Bitcoin and cryptocurrency markets were braced for a bombshell from Tesla’s TSLA +1.2% first set of results since buying $1.5 billion worth of bitcoin. And Elon Musk didn’t disappoint.
Tesla revealed it sold 10% of its bitcoin holdings in March, collecting $101 million from the sale and helping the electric car maker land its seventh consecutive profitable quarter. The news, initially sending shockwaves through the cryptocurrency community, was somewhat tempered by Musk’s defense that the sale was only to demonstrate bitcoin’s “liquidity.”
The bitcoin price, after slightly sinking on the news, was then boosted by Musk’s comments on Twitter when he suggested he’s accumulated his own personal bitcoin holding.
