Tesla sold almost 75% of its Bitcoin which has added a total of $936 million of cash flow in Q2.
Highlights
- Tesla sold the majority of Bitcoin in need of cash flow.
- Tesla has also said that they didn’t sell any of their Dogecoin.
- After selling, Q2 saw an increase in cash flow with a total of up to $936 million.
- Elon Musk or Tesla has still not specified how many they sold.
Tesla (electric vehicle-making company) owned by Elon Musk has sold a majority of its Bitcoin for the increase in cash flow.
According to a report, Tesla has converted almost 75% of its bitcoin holdings into cash flow. In Q2 they increased their cash flow to $936 million.
Tesla reported that its digital assets worth has decreased from $1.2 billion to now only $218 million. Tesla also said that they have not sold any Dogecoin.
Tesla sold when Bitcoin was at a very low price in the Market and also decreasing at a scary pace. Bitcoin was at its peak around Nov 2021 when it reached $69000 for one.
This is not very good for the Crypto market s they are getting affected by many countries banning them and now tesla selling them.
Elon was a major player in making hype for the crypto market. Elon was making the market fluctuate with only his tweets and buying and selling of crypto.
Elon was a major player in creating hype for Bitcoin and making it sell for up to $69000. Now that Bitcoin is low as it has ever been it is selling at around $19000 – $22000.
As of January 2022, Tesla has started accepting DOGE payments for some of its products and merchandise.
Elon Musk knows how the crypto market works and has been a pro player in the crypto market for a long time now. SpaceX will most likely join tesla in accepting DOGE payments for merchandise.
It has been speculated that tesla had around 42000 Crytocoins but it was never confirmed by tesla or Elon Musk. The number of bitcoin sild is also a mystery.
Read More: – Tesla dumps bitcoin: What experts have to say
