[BREAKING] Tesla Sells 75% of Its Bitcoin!! (But It's Not What You Think)

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Tesla Sells 75% of It's Bitcoin (But Its Not What You Think)

After a tumultuous run in the crypto market, Tesla has decided to sell 75% of its Bitcoin holdings and turn it into Fiat. In the Q2 earnings report, Tesla recorded a 2.6 Billion Dollar profit, but it doesn’t look like any of it will be attributed to Bitcoin gains.

In February of 2021, Tesla announced that it had purchased $1.5 Billion worth of Bitcoin. In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.” When the news broke of Tesla buying Bitcoin, the price of Bitcoin jumped 17% to $44,220. Also in 2021, Tesla announced they would stop accepting Bitcoin as payment, only 2 months after stating they would accept Bitcoin as payment.

While the ‘off and on’ relationship between Telsa and Bitcoin might put Bitcoin in a bad light, especially to skeptics, there is more to the reasoning for a 75% sell-off. During an Investor Call, Elon himself stated that the sell-off “should not be taken as some verdict on Bitcoin.” When Tesla announced its purchase of Bitcoin in February of 2021, Tesla’s stock was trading at approximately $863.42. Tesla’s current stock price is $742, a 15% decrease. CEO Elon Musk alluded that the market conditions is a big motivating factor to liquidate 75% of their Bitcoin. Inflation and the overall economic downturn has affected many and Tesla is not immune. The company is reporting that it made $2.26 billion in profit this quarter, around a 31 percent decrease from last quarter when it posted profits of $3.3 billion. The profit was earned on $16.9 billion in revenue, which is also down from Q1, where the company reported bringing in $18.7 billion. While the numbers are down from quarter to quarter, the company is still more profitable than a year ago, Q2 of 2021. In Q2 of 2021, the company reported it made $1.1 billion on $11.9 billion in revenue. It appears that the downtrend of revenue and profit in conjunction with the instability of China has caused Telsa to be more comfortable in fiat than Bitcoin. Tesla’s car production decreased from Q1 and in its earnings report, Tesla says it faced “limited production and shutdowns in Shanghai for the majority of the quarter” but that it continued to ramp up production at its new facilities in Berlin and Austin, Texas. Elon stated;

“The reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate so it was important for us to maximize our cash position.”
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