“This should not be taken as some verdict on Bitcoin,” Musk said. “It’s just that we were concerned about overall liquidity of the company given the Covid shutdowns in China.”
During an appearance at a Bitcoin conference a year ago, Musk said the three things he personally owned aside from Tesla and Space Exploration Technologies Corp. were Bitcoin, Ether and Dogecoin. “I might pump, but I don’t dump,” he said. The cryptocurrency has retreated from a record high of almost $69,000 in November. The largest cryptocurrency by market value traded down 1.1% to around $22,998 as of 11 a.m. inMusk’s embrace of Bitcoin helped serve as a catalyst for the digital currency after Tesla briefly accepted the token for purchases. But the company later suspended the payment option, citing environmental concerns about its mining processes.
Shares in MicroStrategy Inc., another major corporate buyer of Bitcoin, traded down more than 4% early trading Thursday. At the end of June, the software firm’s own Bitcoin pile was worth around $3.4 billion less than the prior quarter.
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