Tesla sold $272 million worth of Bitcoin

The crypto community was shocked by the revelation that Tesla sold 272 million of the 1.5 billion cryptos it had bought in February. In the report that accompanies the results of the first quarter of the company, he states that he gained 101 million from this action. Some considered this move smart because it secures some profits from the Bitcoin market. Others felt betrayed, comparing Elon Musk to Brutus, the man who betrayed Julius Caesar.


Musk justified the sale in a tweet stating that Tesla sold 10% of its holdings essentially to prove Bitcoin liquidity as an alternative to having cash on its balance sheet. He clarified that he has not sold any of the Bitcoin he has acquired on his behalf. This excuse, of course, does not sound very convincing.


We cannot deny that some people have a large influence in terms of its acceptance by the general public. This is a good thing at the moment, but it could be also a problem. Then, it became known that the sale of Tesla had no effect on the price. People who buy Bitcoin are much more aware than those who buy Dogecoin. But it is still an issue. Consider, for example, Michael Saylor of MicroStrategy, coming out tomorrow and saying that he sold his Bitcoin because he discovered a flaw that made him not consider it a superior technology.