Tesla CEO Elon Musk said yesterday that he won’t sell his Bitcoin stash because of the unstable environment. The company recently announced that it will accept BTC for payments in lieu of fiat but won’t sell the coins until the mining process shifts to more renewable energy. This announcement has fueled cryptocurrency prices. Now, the question is, what is Elon’s plan?
Last October, Elon Musk announced he’d bought three cryptocurrencies. In response to the rumors, he said he wasn’t selling any of his crypts. On April 12, he denied owning the Dogecoin coin Shiba Inu, which subsequently dropped in price. In early February, Tesla reported owning more than $2 billion in Bitcoin. The company plans to hold onto his Bitcoin until 2021.
But while he didn’t mention cryptocurrency, he did warn his followers not to invest in it. The company also confirmed that it had bought more than $2 billion worth of crypto in October. However, despite Elon Musk’s assurances, the upcoming Tesla Motors announcement could hurt the market. Indeed, the carmaker has a history of releasing a huge amount of crypto, which has only increased its popularity.
Despite his harsh stance on crypto technology, Elon Musk has been a leading trendsetter in the world of cryptocurrency. Besides launching the company’s electric vehicle, he is also the chief executive of SpaceX and Tesla Inc. He owns significant shares of SpaceX. As such, the company isn’t recommending crypto for its investors.
Tesla’s CEO Elon Musk recently tweeted that he wouldn’t sell his cryptocurrency holdings. The tweet reportedly made his crypto assets more attractive to investors. On Monday, DOGE briefly rose 10% after Musk’s tweet. The rocket had landed on the moon in 2021 and the name was a play on “going to the moon” and the “Going to the moon” message is a metaphor.
The telecommunications giant has a new policy to encourage bitcoin adoption. But it is unlikely to be the end of the story. In the short term, Tesla’s return policy favors the company, but it could also lead to concerns about the legality of crypto investments. If the CEO decides to sell his stash, it could lead to a downward spiral in the long term.
The CEO of Tesla hasn’t sold any bitcoin since he suspended bitcoin payments. Moreover, he didn’t say whether he will sell his entire stash of crypto. However, some of his comments have caused a stir in the crypto community, and it’s difficult to deny that Tesla will not sell bitcoins if they do well in the long term.