Tesla Reportedly Leads $2 Billion in Cryptocurrency

Last year, in February, Elon Musk had, as usual, caused a stir. He then announced, for his American customers, the possibility of paying for their vehicles in Bitcoin. We know the special link that unites Musk and cryptocurrencies and the influence he can have in the field. Remember when, in a single tweet, he did ignite the “rabbit” crypto market ! The shareholders did not see his new fad with a very good eye, he had finally given up under an ecological pretext. He then undertook to return to cryptocurrencies when they are more “green”… Which did not prevent him from earning, in a few months, a nice jackpot of 2 billion dollars in Bitcoin…

A strategic alliance

Musk has chosen as a partner Michael Saylor, the CEO of the company MicroStrategy, an inveterate defender of the famous BitCoin. Being absolutely convinced that this cryptocurrency is the future, he takes some initiatives allowing him to produce digital assets while respecting the environment. He then decides to accept Bitcoins again during the summer but does not finalize his wish.

What does not prevent him from investing

Since he doesn’t have the ability to leave Bitcoin in place for his clients, he invests $1.5 billion in crypto himself. And as we know, when Musk invests, it’s a snowball effect that occurs… In a few months, following Musk’s investment, Bitcoin goes from 40,000 dollars to 70,000 dollars. And he sells his nest egg, making a huge capital gain of $500 million in the process. A report from the SEC, the American financial markets regulator and supervisor, reveals that Musk holds $1.99 billion in bitcoins.

Elon Musk and DogCoin. Photo credit: Shutterstock / john smith williams

And that’s not all !

In this same report, we discover that Tesla sold some of the bitcoins purchased with the aim of generating profits. The American firm explains to the SEC: “We realized gains of $128 million in connection with the sale of a portion of our holdings in March 2021” On the one hand Tesla buys Bitcoins, generating a spectacular increasethen resells them at the right time and makes huge profits! The company then explains that it was only a test of liquidity… And that it wanted to make sure that the market would respond positively to such substantial transfers! Was it really the reason for the investment, that can be discussed!

Elon Musk and cryptocurrencies

We know the richest man in the world passionate about cryptocurrency. In addition to the “rabbit” cryptos that had ignited in a single tweet from the boss, he had also revived the Dogecoin course which had fallen into disuse. Still in a single tweet, he had raised this forgotten crypto to 15th world rank. He also claimed to have revealed the true identity of the creator of Bitcoin. But, his biggest project related to cryptocurrency would be for his Martian city to become the temple of crypto-assets! Everything he touches seems to turn to gold… If he may seem very whimsical, he is on the other hand, a formidable businessman, there is no doubt about it!

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