Tesla’s second quarter 2021 earnings conference call, which will be announced after the market opens this Monday, will finally reveal what happened to the company’s Bitcoin holdings. According to its CEO Elon Musk, the company held more than $1.5 billion in Bitcoin in the first quarter and only reported one sale to “test the liquidity of the market.” The cryptocurrency community has been patiently waiting for the information disclosed in Tesla’s upcoming earnings report.
Tesla’s earnings call generated expectations in the Bitcoin community
As the company holds a large amount of Bitcoin (BTC) on its balance sheet, the upcoming earnings conference call of leading electric car manufacturer Tesla has generated expectations in the Bitcoin community. Tesla CEO Elon Musk joined the Bitcoin trend last quarter. He announced earlier this year that Tesla had purchased Bitcoin for $1.5 billion. The current status of the bitcoin storage is unknown. If the company sells, holds or buys in the second quarter, it will be announced on Monday.
There was only one publicly recorded sale of Bitcoin held by Tesla. According to reports, the company sold $272 million in Bitcoin last quarter to test the liquidity of the market. At that time, the news caused prices to temporarily fall. However, Musk quickly stated that this is just a test to ensure that the market can manage such sales.
Then, Musk changed his mind about the Bitcoin network and its impact on the environment, which created a split between entrepreneurs and the crypto community.
Tesla advocates green narrative
Due to environmental issues raised in May last year, Tesla stopped supporting bitcoin payments for electric cars. This fact began to suggest that the company use more efficient and environmentally friendly cryptocurrencies for payments. At the time, Musk also stated his personal preference for Dogecoin (DOGE) and announced the changes that the Dogecoin network must complete to fulfill this role. Dogecoin developers have been preparing the network so that it can provide cheaper transaction fees.
At the B Word event of the cryptocurrency conference held this week, Musk stated that he hopes Bitcoin will succeed, even after he severely criticized Bitcoin. When Musk declared that “I may sell but I will not sell”, he hinted that Tesla’s holdings are still intact. However, due to the mixed signal provided by Musk, the only credible data on the subject will be released next Monday.
What do you think of Tesla’s position on Bitcoin and its holdings? Tell us in the comments section below.
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