{"id":3154,"date":"2021-04-28T11:26:11","date_gmt":"2021-04-28T10:26:11","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=3154"},"modified":"2021-04-28T11:26:15","modified_gmt":"2021-04-28T10:26:15","slug":"tesla-just-sold-a-large-amount-of-the-bitcoin-it-just-bought","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/tesla-just-sold-a-large-amount-of-the-bitcoin-it-just-bought\/","title":{"rendered":"Tesla Just Sold a Large Amount of the Bitcoin It Just Bought"},"content":{"rendered":"\n

Earlier this year, Tesla acquired Bitcoin<\/a> worth $1.5 billion and also began to sell her cars with cryptocurrency<\/a>.<\/h2>\n\n\n\n
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However, the Elon Musk-led company now is ready for cash in on some of its tokens, selling about 10% of its Bitcoin sales in Q1, which will increase by $101 million, the BBC reports.<\/p>\n\n\n\n

“We aim at keeping our long-term business and keeping Bitcoin from transactions of our customers when buying vehicles,” said Zachary Kirkhorn, Tesla's financial officer.<\/p>\n\n\n\n

Tesla CEO Elon Musk verified in a Monday tweet that “Tesla sold 10% of its shares mostly to show that Bitcoin is liquid as an alternative to keeping cash in balance sheets.”<\/p>\n\n\n\n

Musk also explained that he has not been selling any of Bitcoin's personal stash.<\/p>\n\n\n\n

Although Bitcoin's valuation has so far recovered this month, currency last week went down considerably, for the first time in months, to below $50,000. By mid-April, it's trading over 54,000 dollars again after it peaked nearly 64,870.<\/p>\n\n\n\n

Musk seems to be sending a message to investors that Bitcoins are not only risky investments but can potentially be used in the same way as currency, according to Bloomberg.<\/p>\n\n\n\n

It is a matter of guessing how the plan is going to work out long-term \u2013 but the enterprise is reasonably well-formed. The first quarter of Tesla was really healthy and the Bitcoin revenues were boosting solid sales.<\/p>\n\n\n\n

Profits were also greatly affected by a $299 million payout to Musk as part of a healthy (or the least) incentive plan.<\/p>\n\n\n\n

However, a global lack of microchips is more difficult days ahead and will greatly reduce demand.<\/p>\n\n\n\n

According to M. Musk who spoke during this week's quarterly income call, the scarcity led Tesla to have “insane difficulties.”<\/p>\n\n\n\n

“We have faced some of the toughest supply chain problems in Tesla's life,” he said during his call on Monday.<\/p>\n\n\n\n

It seems to be interesting that Tesla's Bitcoin Gambit has paid off and provides the car manufacturer in times of need with a much-needed cash.<\/p>\n\n\n\n

But it is still someone's guess that this is going to be the case later this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Earlier this year, Tesla acquired Bitcoin worth $1.5 billion and also began to sell her cars with cryptocurrency. However, the Elon Musk-led company now is ready for cash in on some of its tokens, selling about 10% of its Bitcoin sales in Q1, which will increase by $101 million, the BBC reports. “We aim at […]<\/p>\n","protected":false},"author":63,"featured_media":3159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[149,132,159],"class_list":["post-3154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-btc","tag-crypto","tag-tesla"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/04\/1_LvUa6zUqtB6H7xx7_mDQWQ.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=3154"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3154\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/3159"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=3154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=3154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=3154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}