Tesla CEO Elon Musk spent much of 2021 hyping cryptocurrencies. His company has exited most of its bitcoin holdings amid a dramatic downfall.
However, when asked about bitcoin's potential as an inflationary hedge on the earnings call, Musk said that Tesla's main goal is to accelerate the transition to sustainable energy, and called bitcoin"a sideshow to a sideshow."
In the first quarter of 2021, when Tesla went big on bitcoin, the company said the decision was a matter of becoming more flexible, diversifying and picking up returns from its cash holdings. The company quickly sold 10% as the currency ran up,Kirkhorn said at the time that the company's intent was"to hold what we have long term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles.
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