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BREAKING: Elon Musk's Tesla Sold 75% of Its Bitcoin - Bitcoin Magazine

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Today, it was announced in a Q2 update ^( by Tesla that the electric car manufacturer had sold 75% of its bitcoin holdings. 

“As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency,” the update stated. “Conversions in Q2 added $936M of cash to our balance sheet.” 

Tesla held around a total of 42,000 BTC at the start of Q2, and sold the majority of the bitcoin at an average price of ~$29,000.

On February 8, 2021 Tesla announced ^( that it had purchased $1.5 billion in bitcoin and had begun accepting BTC as payment. Later in Q1, 2021 the company sold ^( $272 million of its bitcoin at a profit, with Elon Musk saying the reason was to prove the asset’s liquidity and viability as an alternative to cash on its balance sheet. 

Tesla later on stopped ^( accepting bitcoin payments due to energy concerns, but Musk stated that “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”

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