Tesla remains a Bitcoin HODLer

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Last Updated on 26 October 2022 by CryptoTips.eu

Jeroen Kok

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Tesla may have sold some of its Bitcoins earlier this year, but it apparently still believes the remaining $218 million dollars it currently has in crypto will appreciate in value int eh future. One of the most prestigious technology companies has thus become a HODLer.

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Covid lockdown

The value of Tesla’s Bitcoins has remained almost the same. Bitcoin’s price ended the second and third quarters at nearly the same levels, around $19,940 and $19,430 respectively. Initially, Tesla bought $1.5 billion worth of bitcoin in February of last year, a move that at the time contributed to the spring 2021 bull run. A few weeks later, still in the first quarter of 2021, Tesla was already selling 10% of its Bitcoins.

After that, the company stopped buying or selling Bitcoins for the remainder of last year. However, in the second quarter of 2022, it sold 75% of its remaining Bitcoins.

CEO Elon Musk said the reason behind the sale was that Tesla needed cash due to the uncertainty of the Covid lockdowns in China. The billionaire tried to reassure the markets after this massive sale. He even said that Tesla was ready to increase its exposure to Bitcoin again in the future.

In any case, Tesla keeps its current crypto position and thus becomes a long-term crypto investor.

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