Thursday, December 7, 2023

What Other Companies Can Learn from Tesla’s Massive Bitcoin Sale.

Tesla has decided to sell around 75% of all the bitcoin holdings that it has. However, this isn’t likely to have an impact regarding whether different firms will decide to add cryptocurrency to their treasuries. It’s important to note that the CEO of Tesla, Elon Musk, hasn’t gone so far as to abandon his position on BTC. During a conference call for the company, he went on to say that he looked forward to once again increasing the BTC holdings his company had, sometime in the future.

Tesla’s Bitcoin Sale

Through its sale, Tesla also managed to make a minor profit. This is even as bitcoin prices have witnessed a decline over the last few months. In January of 2021, the company first bought bitcoin that was worth around $15 billion. This is when the cryptocurrency was being sold for around $33,000. Within the first quarter alone, Tesla ended up selling around 10% of these holdings, in order to generate a profit.

The bitcoin sale from Tesla could easily be seen as a way to raise cash that’s needed for corporate purposes. Pat Larsen, co-founder of ZenLedger said that Tesla trying to free up cash shouldn’t be seen as something surprising. This due to the fall in stock price, as well as the economic environment that has become uncertain. Larsen went on to say that he thinks other corporations will also be adding BTC to their treasuries in the future. This will happen as the US Congress continues to pass regulations regarding cryptocurrency.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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