A cause for concern? Crypto industry experts are largely unfazed by Tesla’s decision to sell 75% of its Bitcoin holdings, saying it’s a fairly typical strategy for companies to improve cash flow during economic slowdowns.
) holdings, saying it’s a fairly typical strategy for companies to improve cash flow during economic slowdowns.holdings in Q2, adding $936 million in fiat to its balance sheet.
“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:”Asked by investors during the earnings call whether he saw Bitcoin as a long-term asset, Musk said the cryptocurrency was a “sideshow to the sideshow” of Tesla’s main goal, which is “to accelerate the advent of stable energy.
Comparison site Finder’s share trading expert Kylie Purcell explained that the electric car manufacturer hasn’t been alone in its decision to “shore up capital in cash currencies.” She also added that while the price of Bitcoin dipped following the announcement, there are already signs of recovery.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Do Teslas Really Account for 70% of US Crashes Involving ADAS? Of Course NotQuite surprisingly, the National Highway Traffic Safety Administration (NHTSA) recently started collecting somewhat broad data on automobile accidents involving SAE Level 2 Advanced Driver Assistance Systems (ADAS) — driver-assist technology like cruise control, lane keeping,
Read more »
Bitcoin Slumped $1.5K as Tesla Sold Almost $1B in BTC (Market Watch)Bitcoin retraced by $1,500 as Musk's Tesla sold $936M worth of BTC. The altcoins are also in the red.
Read more »
Bitcoin recovers after falling on news Tesla sold 75% of its holdingsBitcoin rebounded after a brief sell-off late on Wednesday sparked by news that electric carmaker Tesla Inc had sold about 75% of its holdings of the virtual token.
Read more »
Elon Musk’s Tesla reports decrease in profits, beating estimates, and sells off most of its bitcoinTesla's earnings call for Q2 Wednesday indicated the company's profit margins had fallen, but the EV maker still beat expectations, with more than $2 billion in profit.
Read more »
Tesla Sold 75% of its Bitcoin Worth $936 Million By Investing.com*TESLA SOLD 75% OF ITS BITCOIN WORTH $936 MILLION - $TSLA $BTC
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Falls, as Tesla Sells 75% of Its Holdings – Market Updates Bitcoin NewsBitcoin was trading lower in today’s session, as it was revealed that Tesla had sold 75% of its holdings in the cryptocurrency.
Read more »