) 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.
Bitcoin down to 15k, no worries, they are just paper 🙌
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