Musk Receives Shock and Sympathy on Reddit After Tesla Sold 75% of its Bitcoins

What are Elon Musk’s plans? That’s the question that is agitating young traders after Tesla sold 75% of its bitcoin.

Tesla’s  (TSLA) stated on July 20 announcement that the company had sold off most of its bitcoin. This has caused quite a shock in the crypto industry. 

The Austin manufacturer of premium electric vehicles and its charismatic CEO, Elon Musk, gave cryptocurrencies, and particularly bitcoin, true credibility on Feb. 1, 2021. That was when they invested $1.5 billion in Bitcoin. 

Tesla holds only a tiny bit of bitcoin, valued at $218 million?, so how whould we  interpret the sale of all these bitcoins then?

Bitcoin is now trading around $22,612. Due to uncertainties in the economy and a liquidity crisis affecting crypto lenders like Voyager Digital, Celsius Network, BlockFi, Babel Finance and others, the cryptocurrency fell to around $18,000 last month. 

Led by the richest and one of the most innovative people in the world, Tesla is the world’s sixth most valuable company. Young traders who lost their savings in the cryptocurrency-market crash seemed comforted by the thought that the company had perhaps also broken its teeth on bitcoin. Since November, the market has lost $2 trillion.