, said the company changed the majority of Bitcoin ownership to Fiat for the realized profit, “balanced with accusations of impairment of value on the remaining ownership of our ownership, scoring $ 106 million for P&Is including in restructuring and others”.
After less than two months to be bullish in Bitcoin, Tesla applied brakes on popular cryptocurrency as a payment mode to buy electric vehicles, citing environmental damage.
Musk then said that the maker of an electric car will not sell bitcoin and intend to use it for transactions immediately after mining moves to more sustainable energy.