Tesla Holds On To Bitcoin as Crypto Booms
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Tesla Inc has announced that it is still holding on to its investment stake in Bitcoin
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The company announced on Wednesday that it currently owns $1.26 billion worth of Bitcoin, following an investment in the cryptocurrency in February
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Bitcoin rallied above $66,000 for the first time in history on Wednesday, signaling mainstream acceptance of the cryptocurrency
Tesla Inc. is still holding on to its Bitcoin investment that helped legitimize the flagship cryptocurrency earlier this year.
In February, the electric car company disclosed that it bought $1.5 billion worth of Bitcoin before subsequently selling 10% of its investment in April while it was at its ATH.
In the latest earnings report on Wednesday, the company revealed that it currently holds $1.26 billion worth of BTC.
The company’s bet on the flagship cryptocurrency has paid off despite CEO Elon Musk severally expressing doubt about Bitcoin.
In recent tweets by Tesla CEO Elon Musk has displayed some skepticism about Bitcoin, often showing a preference for meme coin Doge.
BTC rallied above $66,000 on Wednesday afternoon, reaching its highest point ever, and more than doubling in value since May/June crash.
Despite Elon Musk’s lack of trust, the company has reiterated several times that it intends to hold on to its crypto investment long-term.
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