Why Elon Musk’s Tesla dumped 75% of its Bitcoin holdings
Tesla did not disclose the price at which it sold its BTC holdings.
Tesla is set to increase its crypto holdings in the future
Exactly a year after bitcoin (BTC) was a digital asset with "long-term potential," Elon Musk's Tesla dropped its 75% stake in 2022.
The electric vehicle maker invested $1.5 billion in BTC earlier last year
Converted 75% of his bitcoin to fiat currency, collecting $936 million from sales
75% of bitcoin purchases have been converted to fiat currency.
The second quarter of 2022 has been one of the worst quarters for the cryptocurrency markets
The price of bitcoin fell from around $46,000 at the beginning of the quarter to below $19,000.
Tesla's sale of bitcoin is a sharp backlash for Musk, although the sale in the earnings call should not be seen as a judgment on bitcoin.
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