Elon Musk’s anti-bitcoin stance may have been the main motivation for unloading Tesla Bitcoin holdings. Moreover, Tesla’s Q2 profit was more than expected, and its 75% Bitcoin investment is now Dogecoin. But what is going on with the rest of Tesla’s cryptocurrency holdings? And can Tesla justify unloading its Bitcoin holdings based on Elon Musk’s anti-bitcoin stance?
For all intents and purposes, Dogecoin will replace Tesla Bitcoin
Since announcing that it would accept Dogecoin as payment for merchandise, Tesla has begun accepting it as payment for online purchases. The company has not announced exactly what percentage of its total bitcoin reserves is made up of Dogecoin. Tesla CEO Elon Musk has made frequent mention of the cryptocurrency on Twitter, but has not explicitly said if he is a dogecoin owner. Tesla previously accepted Bitcoin for purchases of its vehicles but halted this due to environmental concerns.
Elon Musk has also claimed that Bitcoin is his biggest cryptocurrency investment. The company’s CEO is likely citing the risks associated with the energy consumption of electric vehicles. Nevertheless, Tesla has made it clear that the cryptocurrency will not replace its own money and would be the only method of payment for its branded merchandise. The company has also made merch available for sale in Doge. Other companies including AirBaltic, GameStop, and Newegg are also accepting Dogecoin as a form of payment. Despite its low value, the currency’s market cap is $23 billion, and Musk’s involvement in the project is highly unlikely to last.
Elon Musk’s anti-bitcoin stance could be justification for unloading cryptocurrency holdings
If you’re an investor in cryptocurrency and have been contemplating whether to sell your Tesla holdings, you’ve probably noticed the recent tweets by Tesla CEO Elon Musk. His anti-bitcoin stance has caused bitcoin prices to plummet 15%, though they’ve since recovered. Bitcoin mining requires a huge amount of energy, which Tesla doesn’t want to use for its vehicles.
The controversial CEO of Tesla recently suspended sales of bitcoin because of his concerns over the energy needed to mine the currency. Musk also said that he was not comfortable with the massive amount of energy used in mining Bitcoin. He went on to say that he would resume accepting Bitcoin payments once the network showed a greater mix of renewable energy. As a result, it could be justification for unloading cryptocurrency holdings at Tesla.
Tesla’s Q2 profit was higher than expected
When Tesla announced its Q2 profit, analysts were sceptical. While Tesla delivered more cars this quarter than any other quarter this year, deliveries have slowed. The company delivered only 254,695 vehicles worldwide in the third quarter, down from the record of 310,048 vehicles in the first quarter. The company also faced production constraints in Shanghai, which forced it to temporarily shut down its factory there. On the bright side, the company reported its highest monthly vehicle production to date in June 2022.
While the stock has lost more than a third of its value this year, it has recently climbed nearly 11% in two days on the back of its Q2 earnings report. The company has demonstrated resilience by surviving the global supply chain disruptions that have plagued other companies. While analysts had expected lower profits, the company also revealed that its Q2 production soared by over 40%. Meanwhile, its automotive gross margin dropped to 27.9% from a year ago. Tesla also announced it was converting 75% of bitcoin purchases into fiat currency. That will add $936 million to the company’s balance sheet.
Tesla sold 75% of its $1.5bn bitcoin investment
After investing $1.5 billion in bitcoin, Tesla has sold off 75% of its shares. The move has shocked the cryptocurrency market, and it may also be a sign that Elon Musk has deemed the digital currency a waste of time. After all, his words have had a lot to do with driving the price of Bitcoin higher – it could even mean that he believes there isn’t much value in Bitcoin.
According to Bloomberg, Tesla has sold seventy-five percent of its $1.5 billion bitcoin holdings. While the news may have little impact on the price of bitcoin, it does show a rising interest in the cryptocurrency. It is estimated that Bitcoin will reach a market cap of $3 trillion by 2021. Tesla Motors has also sold off a significant portion of its stock holdings in the cryptocurrency, according to The Week.
TeslaCoin pays out instantly with no withdrawal fees
TeslaCoin has an easy-to-use website that makes investing in cryptocurrency a breeze. The website is easy to navigate, and after completing the registration process, you will receive a verification email. Just fill in your details and you’re ready to go. It takes a couple of minutes to create an account and start trading. You’ll need your full name, email address, contact phone number, and country of residence to get started.
After you’ve funded your account with the correct amount of cash, you can begin trading. The price of each cryptocurrency is incredibly volatile, and you can expect TeslaCoin to go up and down. If you invest in one coin and then another, you can expect to make huge profits quickly. If you have a buddy who invests in bitcoins, it may be helpful to exchange notes, but if you aren’t comfortable sharing notes, you can make a handsome profit on your own.
TeslaCoin is an automated crypto trading platform
A basic registration process is required before you can use the TeslaCoin automated trading platform. You must provide your name, email address, phone number and your country of residence. Once you are registered, you will be able to use the trading platform without any hassle. The website claims to be safe and secure, but you may still want to be extra cautious. It’s always a good idea to read up on the latest security updates before using any cryptocurrency exchange.
While there are many benefits to using an automated trading platform, you should keep in mind that they come with a few disadvantages as well. While some platforms are better suited for people who do not have experience in trading, some of the most prominent drawbacks of using automated trading systems are their high maintenance costs. Aside from being time-consuming, the Tesla Bitcoin app is free to download, which is a plus. Even if you’re new to the crypto trading world, you can still make profits and use the system responsibly.
Also read Is Elon Musk Bitcoin investment a New Trend?
