Why tesla sold its bitcoin? Balance sheat: INSANE $1.3 Billion paper profit HODLING BTC  During 2021
Channel: DataDriven
Date: 2021-10-31

Tesla announced on February 8, 2021, that it had purchased $1.5 billion worth of Bitcoin and would start accepting it as a form of payment for its products. The company's CEO, Elon Musk, also stated that the investment was made as part of Tesla's effort to diversify its cash on hand and maximize returns on cash. It is also possible that Tesla sold some of its Bitcoin as a hedge against market fluctuations or to lock in profits from a spike in value. However, Tesla has not officially announced any such action and the reason for doing so is not yet known.

How the electric vehicle giant TESLA made over $1.3 Billion profit from their investment in bitcoin, during 2021. 

Tesla May Soon Accept Bitcoin As Payment Again
The electric car company took Bitcoin payments from March to May of this year. “We may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services,” Tesla wrote.
“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk tweeted at the time. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.”


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