Elon Musk's Tesla sells most of its Bitcoin holdings

1 min read Original article ↗

Last year, Elon Musk took to Twitter to outline Tesla's position on Bitcoin.

"Tesla will not be selling any Bitcoin". That sounds pretty emphatic.

Yet from the mouth of the world's richest person, statements should be taken with not just a pinch but a shovel of salt.

We now know that a year after that Tweet, Tesla sold most of its Bitcoin.

You might be noticing a pattern here?

Whether it's promising driverless tech or buying social media companies, Mr Musk's pronouncements don't always come to pass.

That doesn't seem to have hurt his business career, up to now.

But this is another reminder that his words, which can move markets, are not set in stone.

The move is yet more bad news for Bitcoin and crypto more generally. Musk is an advocate of crypto, and helped hype up currencies like Bitcoin and Dogecoin.

Mr Musk said that this wasn't a reflection on Bitcoin, and more about the need for cash.

However, he also called crypto a "side show to the side show". Not exactly a ringing endorsement.